Business news from Ukraine

STATE SECRETARY AT NORWEGIAN MFA: INTEREST OF NORWEGIAN INVESTORS TO UKRAINE GROWING

The issues of deepening cooperation in the economic sphere have been discussed in Kyiv by Secretary of State of the Ministry of Foreign Affairs of Norway Audun Halvorsen and Deputy Prime Minister for European and Euro-Atlantic Integration of Ukraine Ivanna Klympush-Tsintsadze. Halvorsen noted that Norwegian investors had positively assessed the development of the business environment in Ukraine and optimistic expectations of investors should be supported by confidence, since the most important characteristic of the country for investment is predictability, the government portal reported on Tuesday.
Several positive business cases are immediately a signal for other investors, the first pave the way for the next, added the Secretary of State of the Ministry of Foreign Affairs of Norway. According to him, Norwegian investors are most interested in the energy sector of Ukraine, in particular, in investing in “green” energy and energy efficiency.
Halvorsen also said that Norway would actively participate in the International Conference on Reforms in Ukraine, which will be held in Copenhagen on June 27, and is also ready to further deepen cooperation with Ukraine in various areas of bilateral relations.
In turn, Klympush-Tsintsadze noted that Norway’s support for Ukraine is concrete and practical, and such relations are the basis for further deepening of bilateral relations.
The sides also briefly discussed the visit to Ukraine of Norwegian Foreign Minister Ine Eriksen Soreide planned for the second half of the year, as well as the visit of the newly appointed President of the Norwegian Storting, Tone Wilhelmensen Troen, scheduled for September.

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LARGEST UKRAINIAN TOMATO PASTE PRODUCER AGROFUSION TO LAUNCH TOMATO POWDER FACTORY IN 2018

Agrofusion, the largest Ukrainian vertically integrated producer of tomato paste, intends in the current year to launch a tomato powder factory in Snihurivka (Mykolaiv region), company financial director Ivan Sakal has said. “We are building a factory for production of tomato powder in Snihurivka this year. This is a very popular product. Now we are discussing this with international financial institutions. We hope to start building the fourth tomato processing plant in three years. Four plants to produce tomato paste is probably the best number,” he told Interfax-Ukraine after the opening of the Business Integrity Week in Kyiv.
Sakal said the company is considering the possibility of investing UAH 2 billion in the fourth tomato processing plant.
“The volume of funds the company invests in development this year is being discussed with our financial partners. I think investment will amount to UAH 1.2-1.3 billion,” he said.
At the same time, according to Sakal, the company increased plans for processing tomatoes to 750,000 tonnes, whereas earlier Agrofusion planned to grow and process 630,000 tonnes of tomatoes. Agrofusion is a vertically integrated group of companies producing tomato paste (under the Inagro trademark) in Ukraine. It was founded by businessman Serhiy Sypko in 2007.

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UKRAINIAN FLOUR COMPANY PLANS TO OPEN REPRESENTATIVE OFFICES CENTRAL AFRICAN REPUBLIC, CHAD, CAMEROON AND BENIN

Ukrainian Flour Company LLC (Cherkasy region) plans to open four representative offices in the Central African Republic, Chad, Cameroon and Benin, the company’s press service has reported. “Now our company is working on the creation of four full-fledged representative offices in various countries of Africa. We are now at the stage of negotiations with the government and commercial organizations of these countries. Simultaneously we are agreeing all documents and licenses necessary to carry out the activities of Ukrainian Flour Company in each country,” the press service said.
The company said the pilot shipments of products have already been sent to consumers in these countries. The total volume of these trial shipments is 400 containers or 10,000 tonnes.
Representative offices are set up to ensure the fulfillment of the company’s export plans, a high level of customer service, including the financial efficiency of export operations, increasing commercial load and foreign exchange earnings, conducting marketing research in the international flour market, organizing and conducting commercial and promotional activities in the territories of other countries.
Ukrainian Flour Company was established in 2017. It produces goods under the trademark Korolivske Boroshno. It exports flour to China, Moldova, Israel, Palestine, the Philippines, Angola, Georgia, the United Arab Emirates, Malaysia, and other countries.

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EBRD ATTRACTS U.S. NATLAW TO DEVELOP WAREHOUSE RECEIPT MARKET IN UKRAINE

The European Bank for Reconstruction and Development (EBRD), following the results of a tender, has attracted the National Law Center for Inter-American Free Trade (NatLaw) as an external adviser for the development of the warehouse receipt market in Ukraine.
The press service of the National Commission on Securities and the Stock Market said the regulator and NatLaw this week will hold a number of meetings with representatives of the capital market and specialists of state bodies to discuss supervision over the circulation of warehouse receipts in Ukraine, the certification and standardization of activities of depositories, the formation of guarantee funds, etc.
“Following the meetings, proposals will be developed to improve the legislation on warehouse receipts and recommendations how to improve the effectiveness of such a system will be made,” the document says.
The regulator said the system of warehouse receipts is a very important element in the efficient functioning of commodity exchange markets. At the same time, this instrument currently has limited application in Ukraine due to its functional shortcomings and is used only in the agricultural sector.
NatLaw is an American non-profit organization. In particular, it is engaged in providing consultations on regulatory reforms.

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