Ukraine's DARA Group has signed an agreement with a Chinese corporation in Henan province to jointly invest in the Ukrainian agricultural sector, local media reported Tuesday, Sept 23 in Kiev.

The memorandum of understanding was inked on Monday between the Ukrainian multi-sectorial group and China's Huangfan District Agricultural Corporation based in the country's central Henan Province.

Sergey Yevtushenko, head of Ukrainian State Agency for Investment and National Projects, attended the ceremony.

Under the agreement, the two companies will jointly invest 58 million U.S. dollars through the next five years in the development of two agriculture enterprises in Ukraine's northern Chernigov region.

They plan to invest 25 million U.S. dollars in the development of cattle breeding and 17.5 million in plant growing. The remaining funds will be earmarked to establish a pig-breeding complex.

The investment is expected to boost the region's employment, creating 480 permanent and around 1,000 seasonal jobs.