Business news from Ukraine

Business news from Ukraine

Cabinet of Ministers of Ukraine has reduced number of government committees

The number of governmental committees has been reduced from five to four: the competence of the Committee on Reintegration of the Temporarily Occupied Territories, Social Policy and Veterans’ Affairs has been divided among other committees.
According to the Cabinet of Ministers’ Resolution No. 1101 of September 26, the competencies of the First Vice Prime Minister and Vice Prime Ministers were amended accordingly.
In particular, according to the new scheme, a government committee on economic, financial, agricultural policy, strategic industries, fuel and energy complex and veterans’ affairs was established, headed by the First Deputy Prime Minister, Minister of Economy Yulia Svyrydenko, whereas previously she headed the committee on economic, financial and legal policy, fuel and energy complex, strategic industries and law enforcement.
Oleksiy Kuleba, Deputy Prime Minister for the Restoration of Ukraine and Minister of Community and Territorial Development, has been appointed to head the Government Committee on the Restoration of Ukraine, Development of Communities, Territories and Infrastructure, Reintegration of the Temporarily Occupied Territories and Social Support for Internally Displaced Persons, whereas previously it was the Committee on the Restoration of Ukraine, Development of Communities, Territories and Infrastructure.
Deputy Prime Minister for European and Euro-Atlantic Integration and Minister of Justice Olha Stefanishyna was appointed head of the Government Committee on European and Euro-Atlantic Integration, International Cooperation, Legal Policy, Law Enforcement and Culture, whereas previously this committee was called the Committee on European and Euro-Atlantic Integration, International Cooperation, Culture, Youth, Sports and Information Policy.
Finally, Deputy Prime Minister for Innovation, Education, Science and Technology Development and Minister of Digital Transformation Mykhailo Fedorov has been appointed to head the government committee on digital transformation, innovation, education, science and technology development, healthcare, social policy, youth and sports, environmental protection, natural resources, national security and defense, gambling and lotteries. Previously, this longest committee name did not include social policy, youth and sports.
As reported, on September 5, the Verkhovna Rada supported the resignation of Deputy Prime Minister and Minister for Reintegration of the Temporarily Occupied Territories Iryna Vereshchuk, who moved to the Presidential Office. The Rada also appointed Oleksiy Kuleba as Vice Prime Minister for the Restoration of Ukraine – Minister of Community and Territorial Development. Kuleba later said that all the best practices developed by the Ministry of Reintegration of the Temporarily Occupied Territories would continue to be implemented.

Geographic structure of Ukraine’s foreign trade (trade volume) in Jan-June 2024, thousand USD

Geographic structure of Ukraine’s foreign trade (trade volume) in Jan-June 2024, thousand USD

Open4Business.com.ua

Industrial production in Ukraine in June 2024 decreased by 0.3%

Industrial production in Ukraine in June this year decreased by 0.3% against June last year and by 6.2% against May this year, the State Statistics Service (Gosstat) said in a statement.
According to its data, as a result, the growth of industrial production at the end of the first half of 2024 compared to the same period last year slowed to 8.1% from 9.9% at the end of five months.
It is pointed out that the decline in production in June was due to a drop in the supply of electricity, gas, steam and conditioned air, down 11.2%, while the processing industry recorded an increase of 0.6% and mining and quarrying 1.4%.
It is specified that the increase in production in June 2024 to June 2023 was recorded in metallurgy – by 34%, in mining and quarrying – by 1.4% due to growth in the extraction of metal ores – by 30.1%, in the production of coke and petroleum refining products – by 3.2%.
In general, for the first half of 2024 industrial production in Ukraine increased in the processing industry – by 11%, in mining and quarrying – by 9.3%, in the supply of electricity, gas, steam and conditioned air – by 1.5%.
The Stat Department points out that the volume of industrial products sold in January-June this year reached 1707.9 billion UAH, of which outside the country – 351.7 billion UAH.
The State Statistics Committee reminded that in May this year there was a growth of 3.6% compared to May last year, in April – by 11.6%%, in March – by 5%.
According to revised data of the State Statistics Committee, industrial production in Ukraine in 2023 increased by 6.8%, while in 2022 the decline amounted to 36.7%.

 

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Ukrainian energy companies discuss winter preparations with U.S. Firms

During President Volodymyr Zelenskyy’s visit to the U.S., representatives from PJSC Ukrnafta, the state-owned energy trader Energy Company of Ukraine (ECU), and Gas Transmission System Operator of Ukraine (GTSOU) LLC met with U.S. companies to discuss preparations for the upcoming 2024/2025 heating season, according to Oleksandr Kamyshin, the president’s strategic adviser.
“We, along with the president, had a meeting with U.S. companies to prepare our energy sector for winter. Three Ukrainian companies attended: Ukrnafta, ECU, and GTSOU. Each of them is working on significant projects in energy generation,” Kamyshin wrote on his Telegram channel.
According to him, the Ukrainian companies aimed to establish business-to-business relationships with the U.S. industry.
Kamyshin mentioned that there was a “productive dialogue” with U.S. energy corporations, financial institutions, U.S. Deputy Secretary of State for Energy Resources Geoffrey Pyatt, and Deputy Secretary of State Richard Verma.
Later, Pyatt tweeted that he had a very fruitful separate meeting with Kamyshin following the energy sector roundtable with Zelenskyy.
“The U.S. and international partners are committed to ensuring Ukraine’s energy security, especially this winter,” he wrote.
Earlier, Verma reported discussing private sector investment in Ukraine’s defense capabilities with Kamyshin.

 

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Blinken confirms $5.6 bln in aid to Ukraine

U.S. Secretary of State Anthony Blinken has announced the allocation of $5.55 billion in support of Ukraine under the President’s arms reduction authority, which will allow for the transfer of U.S. weapons to Ukraine and then replenish U.S. stockpiles.
“Today, I am ordering a $5.55 billion reduction in the remaining authority to support Ukraine’s defense. The United States and over 50 countries stand united with Ukraine, and this support will ensure continued strong support in the months ahead,” he wrote on social media site X.
In addition to this money, U.S. President Joe Biden officially announced an additional $2.4 billion, bringing the total amount of additional defense assistance to Ukraine to $7.9 billion, for which President Zelenskyy thanked the United States earlier today.

Industrial production in Ukraine decreased by 0.3% in June-2024, growth slowed to 8.1% over six months

In June this year, industrial production in Ukraine decreased by 0.3% compared to June last year and by 6.2% compared to May this year, according to the State Statistics Service (Ukrstat).
As a result, industrial production growth in the first half of 2024 slowed to 8.1% from 9.9% in the first five months of the previous year compared to the same period last year.
It is noted that the decline in production in June is due to a drop in the supply of electricity, gas, steam and air conditioning – by 11.2%, while the manufacturing industry recorded an increase of 0.6%, and the mining and quarrying industry – by 1.4%.
It was specified that the increase in production in June 2024 compared to June 2023 was recorded in metallurgy – by 34%, in mining and quarrying – by 1.4% due to growth in metal ore mining – by 30.1%, in coke and petroleum products production – by 3.2%.
In general, in the first half of 2024, industrial production in Ukraine increased by 11% in the manufacturing industry, by 9.3% in the mining and quarrying industry, and by 1.5% in the supply of electricity, gas, steam, and air conditioning.
The statistics agency notes that the volume of industrial products sold in January-June this year reached UAH 1707.9 billion, of which UAH 351.7 billion was exported.
The State Statistics Service reminded that in May of this year, there was a 3.6% increase compared to May last year, 11.6% in April, and 5% in March.
According to the State Statistics Service, industrial production in Ukraine grew by 6.8% in 2023, while in 2022 the decline was 36.7%.