Ukraine President Viktor Yanukovych, currently on a state visit to India, presided over the India-Ukraine Business Forum conference in Bangalore on Wednesday.
Yanukovych accompanied by his official-cum-business delegation arrived in the city from New Delhi on Tuesday.
The Karnataka chapter of the Confederation of Indian Industry (CII), which incidentally happens to be the apex body of industrial production and trade in the country, hosted the conference.
Hailing the visit of Yanukovych, Chairman of the CII's Karnataka State Chapter, L Krishnan said: "Such delegations and cooperation and discussions will increase the arte of investment mutually as well as then trade. Opportunities in information technology and human resources and cooperation in automotive sector is (are) immense. India is the ninth largest automotive industry in the world and Asia's fourth largest exporter. I assure you, Karnataka's highly educated work force, management talent and regulatory environment will enable great investment opportunity for organisation from Ukraine to invest."
He added: "Economy of Karnataka is one of the leading knowledge economies in the country and it is growing. I am sure interaction that would follow this session would be fruitful. It is my expectations that both the delegations will go back quite satisfied and then we should be able to carry on with our communications and trade and relationship."
Diplomatic relations between India and Ukraine were established in January 1992. The visit of the Ukraine President is taking place during the 20th anniversary of the establishment of diplomatic relations.
The previous visit at the Presidential level was that of former President APJ Abdul Kalam who had visited Ukraine in 2005.
Cooperation between India and Ukraine is multi-faceted and covers a wide range of areas including political, defence, Sand, nuclear, space, economic and trade and others.
The bilateral trade turnover has increased from US$138.62 million in 1992 to US$ 2,865.45 million in 2011-12. Indian pharmaceutical exports to Ukraine are the largest by volume and second in terms of value (USD 325 million in 2011) for the past several years. India imports 25 percent of sunflower oil production of Ukraine, which is amongst the world's largest producers of sunflower oil.
The fourth India-Ukraine Inter-Governmental Commission on Trade, Economic, Scientific, Technological, Industrial and Cultural Cooperation held in May/June 2012 reviewed the sectoral cooperation between the two countries setting the agenda for the visit of the President. (ANI)