Ukraine

Business

Journal

8:49 AM Sunday, August 19, 2018
UBJ.am
UBJ.am Tuesday, May 15
3 more Ukrainian start ups attract investor; Kyivstar boosts revenues; Groysman outlines economic vision; Ukrainian-German talks produce exchange of assurances; Ukraine to export beef to Turkey.
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U.Ventures investment fund allocates $1.15 million for three Ukrainian startups. "Ukraine has prominent product companies and startups that make revolutionary products and are highly competitive on a global market, and YouTeam, 3DLook, and Pufetto are dazzling examples of this,” President and CEO of Western NIS Enterprise Fund Jaroslawa Z. Johnson says.

Dynamic new startups that have attracted investment. 3DLook is an innovative solution for apparel retail and e-commerce, YouTeam is a marketplace for hiring tech talent from software development firms, and Pufetto is a furniture manufacturer and e-commerce player that enables customers to customize its furniture (sofas, armchairs, beds) through its online platform and have it delivered to door within three of four weeks, Interfax-Ukraine reports.

Poltava region company poised to export vegetable oil to USA. Ukroliya has met the standards of the U.S. Department of Agriculture which opens up the possibility of supplying organic vegetable oil for the US market, Interfax Ukraine reports.The company has already satisfied the requirements of the European Union and BioSuisse. Ukroliya, based in Dykanka and Zenkiv is engaged in the production and sale of packed and bulk sunflower oil, sunflower meal, and husk

Kyivstar increases its revenue in Q1 2018 by 10.1%. Ukraine’s largest mobile communications operator Kyivstar boosted its revenue in January-March 2018 y-o-y, to UAH 4.263 billion, Interfax-Ukraine reports.Revenue from mobile operator services amounted to UAH 3.968 billion, an 11% increase y-o-y, explained by the growth in both the number of mobile Internet users (by 1.6 million) and their mobile data use (average consumption of mobile data traffic per month increased by 121%, to 1.5 GB per subscriber). Revenue from mobile Internet for the year grew by almost 59%. Its share was 33% of total revenue from mobile communications. The number of mobile subscribers of Kyivstar in Q1 2018 increased 1.9% to 26.5 million. During Q1 Kyivstar transferred more than UAH 2.9 billion in taxes and duties to the national budget.

Government committed to cooperation with the IMF. Asked about the possibility of a default, Minister of the Cabinet of Ministers Olexandr Saienko told Obozrevatel that the government is not contemplating this possibility but remains determined to continue cooperation with the IMF. Ukraine's cooperation with the IMF is an important signal for international partners of macro-stability in the country and its ability to fulfill its obligations, he said, according to the government portal.

Groysman:Government will protect honest business. During a visit to the Zakarpattya region, the prime minister said that the government has been, and remains, supportive of honest business. It demonstrates this by protecting its interests and adopting a reasonable regulatory policy, thereby providing acceptable conditions for development, the government portal reported. "We need investments, a normal climate. We need smart regulations that will enable the country to develop. Our activities focus on deregulation issues through abolishing unnecessary things, creating mechanisms for industry support along the sectors. Meanwhile, we are well aware of the related issues - first of all, the judicial system,” Groysman said.

Prime Minister on his economic vision for the country. "I stand for restructuring the economy, for our country to cease being a supplier of both raw materials and human resources," Groysman elaborated, as reported by the government portal. "I have a strong interest in entrepreneurs being successful and the economy sound. The global community is competitive, and everyone expects us to be a competitor with serious potential. We can double the agricultural sector performance, we have multiple potential for the growth of light industry due to the installment of VAT when importing equipment. The volume of road construction activity has become the largest in recent times. We need time and continuation of reforms, including in related sectors - education, first of all,” the prime minisiter said, as reported on the government portal.

Potential there for further enhancing Ukrainian and German economic relations. It is possible to increase the volume of bilateral trade and to invest more in the economy of our countries, Prime Minister Groysman wrote on Twitter in connection with his meeting on 14 May in Kyiv with the German Minister for Economic Affairs and Energy Peter Altmaier.Germany is a very important partner and friend of Ukraine, he added. "We appreciate the support [of Germany] at such a critical time for our country. It is important for us that the German coalition agreement includes a position on supporting Ukraine," he added.

Ukrainian prime minister warns that Nord Stream-2 is dangerous. At their meeting, Groysman said that the Russian project was not a commercial scheme, but a geopolitical one designed to exert political pressure on Ukraine and Europe and to pose a direct threat to the Ukrainian state. "For Russia, this is a lucrative project that, in the long run, will ensure the dependence of the whole Europe on Russia,” he added.

Groysman assures Germany that Ukraine will remain a reliable transit partner. Ukraine has been and will remain a reliable transit partner and provide 100% gas delivery to European consumers, the prime minister assured his German guest.“We are prepared to modernize and manage our gas transit system in synergy with international partners," he added.

German minister affirms understanding and continued support. Minister Altmaier told his Ukrainian government hosts that Berlin sees Ukraine as a reliable gas transit country and important trading partner in Eastern Europe, the government portal reports. Thus, Germany will continue to support Kyiv on a wide range of issues, including the continuation of sanctions against Russia.On Nord Stream-2, the minister said: "We must respect the interests of Ukraine, including financial, to develop safeguards in order to continue transit of gas through the territory of Ukraine and to achieve positive results….We rely on Ukraine as a transporter."

Turkey to open its market to Ukrainian beef. After a technical mission of the Turkish Agriculture Ministry to inspect the Ukrainian control system for beef production, Ukraine has received the right to export beef to Turkey, the State Service on Food Safety and Consumer Protection reports.

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