President of Ukraine Volodymyr Zelensky is initiating the creation of the National Investment Fund in order to create favorable conditions for the implementation of large-scale investment projects, the development of international economic cooperation and increase the competitiveness of the Ukrainian economy.
Corresponding decree No. 103/2021 on the National Investment Fund was posted on the website of the head of state on Friday, March 19.
According to the decree, the Cabinet of Ministers was instructed, in the prescribed manner, to take measures to create the National Investment Fund and standardize the issues of its activities, in particular, regarding the determination of the activities of the fund, its management bodies and their powers, the procedure for the formation of the charter capital, sources of formation of the fund’s resources, the use of profit, monitoring the activities of the fund, conducting an independent audit.
The decree comes into force on the day of its publication.
National bank of Ukraine’s official rates as of 19/03/21
Source: National Bank of Ukraine
Official rates of banking metals from national bank as of March 19
One troy ounce=31.10 grams
Mariupol-based Illich Iron and Steel Works (Donetsk region), part of Metinvest Group, in January-February this year increased the production of general rolled products, according to recent data, by 19% compared to the same period last year, to 660,000 tonnes.
As the enterprise told Interfax-Ukraine, steel production during this period increased by 3.7%, to 700,000 tonnes, cast iron by 15.2%, to 765,000 tonnes, and sinter by 14.3%, to 2.152 million tonnes.
In February, the plant produced about 300,000 tonnes of general rolled products, 340,000 tonnes of steel, 410,000 tonnes of cast iron, and 1.07 million tonnes of sinter.
Metinvest is a vertically integrated group of mining companies. Its main shareholders are SCM Group (71.24%) and Smart-Holding (23.76%), jointly managing the company.
Metinvest Holding LLC is the managing company of Metinvest Group.
Foreign trade turnover by the most important positions in Jan-Nov 2020 (export).
Ukraine may lift the ban on the import of unprocessed timber exclusively for the EU countries after it provides transparency in the domestic market, as it is suggested by bill No. 4197-1, Deputy Minister of Economy and Trade Representative of Ukraine Taras Kachka has said. “We informed them with a note that we would pass the law in six months. The bill we are putting on is No. 4197-1. This is the bill on the timber market. The logic is very simple: first, we ensure transparency in the domestic market so that there are no grounds for manipulation. As part of this bill, we will also consider lifting the moratorium exclusively for the EU – we have no reason to lift it for the rest,” Kachka told Interfax-Ukraine on the sidelines of the Ukraine 30 forum.
He stressed that trade with the EU will be possible only with transparent mechanisms.
“Now in the EU there are two initiatives on forest control – corporate due diligence and a ban on the import of unprocessed raw materials is even possible. So they have the same process going on, we will actively synchronize,” Kachka said.
As reported, the Verkhovna Rada on April 9, 2015 adopted a law, which banned the export of unprocessed timber and sawn timber (round timber) for 10 years.
In 2018, the parliament limited domestic consumption of unprocessed timber to 25 billion cubic meters per year for the duration of the export of round timber outside the customs territory of the country.
In January 2020, Ukraine and the EU created an arbitration group to consider a dispute over Ukraine’s ban on the export of raw timber. At the end of 2020, it issued a decision recognizing its right to restrict timber exports under certain circumstances, while at the same time recognizing the need to adjust the 2015 moratorium in cooperation with the EU.
