The memorandum of cooperation signed by the state-owned Ukrainian Seaport Authority (USPA), the state-owned Mariupol Commercial Seaport, COFCO Agri Ukraine, and LLC CTT will raise more than UAH 1.3 billion for financing development of the Mariupol seaport’s infrastructure.

Minister of Infrastructure Vladyslav Kryklyi announced this during the signing of the memorandum at the “RE:think Invest in Ukraine” investment forum in Mariupol, the CFTS portal reports.

"The memorandum provides for implementation of an infrastructure project in the Mariupol seaport, which will ensure attraction of a total of more than UAH 1.3 billion in investments in development of the port infrastructure and increase cargo flows by 2.3 million tons," the minister said.

According to him, it also provides for creation of 200 jobs and raising social standards for port workers.

Kryklyi added that implementation of the project will facilitate development of the agro-industrial complex in the Azov region.

The signed memorandum also provides for cooperation between the parties on reconstruction of the berths No. 2 and No. 3, construction of the second phase of the grain terminal, and creation of a single transshipment complex (food and liquid food cargo).

“Ukrainian ports are opening up new opportunities for foreign investors. COFCO’s cooperation with the Ukrainian side is beneficial to everyone because it will facilitate investment in development of the Mariupol seaport, increase of cargo flows, and, consequently, significant contributions to budgets at various levels. The government is making significant efforts to support the Azov region comprehensively. Therefore, cooperation with such an international company as COFCO sends a powerful signal to other companies about opportunities for investment in the Mariupol and Berdiansk seaports," Kryklyi said.

As the CFTS portal reported, COFCO’s Deputy Director in the Black Sea region, Dalian Sun, said in May 2019 that COFCO would continue to develop its business in Ukraine in the future.

"Yes, we have a plant in Mariupol. The processing potential there is about 0.5 million tons per year. The main products there are sunflower oil and meal. Our team has been very involved in the situation around Mariupol in recent years. I want to say that the factory itself is located about 18 kilometers from the Mariupol seaport, which means that it is necessary to deliver products from the factory to the terminal in the port before sending them to foreign markets. The work in the port is well organized, and we are satisfied with the work of the terminals in the port, in principle. I think that COFCO will continue to develop its business in Ukraine in the future," he said at the Ukrainian Ports Forum 2019.