The prospects look particularly promising for agriculture trade in the light of the fact that a major grain terminal with the annual loading capacity of 5 million tons of grain is under construction at the port.

Together, the dredging and the terminal construction projects are estimated to boost Ukraine's grain exports by 15 percent once completed.

Rayvis Veckagans, the head of Ukrainian State Seaports Authority, said the dredging project may also help the Yuzhny port to become a transit facility on the Silk Road.

"We must focus especially on the promotion of geographical transit. This concerns cargo flows from Asia to Belarus, Moldova, Poland and Germany," Veckagans said.

Ukraine has formally joined the Silk Road project in 2017, launching a train to China via the sea-rail Trans-Caspian International Transport Route through Georgia, Azerbaijan and Kazakhstan.

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