India has shown an interest in developing cooperative ties with Ukraine in the military-industrial sector. If cooperation with Ukraine can be brought about in this area then priority would be given to the modernization of Indian Navy's fleet of An-32 airplanes and extending to extending their service lives. It has been stressed that there is a huge potential for cooperation between India and Ukraine in the defence industry and this potential can further be broadened. India is also interested in Ukrainian cooperation to develop armored equipment.

Industrial cooperation in the Information Technology sector has also been forged. Aptech Ltd from Mumbai signed an agreement with International Institute of Personnel Management, one of the biggest IT Training Centers, to organize programs and train individuals in information Technology in schools and institutions in Ukraine.

Another area of industrial cooperation between the two countries is the Biotechnology sector. Companies such as Biocon, Genome etc. have already taken up this initiative and forged ties with their counterparts in Ukraine.

Further industrial cooperation can be pursued in the pharmaceutical, packaging of finished products, iron and steel sector and in the machine building industry. This would help in closer cooperation of not just the big industries of the two countries, but also among the small and medium businesses of both countries.