The Ukrainian company City One Development and the diversified investment corporation ITOXI Corp. (South Korea) have signed a memorandum of long-term cooperation, a partnership of a strategic nature aimed at developing glass production in Ukraine, the press service of City One Development toldInterfax-Ukraine.
“We are pleased that our efforts to attract a foreign partner from a friendly country have resulted in a real deal. This is only the first step on the long road to implementing our joint plans, and we are confident that our partnership will make an important contribution to the development of the Ukrainian economy,” said Valeriy Kodetsky, President of City One Development Group, as quoted in the press release.
It is specified that the memorandum, signed in April 2025 during the visit of the Korean delegation to Ukraine, stipulates that at the first stage of the project, two glass production plants will be built within the City of Glass (Berezan, Kyiv region) and Galicia (Kalush, Ivano-Frankivsk region) industrial parks. This project will be an important milestone for the introduction of modern technologies, creation of new jobs and strengthening Ukraine’s position as a high-quality glass producer.
“We are confident that our joint work will open up new horizons for investment and technological progress. Ukraine has great potential and we are proud to be part of this ambitious initiative. The signed memorandum is an important milestone that confirms our intention to invest in the development of the country’s glass industry. We are currently finalizing an agreement to acquire a stake in the project,” said Alex Cheon, CEO of ITOXI Corp.
City One Development started construction of the first float glass plant in Berezan at the beginning of the full-scale invasion in 2022. The plant’s capacity is to produce 600 tons of glass per day, and the project is estimated at $140 million. It is being implemented as part of the Misto Skla IP. At the end of 2024, the company began construction of a second plant within the Galicia IP.
The first plant is expected to be commissioned in 2027 and the second in 2028.
City One Development is an investment and development company with over 15 years of experience. The company specializes in the creation, implementation and management of large-scale infrastructure residential complexes and actively invests in the development of Ukrainian industry.
City One Development’s portfolio includes more than 1 million 150 thousand square meters of completed projects and 600 thousand square meters under construction.
The company’s residential projects in the capital include: “Novopecherski Lypky, Boulevard of Fountains, Svyatobor Park Resort, and The Light. Among the industrial projects are two float glass factories within the City of Glass and Galicia.
ITOXI Corp is a leading investment company operating in various segments, from computer games to medical equipment and the implementation of large infrastructure projects in the international arena. In November 2023, ITOXI UA was founded with an authorized capital of UAH 8.7 million. The founders are ITOXI Corp (51%) and Roman Hryhoryshyn (49%).
According to the website, ITOXI UA is a platform for commercial B2B cooperation that connects Ukrainian companies with Korean partners. Currently, it unites 214 partners in Ukraine and 62 in the Republic of Korea, with more than 17 projects in the works.
