KYIV. March 24 (Interfax-Ukraine) – Fair and transparent privatization of state-run enterprises is the key factor for restoring the Ukrainian economy in 2016, EBRD Director for Ukraine Sevki Acuner has said.
“Unfortunately, I don’t see large foreign direct investment (FDI) to Ukraine in the near term, as well as the opportunities to increase spending on infrastructure. The only possible recovery factor for me is privatization,” he said at a business conference organized by UkrSibbank in Kyiv on Tuesday.
Acuner said that privatization should be open and fair.
EBRD is taking active part in the process as an advisor, he said. This helps to remove tycoons from the economy and create the competitive environment in the country.
He said that actions of Ukrainian politicians rather ineffective.
EBRD is not interested in politics, but in political stability, he said, adding that without political stability one unlikely would have a desire to invest.
He also welcomed the decision of Ukrainian authorities to partially sell shares in state-owned Oschadbank and Ukreximbank. He pointed out the importance of improving corporate management of banks before sale of shares.
EBRD is holding consultations for authorities on legislation that will bring banking operations in line with commercial principles. The bank would consider the possibility of buying shares in these banks, Acuner said.
KYIV. March 23 (Interfax-Ukraine) – India considers Ukraine as an important partner in Central Europe and is ready to develop new fields of a mutually fruitful cooperation, Ambassador Extraordinary and Plenipotentiary of India to Ukraine Manoj Kumar Bharti has said at a press conference at Interfax-Ukraine.
“India considers Ukraine as an important partner in Central Europe. Ukraine has a lot to offer to India. India already has a substantial cooperation in the defense sector of Ukraine. India is the largest export destination for sunflower oil from Ukraine. However, there are a few new potential areas of expanded cooperation between our two countries,” he said.
The ambassador, in particular, noted the prospects for a mutually beneficial cooperation in the field of construction, development of infrastructure projects, agriculture, automotive industry, medicine, in-bound tourism and education in Ukraine.
In addition, Bharti stressed the importance of cooperation in the field of pharmaceuticals.
“Almost any important and lifesaving drug that Ukraine buys, it can save huge amount of money by importing from India. I understand that if Ukraine imports $100 worth of such drugs from India, it is saving at least $200 because these drugs will cost minimum $300 if imported from European or other sources. Indian pharmaceutical products are known worldwide for their high quality and reasonable price,” the official stressed.
“Before these products get registration in Ukraine, your GMP inspection visit the manufacturing units in India. The products are tested by Ukrainian laboratories,” he added
According to Bharti, currently Ukrainian companies can participate in the development of projects, in particular, those carried out within the framework of the Make in India state program or a project to develop 100 smart cities by 2030.
“If Ukrainian companies are involved in housing project in South America, they should also consider the immense potential that exists in India. I was at Electrontrans in Lviv a week ago and I encouraged them to take part in the 100 smart city project,” the ambassador said.
Bharti also noted there is a significant demand for leguminous crops in India.
“There are new products which have great potential of export from Ukraine to India. India imports huge amount of beans. Last year 500,000 tonnes of one kind of bean was imported from Canada. There are at least 13 kinds of beans that Indians use extensively. Farmers in Ukraine should look at the possibility of exporting beans to India,” he stated.
The ambassador also said that nearly 6,100 Indian students are currently studying in Ukraine.
“If the current system of admission through agents and recruiting agencies is changed so that Indian students can apply on-line and get admission smoothly without going through the agents and middlemen, I believe more than 20,000 Indian students may like to study in the excellent education and research facilities in Ukraine,” he said.
KYIV. March 23 (Interfax-Ukraine) – Grain exports from Ukraine by France’s Soufflet Group could be 500,000 tonnes in the 2015/16 agricultural year (July-June).
“We will export 500,000 tonnes of grain this year as in the previous years. Since the beginning of the year we have shipped around 300,000-400,000 tonnes of grain,” Director of New World Grain Ukraine, part of Soufflet Group, Mykola Horbachev said at the Adam Smith Conferences’ 7th annual Ukrainian Agribusiness Forum.
He said that Soufflet Group has three elevators in Ukraine with a storage capacity of 160,000 tonnes. Horbachev added that his company is insisting on the elimination of grain storage standards.
“Various buyers want to buy grain of the different quality in different countries. We are working in Ukraine sticking to standards we have. Ukraine should be oriented to buyers,” he told reporters.
He said that grain storage is not regulated under standards in the EU. When grain arrives to elevators grain owners could mix different types of grain to form a batch for exports.
The Soufflet Group is one of the largest malt producers in the world.
KYIV. March 23 (Interfax-Ukraine) – Ukrainian President Petro Poroshenko on Monday singed a decree authorizing a Ukrainian delegation to participate in negotiations with Mexico on a draft mutual investment protection agreement.
According to decree No. 104/2016 published by the president’s press service, the creation of a Ukrainian delegation to participate in the negotiations with Mexico and agree a draft mutual investment protection agreement between Ukraine and Mexico is prescribed.
The decree orders to approve the directives of the Ukrainian delegation.
The Cabinet of Ministers of Ukraine is responsible for financing the holding of the negotiations.
Oleskiy Perevezentsev, director of the law department at Ukraine’s Economic Development and Trade Ministry, will head the delegation.
The delegation also includes director of the international cooperation and secretariat protocol department of the Cabinet of Ministers Mykhailo Vydoinik, head of the chief foreign affairs and European integration department of the presidential administration Ihor Zhovkva; deputy head of the macroeconomics and financial sector department and head of the financial markets and investment department of the main economic policy department of the presidential administration Natalia Kulianytsia.
Deputy director of the law department and head of the foreign economic law department of the Economic Development and Trade Ministry Denys Lynychenko, Extraordinary and Plenipotentiary Ambassador of Ukraine to Mexico Ruslan Spyrin and Deputy Justice Minister of Ukraine Anton Yanchuk will also join the delegation.
KYIV. March 22 (Interfax-Ukraine) – Public joint-stock company AvtoKrAZ (Kremenchuk, Poltava region), the only Ukrainian producer of heavy trucks, has acquired YL-20S workshop crimpers from Finland’s D-Hydro to replace nine deteriorated presses at the company.
The deal is part of the upgrade of the tool fleet with the purpose of improving the quality of products.
The company’s press service reported on Monday that the new equipment would enable the company to stop paying for the services of a third-party.
“With the acute shortage of working capital and the austerity measures introduced at the plant due to the financial crisis, it was hard for the plant to allocate these small funds to acquire the crimpers – around UAH 200,000. Thanks to this equipment the plant will improve the quality of high and low pressure tools,” the company spokesman said.
It will take from one and a half or two years to pay back the loan used to buy the equipment.
AvtoKrAZ makes 33 basic vehicle models, and more than 260 modifications and trim levels for civilian and military vehicles.
KYIV. March 22 (Interfax-Ukraine) – Public joint-stock company Carlsberg Ukraine (Zaporizhia), a large brewery in Ukraine, saw a 9.85% rise in net profit in 2015, to UAH 929.085 million.
Over the period net profit totaled UAH 0.9087 per share (the total number of shares is 1.022 billion), compared to UAH 0.8273 per share in 2014.
Undistributed profit reached UAH 2.48 billion as of late 2015.
Current liabilities increased to UAH 1.274 billion from UAH 975.7 million in 2014. The company did not have non-current liabilities.
Total bills receivable shrank by 6.4%, to UAH 634.3 million.
Carlsberg Ukraine is incorporated in Carlsberg Group, a leading brewing groups in the world. Carlsberg Group in Ukraine includes three breweries in Zaporizhia, Kyiv, and Lviv.
