According to Serbian Economist, representatives of the Serbian and Romanian governments have recently officially confirmed their intention to develop a major transport project — to build a modern motorway that will provide a direct road link between the capitals of the two countries.
The project combines two national infrastructure plans:
— the Romanian A9 motorway (Timișoara–Moravița), which will connect Timișoara with the Serbian border, and
— the Serbian Belgrade–Vatin motorway with access to the Romanian border.
According to an intergovernmental agreement signed by the transport ministers of Serbia and Romania, both countries are working to agree on the technical details so that the roads connect at the border and create a continuous high-speed route from Belgrade to Timișoara.
In Romania, the section of the motorway between Timișoara and the Moravița border crossing is already in the preparation and design stage, and individual sections of the construction have been handed over to contractors.
This route is of strategic importance to both countries:
• It will strengthen transport links between the countries and improve freight and passenger transport logistics.
• The connection to the European motorway network will help integrate Serbian and Romanian infrastructure into European transport corridors.
The project is expected to be financed by both European funds and national budgets, and its implementation will be a step towards closer economic and transport integration in the region.
https://t.me/relocationrs/1926
Ukraine increased imports of goods in January-November 2025 by 18.5% in monetary terms to $75.4 billion, while exports decreased by 4.02% to $36.8 billion from $38.3 billion, according to the State Customs Service of Ukraine (SCS).
“At the same time, taxable imports amounted to $57.6 billion, which is 76% of the total volume of imported goods. The tax burden per 1 kg of taxable imports in January-November 2025 was $0.52/kg,” the SSU notes.
The countries from which the most goods were imported to Ukraine included China ($17 billion), Poland ($7.1 billion), and Germany ($5.9 billion).
The largest exports from Ukraine were to Poland ($4.6 billion), Turkey ($2.5 billion), and Germany ($2.2 billion).
Of the total volume of goods imported in January-November 2025, 67% fell into the following categories: machinery, equipment, and transport – $30.2 billion (during customs clearance of these goods, UAH 185.8 billion, or 29% of customs payments, was paid to the budget); chemical industry products – $11.4 billion (UAH 89 billion, or 14% of customs payments, was paid to the budget), fuel and energy products – $9.4 billion (UAH 188.4 billion, or 29% of customs payments, was paid).
The top three most exported goods from Ukraine were food products – $20.4 billion, metals and metal products – $4.3 billion, machinery, equipment, and transport – $3.4 billion.
“In the first 11 months of 2025, during customs clearance of exports of goods subject to export duties, UAH 1.2 billion was paid to the budget,” the SSU added.
Bucharest. At the forum “Rebuilding Ukraine: Security, Opportunities, Investments,” during a panel discussion, experts from the business and financial sectors stated that only a limited number of Romanian companies are currently ready to participate in large-scale projects to rebuild Ukraine, while access to financial instruments and risk-sharing mechanisms remains a key prerequisite for their more active involvement.
The panel was moderated by Cristina Chiriac, president of the National Confederation of Women Entrepreneurs of Romania (CONAF). The discussion was attended by Teodora Preotias, Director of European Funds Administration at the Romanian Bank for Investment and Development, Mihai Daraban, President of the Romanian Chamber of Commerce and Industry, and Viorel Manole, Executive Director of the Romanian Defense Industry Association PATROMIL.
The participants noted that the market for projects to rebuild Ukraine is currently largely structured by international financial institutions, which have high requirements for corporate governance, compliance, and risk management. According to them, a significant number of Romanian companies do not have sufficient operational capacity to act as main contractors and are forced to limit themselves to the role of subcontractors in supply chains.
“Participation in large projects requires access to credit lines, guarantees, and risk-sharing mechanisms, which are mostly administered by international financial institutions. Without this, many of our companies simply cannot enter into such contracts directly,” Preotasa noted during the discussion.
Experts emphasized the need to create an official Romanian-Ukrainian information platform that would consolidate data on available tenders, donor requirements, and opportunities for business participation. They also called for the development of a national strategy to support companies operating or planning to operate in the Ukrainian market in conditions of heightened political and security risks, including state guarantees and investment insurance instruments.
A separate discussion focused on the possibility of locating part of strategic production capacities in Romania or other safe neighboring countries to ensure continuity of production and logistics. According to Manole, such an approach could strengthen the contribution of national industry to the reconstruction of Ukraine while minimizing security risks for investors. He had previously publicly noted the potential of locating Ukrainian defense production in Romania as an element of bilateral cooperation.
Following the discussion, the participants concluded that Romanian companies have significant potential in Ukraine’s reconstruction projects, but its implementation depends on the coordination of state institutions, the availability of financial instruments, and close cooperation with international partners and financial organizations.
The forum “Rebuilding Ukraine: Security, Opportunities, Investments” is being held on December 11-12 in Bucharest under the auspices of the Romanian Ministry of Foreign Affairs and the Ukrainian Ministry of Foreign Affairs and is organized by the New Strategy Center. According to the organizers, more than 30 panel discussions and parallel sessions are planned over two days with the participation of representatives of governments, international organizations, the private sector, financial institutions, and experts from Europe, North America, and Asia. The topics of the panels cover security and defense, infrastructure, financing and investment, green energy, digitalization, human capital, and cross-border cooperation.
In January-November of this year, Ukraine’s metallurgical enterprises increased their revenues from ferrous metal exports by 3.72% compared to the same period last year, to $2 billion 979.392 million.
According to statistics released by the State Customs Service (SCS) on Friday, ferrous metals accounted for 8.08% of total export revenues during this period, compared to 7.48% in January-October 2024.
In November, export revenues amounted to $274.028 million, compared to $312.781 million in the previous month.
At the same time, Ukraine increased imports of similar products by 12.6% to $1 billion 542.449 million in January-November 2025. In November, products worth $107.877 million were imported.
In addition, in January-November 2025, Ukraine reduced exports of metal products by 1.96% to $853.934 million. In November, exports amounted to $79.789 million.
Imports of metal products during this period increased by 21.4% to $1 billion 166.113 million. In November, $119.551 million worth of these products were imported.
As reported, in 2024, Ukrainian metal companies increased their revenues from ferrous metal exports by 16.9% compared to the previous year, to $3 billion 96.343 million. At the same time, Ukraine increased imports of similar products by 13.1% over the past year, to $1 billion 478.814 million.
In 2023, Ukraine reduced its revenues from ferrous metal exports by 41.6% compared to 2022, to $2 billion 647.72 million. Ferrous metals accounted for 7.3% of total revenues from goods exports during this period, while in 2022, the share was 10.3%. At the same time, Ukraine increased imports of similar products by 37% in 2023, to $1 billion 307.05 million.
In addition, in 2023, Ukraine reduced exports of metal products by 16.6% compared to 2022, to $877.92 million. At the same time, imports of metal products increased by 40.3%, to $902.57 million.
At the Rebuilding Ukraine: Security, Opportunities, Investments forum in Bucharest, participants in a panel discussion on the role of the private sector in Ukraine’s reconstruction emphasized that attracting private capital is critical for the implementation of large-scale projects, but its participation is impossible without effective mechanisms for financing, insurance, and reducing investment risks.
The panel “Private Sector – A Key Actor in the Reconstruction of Ukraine. Financing and Insurance Instruments” was moderated by Victor Srayer, managing partner of Otto Broker (Romania). The discussion was joined by Volodymyr Tsabal, secretary of the Verkhovna Rada Committee on Budget, and Susan E. Walton, senior advisor on new markets – global risks and sustainability (USA) Susan E. Walton, CEO of BCR – Romanian Commercial Bank Sergiu Manea, Director of Legal and External Relations at Vodafone Romania Alexandra Olaru, and JBIC Regional Head for EMEA, Resident Executive Officer of the Japan Bank for International Cooperation Takayuki Sato.
Participants noted that the private sector, both Ukrainian and foreign, faces a double challenge. Ukrainian companies have limited access to debt financing due to high interest rates, war risks, and domestic capital market constraints. Foreign investors, in turn, are forced to take into account political and military risks, as well as regulatory peculiarities of working in Ukraine.
The main solutions identified were the use of blended financing instruments, the involvement of international financial organizations to cover part of the risks, and the creation of a guaranteed framework by the state and partners that makes projects “bankable” for commercial structures. “For private capital to enter the reconstruction process, investors need to clearly see which risks are assumed by the state and international financial institutions, and which are assumed by themselves. Without this, projects either do not start or remain at the conceptual level,” Manea noted.
Special attention was paid to the role of political and military risk insurance, as well as the importance of transparent information and local partner networks. According to the speakers, successful project implementation requires strategic coordination between government agencies, donors, and private businesses, particularly in terms of selecting priority projects, structuring agreements, and monitoring their implementation.
The panel participants also emphasized that reconstruction is impossible without reliable digital and energy infrastructure. The experience of neighboring countries that have undergone large-scale infrastructure programs can be used to implement practical solutions in Ukraine. “Private capital, combined with government support and good governance, can significantly accelerate post-war recovery. The state’s task is to create predictable rules of the game and an institutional environment that will make this possible,” Walton concluded.
Following the discussion, participants concluded that the private sector has significant potential in rebuilding Ukraine, but that realizing this potential depends on the availability of financial instruments, effective insurance protection mechanisms, and coordinated action between public and private actors.
The forum “Rebuilding Ukraine: Security, Opportunities, Investments” is being held on December 11-12 in Bucharest under the auspices of the Romanian Ministry of Foreign Affairs and the Ukrainian Ministry of Foreign Affairs and is organized by the New Strategy Center. According to the organizers, more than 30 panel discussions and parallel sessions are planned over two days with the participation of representatives of governments, international organizations, the private sector, financial institutions, and experts from Europe, North America, and Asia. The topics of the panels cover security and defense, infrastructure, financing and investment, green energy, digitalization, human capital, and cross-border cooperation.
The State Property Fund of Ukraine (SPF) has announced that on January 13, 2026, it will hold a repeat online auction for the privatization of 99.99% of the shares of one of the largest domestic chemical enterprises, Sumykhimprom, the agency’s press service reported.
The SPF set the starting price of the lot at UAH 1 billion 88.081 million (excluding VAT), which is 9.3% lower than the starting price at the auction on June 11, which did not take place due to the lack of participants.
The SPF reminded that Sumykhimprom is one of the key objects of large-scale privatization under its management.
“Sumykhimprom is a unique opportunity to acquire almost 100% of the shares of an operating, powerful chemical complex with a wide range of products, significant production areas for further modernization and development of export potential,” the SPF emphasized.
According to the terms of the tender, the new owner will have to maintain the company’s main activities and invest at least UAH 150 million in technical re-equipment and modernization of production. In addition, the winner will have to pay off wage and budget debts, as well as overdue accounts payable, within six months, except for debts to individuals and legal entities subject to sanctions and related parties, as well as creditors whose beneficiaries are citizens/residents of the Russian Federation and/or Belarus. The winner must comply with social guarantees for employees in accordance with the requirements of labor legislation and not allow their dismissal within six months after the acquisition of the asset.
Sumykhimprom is one of the largest domestic enterprises producing complex mineral fertilizers, titanium dioxide, sulfuric acid, and other types of inorganic chemicals. The company is one of the top three budget-generating enterprises in the city of Sumy and the region and produces more than 30 brands of NPK fertilizers with different nutrient ratios for different soil and climatic zones.
For more than 10 years, the plant was managed by a group of companies affiliated with entrepreneur Dmitry Firtash’s Group DF. In November 2023, the Commercial Court of Sumy Region granted the petition of the State Property Fund and the Ministry of Justice and closed the bankruptcy and reorganization proceedings against Sumykhimprom.
The SPF planned to sell the company to a private investor even before the full-scale war. However, privatization was delayed due to the position of minority shareholder Dmitry Firtash, who in 2010 acquired 0.005% of the company’s shares and control over its management. Sumykhimprom accumulated debts, which allowed the creation of a committee of creditors and the initiation of reorganization proceedings.
Since 2015, the SPF has been trying to stop the bankruptcy proceedings of the company through the courts, but was only able to do so in 2023, which unblocked the privatization.
In March 2022, the Russians shelled the company, leading to an ammonia leak. As a result, the plant was out of operation for a year and resumed work in the spring of 2023. As of June 2025, the front line was less than 30 km from Sumykhimprom.
According to information on the website, the company’s revenue in the first half of 2025 fell fourfold to UAH 36.1 million, while net losses decreased by 39.6% to UAH 189.1 million. In addition, as of mid-year, the company had UAH 0.30 billion in long-term debt and UAH 3.63 billion in current liabilities.
