Ukraine in 2020 climbed from 80th to 63rd place in the Social Progress Index among 163 countries with score of 73.38 points versus 66.97 in 2019, according to the index data.
“It is important that in the year of the pandemic, Ukraine improved its position in this global ranking. This means that at least part of the challenges we responded correctly,” Minister of Social Policy Maryna Lazebna told Interfax-Ukraine.
According to the study, the average score of the index among all studied countries is 64.24 points. Last year, the group of countries with a very high standard of living and a moderately high quality of life narrowed from 104 to 71.
“I would also like to note that among 15 countries with a similar level of GDP per capita in terms of purchasing power parity, Ukraine ranked fifth in terms of this index,” Lazebna said.
In addition, the minister noted the high assessment of Ukraine in the areas of equal access for women and men to basic knowledge, protection of property rights for women, equality of political power by gender.
“Also, Ukraine has demonstrated high rates of vulnerable employment, secondary school attainment, availability of affordable mobile telephone subscriptions, access to electricity,” the head of the Ministry of Social Policy said.
However, Ukraine showed significantly worse results in comparison with other countries in terms of life expectancy at 60 years (117th place among 163 countries), and also lags behind in a number of other indicators.
“According to the results given by the authors of the index, Ukraine has high inequality of political power by socioeconomic position, corruption, high levels of greenhouse gas emissions, large number of outdoor air pollution attributable deaths, high number of premature deaths from non-communicable diseases,” Lazebna said.
The Social Progress Index (SPI) measures the extent to which countries provide for the social and environmental needs of its citizens. Fifty-four indicators in the areas of basic human needs, foundations of well-being, and opportunity to progress shows the relative performance of nations. Under the technical guidance of Professors Michael Porter from Harvard Business School and Scott Stern from the Massachusetts Institute of Technology, the group formed a U.S.-based nonprofit called the Social Progress Imperative and launched the Social Progress Index for 50 countries in 2013.
Ukraine intends to increase the inflow of foreign direct investment (FDI) by 2025 to $15 billion per year, while at the end of 2020 their outflow amounted to $420 million, and in 2021 the National Bank predicts a recovery in FDI inflows at the level of $3 billion.
The targets are enshrined in the National Economic Strategy 2030 posted on the government’s website.
According to it, Ukraine should at least double its real gross domestic product (GDP) in 10 years.
Target indicators are also the following: an increase in exports to $150 billion compared to $49 billion in 2020, an increase in labor productivity by at least 1.7 times, and a decrease in the unemployment rate from 8.6% to 6% in 2030.
As indicated in the strategy, the share of the public sector of the country’s banking system by 2030 should be reduced to 25% from the current 54%.
At the same time, the document contains the intention of the Ukrainian government to keep the state budget deficit at the level of 2-3% of GDP, and the ratio of public debt to GDP at 30-40%.
As for the trade priorities of the state until 2030, here the document sets out plans to increase the share of small and medium-sized businesses of total exports to 40%.
International trade should also be facilitated by the reduction of the time for passing customs procedures to average European indicators, as well as the synchronization of the work of the customs authorities.
In addition, the National Strategy provides for an increase in the share of investment imports by at least 30% by 2030.
Fitch Ratings has affirmed Ukraine’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B’ with a stable outlook, the agency said on its website.
“Ukraine’s ‘B’ IDRs reflect its track record of multilateral support and a credible macroeconomic policy framework that has underpinned a relatively high degree of resilience to the coronavirus shock. Ukraine’s human development indicators compare favorably with the peer group, it has a net external creditor position of close to 13% of GDP, and general government debt is somewhat lower than the ‘B’ median. Set against these factors are weak governance indicators, a high degree of legislative and judicial risk to policy implementation, and low external liquidity relative to a large sovereign external debt service requirement,” Fitch said.
“The stable outlook reflects expectations for gradual fiscal consolidation and continuation of macroeconomic policies that helped preserve broad stability in external finances during last year’s shock. The ability to issue eurobonds and available domestic liquidity has provided some limited space to manage a delay over the next six months in completing the first review of the IMF Stand-By Arrangement (SBA). The coronavirus shock temporarily reversed improvements made in recent years in terms of a declining debt burden and normalization of growth prospects after the 2014-2015 geopolitical and economic crises. At the same time, the political position of the administration has weakened somewhat and recent Constitutional Court policy reversals further underline the risks to SBA compliance, which constrain the rating,” according to the document.
Modern Aqua Technology (Mykolaiv) plans to reconstruct the administrative building and garage located in the city of Kropyvnytsky with a total area of 605 sq m in the workshop for the production of fish semi-finished products with a daily processing capacity of three tonnes, the information of the Unified Register of Environmental Impact Assessment of the Ministry of Environmental Protection and Natural Resources of Ukraine says.
According to it, the company wants to convert the existing office building (area of 234.9 sq m) and a garage (370.9 sq m) into a workshop for processing freshly frozen and fresh river fish into fish semi-finished products, with a total capacity of up to 1.8 tonnes per day. The workshop will receive fish, carry out its sorting, defrosting, cleaning, cutting into fillets and portions, packing in plastic trays and cooling.
Modern Aqua Technology is also considering the option of installing equipment for the production of dried fish in the shop, but this measure requires large investments and carries increased sanitary risks, therefore, at the moment it is unacceptable for the company.
According to the register, the company intends to work 256 days a year in one shift. According to the document, the territory of the proposed activity is located at a considerable distance from the zone of residential and public buildings and does not imply a significant negative impact on the environment.
The operation of the processing plant is expected to increase the range of semi-finished fish products available in the region, create new jobs for the local population and increase revenues to the city budget.
According to the Unified State Register of Legal Entities and Individual Entrepreneurs, the ultimate beneficiary of Modern Aqua Tekhnology LLC (until February 2021 – Magnes Trade LLC) is Ivan Pohorily (Mykolaiv), whose main activity is the production of fertilizers and nitrogen compounds.
Terra Food group of companies was the first in Ukraine to start supplying vegetable and cream mixtures to Morocco, 25 tonnes of the Gold Valley and 100 COWS brand products have already been shipped, the press service of the company reported on the website.
“Entering a new export market is always a victory for Terra Food, because it is painstaking work related to the legal, economic and cultural characteristics of a new country. We carefully studied all the preferences of consumers of the new market and proposed a recipe that best meets the expectations of Moroccans,” the director of the department of foreign economic activity of the company, Maksym Voitovych, said.
According to the exporter, earlier Ukrainian producers exported only butter to Morocco.
According to the data of the company, Terra Food in 2020 took the leading place in the export of vegetable and cream mixtures with a market share of 37%, while it covers 12.4% of the export of Ukrainian dairy products.
Vegetable-butter mixture is an alternative food product to butter, for the manufacture of which butter is mixed with vegetable oil and, using the transesterification process, is converted into a solid consistency. The use of this process allows avoiding the formation of a large number of transfat.
Terra Food is a large milk processor and dairy producer in Ukraine. It is part of the Terra Food group of companies, a vertically oriented agro-industrial holding specializing in production of meat, dairy products and agriculture.
Bentley Kyiv, the only official dealership of Bentley Motors in Ukraine, plans to sell 63 cars in 2021, while last year it managed to sell 37 cars, Director of the center Oleksiy Kaplaty has told Interfax-Ukraine.
“In the year of the pandemic, when there was a rather difficult situation on the market, this is very indicative. Some markets, for example the European, lost their shares, but we grew and grew very strongly,” he told Interfax-Ukraine, commenting on the results of last year on the sidelines of a press conference on Wednesday held on the occasion of the debut of the Ukrainian racer Ivan Peklin at the first stage of the International GT Open.
The director said that this year there are plans to sell 48 new cars and 15 used ones. According to him, the company places great emphasis on working with used cars.
Commenting on the receipt of two awards for the best Bentley Motors dealers in Europe – Best of Sales 2020 and Best of Marketing & Communications 2020 – by Bentley Kyiv in April, Kaplaty said that this is due to a significant excess of the sales target of 30 vehicles.
The head of the dealership said that Bentley Kyiv was actively working on pricing, as a result of which they managed to make prices in the domestic market competitive: the purchase price of a car in Bentley Kyiv will be lower than that of a European dealer with its official import and customs clearance.
“This is the result of the work that we carried out with Bentley, telling about our share, our investments. Investments in this building [the largest dealership in Europe near the Boryspil airport with an area of 1700 sq. m.] is about $5.5 million. Accordingly Bentley has confidence in such partners as the Winner group of companies, Kaplaty said.
As for marketing, he said that success in this category became possible thanks to non-standard events, such as the presentation of the updated Bentley Bentayga at the Kyiv Fortress Museum.
The director of the center added that 2020, with the COVID-19 pandemic, made fundamental changes in advertising promotion, but the company was ready for this. “I can confidently say that about 40% of our budgets are focused on digital: promotion in electronic networks, social networks,” he said, pointing out that most of the traditional public events were at risk of failure or were not held.
Speaking about market share, Kaplaty said that the main goal set by Bentley in all regions is to occupy a share of at least 12% in the segment of luxury and premium cars. “As of today, according to the results of the first quarter, we hold a share of about 13%, that is, we are growing and strengthening our position,” the director of Bentley Kyiv said.
When asked about new trends for luxury brands, he said that this year the center will officially unveil two new models with hybrid engines – the Bentley Flying Spur and the Bentley Bentayga. The green and renewable materials trend is at the heart of Bentley’s 2030 strategy, he said.
Winner Group Ukraine has been operating on the Ukrainian market for over 28 years, during this time more than 140,000 cars have been sold and more than 50 dealerships have been opened in Ukraine. In August 2016, an agreement of intent was signed with the Bentley brand in Ukraine. Bentley Kyiv is the only official dealer for the sale and service of Bentley on the territory of Ukraine. The official opening of the Bentley Kyiv dealership took place on July 10, 2019.
Winner Imports Ukraine, a member of the group, is the official importer of Ford, Volvo, Jaguar, Land Rover, Porsche and Bentley cars in Ukraine, and in the third quarter of this year it intends to introduce the MG auto brand (property of the Chinese SAIC Motor) to the Ukrainian market.
Ivan Peklin is a 19-year-old pilot from Kyiv who started racing for the Italian Lazarus Team in Bentley Continental GT3 this year.
In his debut race at this year’s first International GT Open on May 15 in France, he took first place with teammate Jordan Pepper from South Africa.
