Export duty on soybeans and rapeseed will bring UAH 7.3 bln to the state budget and create dozens of new factories — Kysylevsky

Ukrainian soybean and rapeseed processing plants are underutilized by 35%, but if these capacities are used, Ukraine will receive an additional UAH 7.3 billion in revenues to the state budget to finance the Armed Forces of Ukraine, an increase of $238 million in foreign exchange earnings, the construction of dozens of plants, and thousands of new jobs. This was stated by one of the initiators of the introduction of the soybean and rapeseed export duty, Deputy Chairman of the Verkhovna Rada Committee on Economic Development Dmytro Kysylevsky.

“Stimulating the processing industry is a strategic goal of the state economic policy. The result of introducing an export duty on soybean and rapeseed will be to stimulate large traders not to export raw materials, but to build plants for their processing in Ukraine. Previously, similar steps were taken in the sunflower and roundwood markets, and as a result, Ukraine received very powerful industrial investments in these industries. The current initiative is a continuation of a consistent economic policy. Ukrainian farmers have already faced the inability to export their crops due to the blockade of ports and the land border. Therefore, it is important to create conditions where it will be possible to send the crop for processing in your own or neighboring community, and not take risks due to an unpredictable situation with blockades at the border,” Kysylevsky said.

According to him, the introduction of a 10% duty on the export of raw materials will allow to increase the export of processed products: to increase the export of rapeseed by 4 times, the export of rapeseed meal by more than 3 times, the export of soybean oil by 50%, and the export of soybean meal almost double.

Tags: Ukraine, soybean oil, soybean, rapeseed, rapeseed oil