Ukraine’s agricultural output could double says EBRD

According to calculations by the European Bank for Reconstruction & Development (EBRD), Ukraine is in a position to double its production of basic agricultural products without damaging the environment

This statement was made by the EBRD's agribusiness director, Gilles Mettetal, at a roundtable today, according to RBK-Ukraine.

“Ukraine, together with southern Russia and Kazakhstan, accounts for 12% of all arable land in the world. Moreover, this is high-quality soil,” said Mr. Mettetal. “Yet they only account for 6% of world grain output and 3% of meat production. This means our projections can be quite optimistic.”

As the EBRD representative pointed out, this sector is very attractive to international business. He added that Ukraine is already third in the world for grain exports, behind the US and the EU.

“Still, I can personally state that many companies have decided to postpone investing in Ukraine’s agricultural complex because of a surfeit of problems, the main one being VAT refunds. Another one is unresolved issues around private ownership of land,” said the EBRD official.