Ukraine

Business

Journal

10:42 AM Wednesday, August 22, 2018
UBJ.am
UBJ.am Monday, May 14
Swiss Symgenta offering assistance; EU is country’s largest trading partner; German Economy Minister visiting Kyiv; Monetary base reaches record high; Ryanair seeking more Ukrainian routes.
image/svg+xml Kyiv Lutsk Rivne Zhytomyr Lviv Ternopil Khmelnytskyi Uzhgorod Chernivtsi Vinnytsia Chernigiv Sumy Kharkiv Poltava Cherkasy Kirovohrad Lugansk Dnipropetrovsk Donetsk Zaporizhzhia Mykolaiv Odesa Kherson Simferopol Sevastopol Ivano- Frankivsk

Swiss company offering to help Ukraine reform agricultural sector. The Head of Ukraine's State Service for Food Safety and Consumer Protection Volodymyr Lapa and the leadership of Syngenta, a global agribusiness company headquartered in Basel, Switzerland, have discussed cooperation on bringing Ukrainian legislation into line with EU standards in seed production and plant protection, Ukrinform reports.

Ryanair discussing new routes with 5 other Ukrainian airports. Irish low-cost airline Ryanair is holding talks with five Ukrainian cities about opening new flights, its CEO Michael O'Leary said in an interview with the Ukrainian Travel Gazette, Ukrinform reports. According to O'Leary, due to low airline prices resulting from the appearance of Ryanair in Ukraine, passengers will save about 100 million euros on travel, and the opening of flights would create up to 600 new jobs in local affiliated enterprises, including 410 in Kyiv and 190 in Lviv.

ZAMMLER contemplating entering U.S. market. The ZAMMLER group of companies providing logistics services is considering the possibility of entering the U.S. market by buying a transportation company, director of the company Viktor Shevchenko has told Interfax-Ukraine.

Europe has become Ukraine's main trading partner. Exports of goods from Ukraine to European countries grew by 31% in 2017, to $14.4 billion, and their volumes exceeded the level of the pre-crisis year 2013, the analytical publication "Irregular Research" writes, as reported by the National Bank of Ukraine’s (NBU) press service. "In 2017, Ukraine's economic relations with Europe substantially strengthened, largely due to exports....and its volume exceeded the level of the pre-crisis year 2013. Europe's share in exports reached 36%, and was the highest since 2004," the report says.

Ukraine proposing renewed programme of cooperation with EU. President Petro Poroshenko has called for updating the program of cooperation between Ukraine and the European Union. "We need a new and ambitious program of further cooperation with the EU, including with Ukraine's participation in the digital union, the energy union, the discussion of the expansion of other areas of our activities, including the customs union, the Schengen union and other positions on Ukraine's further promotion to the EU," he said at a joint press conference with Slovenian President Borut Pahor in Kyiv on 11 May, Ukrinform reports.

Key Ukrainian government officials meeting with Germany’s Economy Minister. On 14 May Ukraine’s Prime Minister Volodymyr Groysman and Energy and Coal Industry Minister Ihor Nasalyk are meeting with Germany's Economy Minister Peter Altmaier. Among other issues they will address is Ukraine’s opposition to the Nord Stream-2 scheme. Minister Altamaier said on the eve of his visit to Ukraine that Berlin is ready to work closely with Kyiv to help in the economic sphere.

Trade turnover between Ukraine and Slovenia grew by 31% in 2017. According to President Poroshenko, the growth became possible due to a deep and comprehensive free trade zone. Slovenian business actively invests in Ukraine, participates in tenders and wins them, in particular those announced by municipalities, he elaborated.

Good potential for enhancing bilateral cooperation with Slovenia exists, Deputy Prime Minister and Minister for Regional Development, Construction, Housing and Utilities Hennadiy Zubko of municipal infrastructure says, Ukrinform reports.Contracts are to be signed with Slovenian companies and Zhytomyrvodokanal public utility on the reconstruction of pumping stations of water supply and waste treatment plant in the city of Zhytomyr, as well as Dnipro-Kirovohrad public utility on the design, supply and installation of pumping stations of water supply system in the city of Kropyvnytsky. Slovenia is also ready to help finance the construction of a solar power station in Zhytomyr. A Ukrainian-Slovenian business forum scheduled for November 2018 should promote cooperation in the field of energy efficiency and renewable energy sources.

The National Bank of Ukraine (NBU) sticks to its forecast for 2018 inflation at 8.9%. Last October its forecast for 2018 was from 6% to 7.3% and in January 2018 up to 8.9%, while the Cabinet of Ministers, from 7% to 9%.

Monetary base in Ukraine hits record height.The country’s monetary base in April was UAH 412.24 billion, or $15.70 billion, an increase of 4.8%, and a record high. The growth in the Q1 2018 was 3.3%, Ukrayinska Pravda reports, citing the National Bank of Ukraine (NBU). It was backed by an increase in cash in circulation outside banks (by 2.5%, to UAH 331.618 billion, or US$12.66 billion), and by the expansion of banks' reserve funds (by 15.5% to UAH 80.622 billion, or US$3.08 billion). The country's net international reserves in April rose by 5%, to $ 6.661 billion, bank debts on refinancing loans fell by 4.8%, to UAH 59.973 billion, or US$2.29 billion. Since the beginning of the year, net international reserves have shrunk by 0.2%, while bank debts on refinancing loans have decreased by 12.6%.

Government simplifies conduct of business. The Cabinet of Ministers has endorsed initiatives developed by the Ministry of Economic Development and Trade in cooperation with the Better Regulation Delivery Office for this end. They include the introduction of a risk-oriented approach in the work of inspecting authorities, and a Concept on the Reform of the Institute of Self-Regulation, which permits the establishment of a unified state policy on self-regulation and provides the basis for a dialogue of stakeholders on normative regulation of self-regulatory processes, the government portal reports.

Government approves country's brand logo, "Ukraine NOW UA.” "The Government and Ministry of Information Policy team have, along with experts, been working on the creation of the "Ukraine NOW" brand. The work is now completed. It will be Ukraine's brand in the world," Prime Minister Groysman has announced. The brand logo is designed for easy use not only for presentations and information products, but even as a sticker on anything from travel bags to buses and planes, UNIAN reports.

Sixth New Ukraine International Investment Conference to be held in Kyiv in 15-17 May. Some of the largest corporations from Ukraine, the USA, Canada, Israel, and the countries of Central and Eastern Europe will be represented. The programme foresees panel discussions with key representatives of international and local political and business communities, meetings with investors and company managers, as well as visits to Ukrainian enterprises.

We recommend
Uklon taxi’s into Africa; Solar cools; 44 gas fiel...
Editor Jul 27, 2018
Ukraine and US join forces against Nord Stream 2;...
Editor Jul 26, 2018
Ukraine close to finalizing IMF deal; Trade with I...
Editor Jul 25, 2018
--> --> -->