In January-May this year, Ukraine increased exports of carbon steel semi-finished products in physical terms by 71.5% year-on-year to 768.207 thousand tons.
According to statistics released by the State Customs Service (SCS) on Thursday, exports of carbon steel semi-finished products increased by 55.6% to $381.078 million in monetary terms.
The main exports were made to Bulgaria (36.67% of supplies in monetary terms), Poland (12.46%) and Italy (9.88%).
In January-May 2024, Ukraine imported 5 tons of semi-finished products from Egypt for $5 thousand, while in January-May 2023, it imported 72 tons of semi-finished products from China for $133 thousand.
As reported, in 2023, Ukraine reduced exports of carbon steel semi-finished products in physical terms by 36.7% compared to 2022, to 1 million 203.454 thousand tons, while exports in monetary terms decreased by 48.9% to $608.516 million. The main exports were made to Bulgaria (36.66% of supplies in monetary terms), Poland (23.01%), and Italy (9.60%).
In addition, in 2023, Ukraine imported 96 tons of semi-finished products from China (98.26%) and Turkey (1.74%) worth $172 thousand.
In 2022, Ukraine decreased exports of carbon steel semi-finished products by 72% year-on-year to 1 million 899.729 thousand tons in physical terms and by 70.9% in monetary terms to $1 billion 191.279 million. The main exports were made to Bulgaria (26.55% of supplies in monetary terms), Poland (13.97%) and Italy (12.13%).
In 2022, Ukraine imported 5,558 thousand tons of similar products, which is 85.7% less than in 2021. In monetary terms, imports decreased by 86% to $3.634 million. Imports were made from the Russian Federation (96.92% of supplies before the war), China (1.84%), and Romania (1.21%).
On June 13, the state enterprise Antonov (Kiev) announced its intention to conclude a contract with ASK INGO (Kiev) for services of compulsory aviation insurance of civil aviation and liability insurance. As reported in the Prozorro e-procurement system, the price offer of ASK INGO amounted to UAH 2.976 mln, with an expected value of EUR 5.607 mln.
The second bidder was IC “Universalna” with a price offer of 3.348 million euros.
As reported, the tender was announced for insurance of liability of developers, manufacturers of civil aviation equipment, maintenance organizations authorized to conduct test flights, for damage caused to third parties; insurance of liability of educational institution when performing training flights for damage caused to third parties; insurance of crew members of aircraft and other aviation personnel; insurance of persons entitled to be on board the aircraft on legal grounds
The tender was also announced for civil aviation risk insurance services (insurance classes 1, 5, 11): aircraft insurance, insurance of aviation carrier’s liability for damage caused to passengers, baggage, cargo and mail; insurance of liability of commercial civil aircraft operator for damage caused to third parties.
INGO Insurance Company JSC has been providing insurance services for 30 years. Since 2017, the main shareholder is the Ukrainian business group DCH.
The Peace Summit, which will open on Saturday, June 15, in Switzerland, will be attended by 100 delegations, of which 92 represent states from around the world and 8 – international organizations, according to the press service of the Swiss government.
“President Viola Amerd will open the Summit on Peace in Ukraine on Saturday, June 15. The summit will be attended by 100 delegations, including 57 heads of state and government from around the world. The purpose of the summit is to launch a peace process, build trust and identify ideas on the next steps towards such a process. All states present should be given the opportunity to put forward their vision of a just and lasting peace in Ukraine,” the statement said.
On June 6-7, 2024, the Ukrainian Bar Association held the First Investment Forum. For two days, this event was a platform for discussing promising investment opportunities and solving legal challenges in areas that are important for the further sustainable development of Ukraine.
The first day of the Forum was held online. The event was opened by Mykola Stetsenko, President of the UBA, Managing Partner of AVELLUM. In his welcoming remarks, he expressed confidence that the discussion at the Forum would be useful, contribute to business projects and ideas, and improve foreign investors’ understanding of the business environment in Ukraine.
Andy Hunder, President of the American Chamber of Commerce in Ukraine, also greeted the Forum participants. He noted that foreign businesses continue to operate in Ukraine and support it in the face of a full-scale Russian invasion.
Makar Paseniuk, founding partner of ICU Group, in his welcoming speech expressed the opinion that the First Investment Forum is unique and interesting. He emphasized that finance and investment are impossible without the work of lawyers. “We are interconnected and I think we will be even more interconnected,” added Mr. Paseniuk.
The founding partner of ICU Group also urged the Forum participants to be inspired by the ideas to be discussed at the event.
The first session of the first day of the Forum was titled “Helicopter view: investment climate in Ukraine”. The discussion was moderated by Olga Fedosova, Partner at White&Case (Paris, France). She noted that the discussion would focus on the investment climate in Ukraine and the challenges facing investors. Ms. Fedosova emphasized that despite the full-scale war, the Ukrainian economy is recovering and developing.
Marlena Hurley, Managing Director of Political Risk Insurance and Reinsurance at the International Development Finance Corporation (USA), noted the resilience of Ukrainian business amid the war. She emphasized that her organization is doing everything possible to support key sectors of the Ukrainian economy. Ms. Hurley noted that the corporation offers a function to cover the costs caused by Russian aggression against Ukraine.
Bozhidar Celek, Managing Director and Head of Lazard Central and Eastern Europe, CIS and Turkey, said that the best investors in Ukraine are those businesses that are already in Ukraine, so working with them will bring the greatest success. The expert also believes that it is necessary to work on a separate business insurance in times of war.
According to Mr. Dzhelik, foreign investors tend to rely on those who make technological and environmental assessments on site, so Ukraine should develop this capacity.
Makar Paseniuk, founding partner of ICU Group, stated that most deals in Ukraine are currently being made by local rather than foreign companies. In his opinion, post-war investment in Ukraine will be associated with great risk, so at the first stage it will be mostly adventurers.
Speaking about the attractiveness of investing in Ukraine in the current environment, Mr. Paseniuk noted that only a large, attractive product can change the situation. As an example, he cited green energy, which has attracted $12 billion in investments to Ukraine.
Stefan Weiler, Head of Debt Capital Markets for Central and Eastern Europe, Middle East and Africa at J.P. Morgan, spoke about the project to create a fund for the post-war reconstruction of Ukraine. J.P. Morgan and the investment company BlackRock are helping the Ukrainian government to create this fund.
Patricia Shaughnessy, Professor at Stockholm University, emphasized the importance of Ukraine’s cooperation with the international community to increase the country’s investment attractiveness.
The presentation of the report “Opening Up Investment in Ukraine”, which is the result of joint work of the British Institute of International and Comparative Law and the Ministry of Justice of the United Kingdom, followed.
The report was presented:
The project included:
The final report of the project contains key recommendations on steps Ukraine can take to improve its commercial dispute resolution system, including completion of ongoing reforms, capacity building measures, and establishment of new institutions.
The first day of the Forum concluded with a discussion on common myths about doing business in Ukraine. The session was moderated by Daniel Cousins, Corporate Partner at Linklaters (Warsaw, Poland).
The panelists discussed regulatory obstacles to business, currency restrictions, how the war is affecting business in practice, etc.
Anna Babych, Executive Partner at AEQUO, shared information on the latest legal changes that may affect the investment climate in Ukraine. In particular, she spoke about the instruments used by the Ukrainian government to support and stimulate investment during a full-scale war. Among the latest positive developments in this area, Ms. Babych mentioned amendments to the law on state support for investment projects with significant investments, the adoption of a law on investment insurance against war risks, and the easing of currency restrictions by the National Bank of Ukraine, including permission to repatriate “new” dividends.
Mykola Stetsenko, President of the Ukrainian Bar Association, Managing Partner of AVELLUM, familiarized the Forum audience with Ukraine’s achievements in the fight against corruption. He spoke about the formation of Ukraine’s anti-corruption infrastructure – NABU, NAPC, SAPO, HACC – and its recent successes and achievements. Among the achievements in the field of corruption prevention, Mr. Stetsenko mentioned:
The experts also paid attention to the judicial system. Olena Kibenko, a judge of the Commercial Court of Cassation of the Supreme Court, provided statistics on the average duration of commercial litigation in 2023:
According to Ms. Kibenko, last year commercial courts of first instance issued 127,974 decisions, of which 23,099 (18%) were appealed, and 9,183 (7%) were appealed in cassation. In 16% of cases, the Supreme Court overturned the decisions of the first instance courts and returned the cases for reconsideration.
Volodymyr Sayenko, partner at SAYENKO KHARENKO, and Tatyana Dovgan, partner at CMS Cameron McKenna Nabarro Olswang’s Kyiv office, also took part in the discussion.
The second day of the First Investment Forum was held at the Hilton Kyiv Hotel.
Mykola Stetsenko, President of the Ukrainian Bar Association, Managing Partner of AVELLUM, in his welcoming speech thanked the participants of the first day of the Forum. He also expressed gratitude to the military who are now defending Ukraine from the Russian invasion. The participants of the event observed a minute of silence in memory of those who fell for the freedom and independence of Ukraine.
Mr. Stetsenko noted that the second day of the Forum will focus on best practices in the investment industry. The President of the UBA expressed hope for a fruitful discussion and emphasized the importance of the dialogue between lawyers and business. Mr. Stetsenko said that the Forum will result in a memorandum with the results of each session and relevant recommendations.
The Forum participants were also greeted by Liudmyla Yenina, Director of the Economic Diplomacy Department of the Ministry of Foreign Affairs of Ukraine. She promised that diplomats would do their best to support Ukrainian businesses that continue to operate in the midst of a full-scale war.
Ms. Yenina emphasized the importance of attracting investment and harmonizing Ukrainian legislation with EU legislation. It is necessary to create new platforms and attract private investors, including foreign ones, the diplomat emphasized.
The Foreign Ministry representative spoke about the economic diplomacy tools used by the Ukrainian government to support business, including support for exporters.
The first session of the second day of the Forum was entitled “Ukraine’s Accession to the European Union: What Does It Mean for Business?”. The discussion was moderated by Anzhela Makhinova, Partner of International Trade Practice at SAYENKO KHARENKO. She noted that the discussion would focus on the issues of Ukraine’s European integration from the business perspective, in particular procedural issues. Ms. Makhinova also suggested discussing how open the EU market is for Ukrainian business.
Oleksiy Ryabchyn, Advisor to the Vice Prime Minister for European and Euro-Atlantic Integration of Ukraine, noted that the conditional benchmark for Ukraine’s accession to the EU is 2030. According to him, by that time the country should have gone through the process of adapting its national legislation to the European one. The difficulty lies in the fact that the adaptation of Ukrainian legislation to EU law is a dynamic process that is ongoing. For example, after this year’s elections, the new European Parliament will adopt new laws that Ukraine will also need to adapt to, Mr. Ryabchyn emphasized.
The advisor to the Vice Prime Minister also outlined the nuances of government and business interaction in the process of Ukraine’s European integration, including how businesses can defend their interests in this process.
Inna Khomych, Chief Legal Officer of Nova Poshta Group, noted that despite the difficult military conditions, Nova Poshta continues to develop its business, including opening 5 sorting terminals during the full-scale war.
Ms. Khomych also shared the company’s experience in expanding its business in the EU. Thus, NOVA Group has already entered the markets of 13 European countries. At the same time, the speaker expressed the opinion that the EU is “not very happy” to have a new competitor in the face of Ukrainian business. She spoke about the difficulties and obstacles, primarily bureaucratic ones, that NOVA faces in the European market.
Businesses need to unite to effectively communicate their views to both the Ukrainian government and EU institutions, emphasized Inna Khomych.
Opportunities and challenges for exporting Ukrainian products to the EU, imports of goods from the EU to Ukraine, and other business aspects of Ukraine’s European integration were also discussed:
The second session of the Forum was titled “Reforms in Time of War – What Working Conditions Should Business Expect?”. The discussion was moderated by Andriy Reun, partner at LCF Law Group.
One of the topics of discussion was the incentives and expectations of businesses investing in Ukraine in the context of a full-scale war. The speakers discussed, among other things, the problem of pressure from government institutions, the lack of effective dialogue between business and the state, and corruption risks in their relations.
In particular, Oksana Myronko, Head of Communications at the European Business Association, and Roman Vashchuk, Business Ombudsman, shared their thoughts on this issue. Mr. Vashchuk also said that the Business Ombudsman Council has prepared a declaration on fair and reasonable administration, which contains 12 points.
Oleh Hetman, Coordinator of Expert Groups at the Economic Expert Platform, Member of the Supervisory Board of the Ukrainian Business Council, focused on the new taxation system proposed by the Ministry of Finance of Ukraine in the high-profile National Revenue Strategy for 2024-2030 (NRS). According to the speaker, experts have analyzed the NDS and expressed their comments, which were passed on to the government. He reminded that the Ministry of Finance developed the strategy without any consultations with the public and business.
Mr. Hetman believes that the strategy should not be implemented under any circumstances, as its implementation will worsen the investment climate in Ukraine. He called on business, lawyers and other stakeholders to unite and make efforts to ensure that the NIS remains only on paper.
Artem Yarmola, Deputy Director of Legal Department at FOZZY GROUP, shared his thoughts on whether customs reforms will simplify business. Among other things, he emphasized the need to punish unscrupulous businesses for violating customs rules.
Oleksandr Kryzhanivskyi, Director of Universal Insurance Brokers and Consultants LLC, spoke about the prospects for insurance against military and political risks in Ukraine and opportunities for foreign and national investors in this area.
Ivanna Smachylo, Deputy Head of the State Property Fund of Ukraine, outlined privatization issues in her report. She noted that Ukrainian business is mainly interested in acquiring property complexes, production facilities, etc., while foreign investors are interested in large-scale privatization. The speaker added that in the summer of 2024, “large-scale privatization will be a priority.”
Ms. Smachylo also said that in July this year, the first 108 hectares of state land will be put up for sale on Prozorro.Sale.
In between the sessions, a presentation of the book “Unbreakable Business” dedicated to the work of Ukrainian business during the war was held. The co-authors of the book are Oleksandr Holizdra, beneficiary of the Market.Info communication agency, chairman of the committee of the Public Council at the Bucha District State Administration, and Serhiy Shevchenko, director of the Market.Info communication agency.
Presenting the book, Mr. Shevchenko said: “This book is a chronicle of Ukrainian business during the war. It contains the exceptional experience of companies in strategically important industries: energy, pharmaceuticals, banking, and food. Everyone knows the brands and market leaders.”
The book describes the general priorities of Ukrainian business during the war, work planning and strategy changes, unique cases and emotional stories. The book is available for purchase on the website of the Summit Book publishing house.
The First Investment Forum was then held in the format of parallel sessions dedicated to specific sectors of the Ukrainian economy.
Thus, the participants of the session “Challenges and Opportunities in the Agricultural Sector” discussed investments in the agricultural sector. The panel was moderated by Marian Martyniuk, Senior Partner at MORIS.
The following issues were proposed for discussion:
The experts shared their views on the challenges and opportunities that currently exist in the Ukrainian agricultural sector. In particular, Mykola Gorbachev, President of the Ukrainian Grain Association (UGA), said: “Farmers continue to work. However, the most pressing challenge is that 6 million hectares are mined. Tragedies often occur. It takes more than 700 years to clear the mines. And demining will not happen without business.”
According to Mr. Gorbachev, it is business that will bring solutions and technologies, and it will be attractive for investment thanks to programs and compensation from the state. “Only in this way will we be able to overcome the problem of demining our land,” summarized the UGA President.
This idea was continued by Viktor Dovgan, Deputy Minister of Infrastructure of Ukraine in 2016-2019, Advisor to the Upper Silesian FGSA Foundation. He stated that the most pressing issues now are export logistics.
“The best investor in agricultural export logistics is the Armed Forces of Ukraine. When we gained control of our part of the Black Sea, we immediately received 50 million tons of exports through the ports,” Mr. Dovgan said.
According to him, the state understands the need for investment, and many mechanisms are being prepared to compensate for investments in infrastructure, industrial park models, and road development. Obviously, the energy sector will require the most investment, but Ukrzaliznytsia’s track logistics projects are already needed, and we also need to think about air logistics when the sky is opened, Viktor Dovhan emphasized. He added that these projects are an element of Ukraine’s European integration.
The topic of investing in the agricultural sector was continued by Yuriy Kozak, Director of Large Corporate Clients Department at Raiffeisen Bank. “Agriculture is the main source of foreign exchange for the country. This sector has shown resilience and adaptability the most. At the beginning of the war, banks had to survive, but today we have to think about investing. For example, in new production, in agro-processing plants, in investments and small generating capacities for the agricultural sector,” the speaker noted.
Oleksiy Rashchupkin, managing partner at Altius Capital, noted that 90% of investments in the agricultural sector are domestic investments. According to him, this is due to an important issue in the land market: the specifics of Ukrainian agriculture are leased land, not owned. This is a very incomprehensible instrument for foreign investors, which is why Ukraine lacks large capital investments in this area, Mr. Rashchupkin explained.
In general, the participants agreed that the challenges also point to huge opportunities for investment in the Ukrainian agricultural sector.
Another parallel session of the Forum was devoted to the challenges and opportunities in the field of natural resources extraction. The session was moderated by Maksym Maksymenko, AVELLUM Partner, Head of Real Estate and Infrastructure Practice.
The discussion was attended by:
The speakers discussed, among other things, the recovery of the extractive industry amid a full-scale war and state support for mining. In particular, Yulia Lushpienko and Mykola Kolisnyk discussed the possibility of creating industrial parks for the extractive industry.
Svitlana Romanova spoke about the challenges and opportunities in the field of natural resource extraction. In particular, according to her, these are:
According to Ms. Romanova, Ukrainian business has demonstrated the ability to adapt to extremely difficult conditions, but unfortunately, national legislation is not as flexible.
Yulia Borzhemska delivered a report on “Current regulatory issues in the oil and gas industry”. Among other things, she discussed the implementation of production sharing agreements, current issues of the natural gas market (timing of REMIT implementation, etc.).
“Challenges and opportunities in the energy sector” was the topic of another parallel session of the First Investment Forum. The discussion was moderated by Oleksiy Feliv, Managing Partner at INTEGRITES.
Volodymyr Kudrytskyi, Chairman of the Board of NPC Ukrenergo, said that due to intense attacks on power plants by Russian terrorists, Ukraine is forced to switch from traditional to green generation. “What should replace thermal generation? The generation mix should include highly maneuverable gases, wind and solar, biomass and biogas technologies,” the speaker said.
Speaking about the role of the state in the energy sector, Mr. Kudrytskyi called for refraining from obstruction, additional regulation and the creation of additional state institutions. “The state should complete a set of regulatory packages and contracts and clearly define the rules of credit financing,” added the Chairman of the Board of NPC Ukrenergo.
Olha Kovalchuk, Head of Finance and Investment at Goldbeck Solar, a solar generation giant that entered Ukraine during the war, shared her international experience: “Projects and investments should be guaranteed by insurance projects. There must be appropriate financial structuring and resolution of the issue of corporate power purchase agreements (PPAs). It is very important to amend the Law on State Support for Investment, which should include renewable energy.”
Oleksandr Podprugin, Regional Manager of Notus Energy, a German developer of generation plants, emphasized the main obstacles and limitations of scalable investment projects:
At the same time, he emphasized the readiness of companies to invest and stressed the need to work more intensively with international financial institutions to resolve investment issues.
Yaroslav Kryl, CEO of Hydrogen of Ukraine LLC, focused on the need to create entire ecosystems for the development of hydrogen projects. He shared his experience in attracting grant projects and creating consortia with international institutions. The speaker also shared his thoughts on the study of hydrogen and salt deposits in the subsoil of Ukraine.
In conclusion, moderator Oleksiy Feliv noted that, unfortunately, due to the full-scale war, Ukraine is forced to make great technological leaps, but this is already being done for our civilized future.
The fourth parallel session of the Forum was devoted to the challenges and opportunities in the defense sector. The discussion was moderated by Mykhailo Lukashenko, Partner at AEQUO.
The panelists shared their views on the following issues:
The experts of the session were:
For a photo report from the First Investment Forum, please follow the link.
The Ukrainian Bar Association is grateful for the support in organizing the event:
Interfax-Ukraine news partner
EUROPEAN INTEGRATION, INVESTMENT CLIMATE, INVESTMENT FORUM, REFORMS, UBA
In the Southeast Asian region, Ukrainians have the most positive attitude toward Japan and South Korea. This is evidenced by the results of a joint study by the Experts Club think tank and the Active Group research company, presented at a press conference at Interfax-Ukraine on Thursday.
“Our research has shown that in East Asia, Ukrainians are most supportive of Japan and South Korea. Attitudes toward these countries largely depend on their support for Ukraine after the war began. In the Caucasus region, a positive attitude toward Georgia remains. Also, more than 50% of Ukrainians have a positive attitude towards Kazakhstan. The lowest level of support was recorded for such countries as the DPRK, Syria, and Iraq,” said Oleksandr Poznyi, director of the Active Group research company.
According to the expert, the negative attitude of Ukrainians toward China is also quite eloquent.
“Only 4% of citizens have a positive attitude toward China, 16.7% have a mostly positive attitude, 58.8% have a negative attitude, and 20% have not decided. Currently, China’s position is not entirely unambiguous in relation to Ukraine, which is reflected in the attitude of Ukrainians,” Mr. Poznyi emphasized.
In his turn, Maksym Urakin, founder of the Experts Club think tank and deputy director of the Interfax-Ukraine news agency, presented an analysis of Ukraine’s foreign trade with a number of Asian countries based on data from the State Customs Service for 2023.
“The largest market for Ukrainian goods in Asia is China – more than $2 billion. India ranks second, followed by Kazakhstan, Georgia, Iraq, and Indonesia. As for imports, China is also the largest importer to Ukraine, with more than $10 billion. It is followed by India, Japan, Korea, and Vietnam. In terms of total trade between Ukraine and these countries, China is also the leader, with almost $13 billion. India ranks second – 2.5 billion, followed by Japan – almost a billion,” said Urakin.
According to him, the analysis of economic data shows that Ukraine has significant trade ties with the countries of the Middle East and East Asia. At the same time, China remains one of our country’s largest trading partners in terms of both exports and imports.
“The problem of trade deficit remains, as Ukraine spends a lot of money on imports, while earning little on exports. This is a real problem. In 2023, Ukraine’s trade deficit with all countries is over $27 billion. The deficit with China is $8 billion. Among the countries represented today, we have a positive balance only with Iraq – almost $200 million in favor of Ukraine, Georgia – $100 million, and Armenia – $54 million,” Urakin added.
Chairman of the Ukrainian-Arab Business Council, member of the Council of National Communities of Ukraine Dr. Emad Abu Alrub emphasized that the importance of Ukraine’s relations with the countries of Asia and the Arab world cannot be overestimated, and Ukraine is currently taking important steps to develop these relations.
“Ukraine has significant opportunities in the markets of Arab countries, which have a total population of over 550 million. Arab countries are a permanent market for our goods. After 2014, new markets opened up for our country, especially in Asia. The Ukrainian Arab Business Council is actively working to develop these relations. We need to create a strategic plan to improve relations at the level of economy, politics, and culture. We have significant chances for success, but we need better communication and marketing,” emphasized Dr. Abu Alrub.
He also added that Saudi Arabia is interested in cooperating with Ukraine by investing not only in trade, but also in agriculture, technology, and other projects. Other interesting countries are the UAE, Qatar, and Egypt. All of them also have great potential for investment in Ukraine.
In conclusion, Maksym Urakin called on foreign embassies to be more active in establishing communication with Ukrainian society.
“If you can, please provide information to journalists about what you are doing here, how you are helping in the humanitarian sphere. Through these ties, we will deepen our cooperation, because the way Ukrainian citizens view your countries also depends on your work,” he concluded.
ACTIVE_GROUP, ALEXANDER_POZNYI, EAST_ASIA, ECONOMY, EXPERTS_CLUB, MAXIM_URAKIN, MIDDLE_EAST, SOCIOLOGY, SURVEY
The Filatov Institute of Eye Diseases and Tissue Therapy of the National Academy of Medical Sciences of Ukraine (Odesa) has been receiving humanitarian aid for the second year in a row – a drug for the treatment of intraocular malignant tumors in children from Aspen Pharmacare Holdings Limited.
As the Institute’s clinic told Interfax-Ukraine, the drug is used to treat the disease according to the method of combined polychemotherapy developed by its doctors. It involves injecting the drug directly into the tumor in combination with general polychemotherapy. The use of this method makes it possible to preserve the eye affected by the tumor and even vision in 80% of cases.
The drug melphalan, manufactured by Aspen Pharmacare Holdings Limited, is used as an intraocular injection agent.
“Unfortunately, in recent years it has been impossible to purchase melphalan for injection in Ukraine. The Institute has taken active steps to obtain the drug, and for the second year we have been receiving the drug directly from the company as charitable assistance,” the Institute said.
It is noted that the availability of these medicines enables young patients to receive the necessary treatment, which not only saves their lives, avoids removing the tumor along with the eye, but also preserves their vision.
“The Institute expresses its deep gratitude to Aspen Pharmacare Holdings Limited, Senior Executive Director of Aspen Group Mr. Stavros Nikolau, Head of the Patronage Service of the Ministry of Foreign Affairs of Ukraine Olga Nikitchenko and Ambassador of Ukraine to South Africa Lyubov Abravitova for their assistance in obtaining the drug,” the clinic emphasized.
Retinoblastoma is an intraocular highly malignant retinal tumor that develops mostly in children during the first two years of life and accounts for 89.3-98.2% of all intraocular tumors in children. The incidence of retinoblastoma in the world is currently one case per 10-15 thousand newborns. Due to the asymptomatic course of the disease, up to 85-86% of children with this diagnosis are admitted to clinics with advanced retinoblastoma. Previously, and still in many clinics, the only way to save a child’s life was to remove the tumor along with the eye.
In Ukraine, retinoblastoma is treated at the Department of Pediatric Ophthalmopathology at the Filatov Institute of Eye Diseases and Tissue Therapy. In recent years, the clinic has treated about 300 children with retinoblastoma aged three months to eight years. Each patient receives from 3 to 20 injections depending on the stage of the disease.
