Business news from Ukraine

Business news from Ukraine

Comfy chain opened four new stores

A chain of home appliances and electronics stores Comfy opened four new stores, expanding the network to 84 retail units.
According to CEO of Comfy Igor Khizhnyak, two new stores were opened in Kiev in Prospekt and Piramida shopping malls, and one store each in Lviv and Pryluki.
According to him, the company plans to further expand its network to 100 stores.
Till February 24 last year Comfy network had 97 stores. The owner of the chain is Comfy Trade LLC (Dnipro). According to the Unified State Register of Legal Entities and Individual Entrepreneurs, the owner of “Comfy Trade” is “Comfy Holdings Limited” (Cyprus), the ultimate beneficiaries – Svetlana Gutsul and Stanislav Ronis.
According to Opendatabot, by the end of 2022, Comfi Trade received 2 million UAH of net profit, 16.5 billion UAH of income.

Ukraine in 5 months reduced export of iron ore raw materials by 55%

Mining companies in Ukraine in January-May this year, the export of iron ore raw materials (iron ore) in physical terms reduced by 55% compared to the same period last year – up to 6 million 846.487 thousand tons.
According to the statistics, released by the State Customs Service (SCS), over the period the currency proceeds from the export of iron ore amounted to $752.472 million.
Exports of iron ore products were mainly to Slovakia (29.08% in monetary terms), Czech Republic (25.06%) and Poland (21.42%).
During the first five months of this year, Ukraine imported iron ore products for $42 thousand in total volume of 68 tons. During this period, imports were carried out from Norway (57.14%), Italy (40.48%) and Sweden (2.38%).
As reported, in 2022, Ukraine reduced the export of iron ore products in kind by 45.9% compared to 2021 – up to 23 million 984.623 tons, foreign exchange earnings decreased by 57.8% to $2 billion 912.974 million.
Exports of iron ore products was carried out mainly to Slovakia (19.23% in monetary terms), Czech Republic (17.32%) and Poland (16.49%).
Last year Ukraine imported iron ore to the amount of $65 thousand in total 101 tons, while in 2021 – $184 thousand in the amount of 1.202 tons.
Imports were carried out from Norway (36.92%), the Netherlands (27.69%) and the UK (16.92%).

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Silvio Berlusconi Dies

Former Italian Prime Minister Silvio Berlusconi passed away at the age of 86, RAInews reported Monday.
Berlusconi died at the San Raffaele Hospital in Milan, where he was admitted last week. Italian media learned of the passing of the former prime minister from sources in his family – the death occurred at about 9:30 local time. There has been no word yet from the treating doctors.
Berlusconi’s children arrived at the San Raffaele clinic on Monday.
Stampa newspaper, for its part, notes that Berlusconi’s condition has not improved in recent days, and a sharp deterioration followed Monday morning.
Berlusconi, who has been battling leukemia, was hospitalized last Friday at the San Raffaele. At the time, his attending physicians, Alberto Zangrillo and Fabio Ciceri, noted that the decision to hospitalize him “was not due to a deterioration in his condition or to any medical concern.
From April 5 to May 19, 2023, 86-year-old Berlusconi was treated at San Raffaele.
Berlusconi’s Go Italy party is part of the ruling coalition now in power in the country.
Berlusconi has been prime minister of Italy four times – in 1994 -1995, 2001 – 2005, 2005 – 2006 and 2008 – 2011.

Verkhovna Rada passed law on consumer protection

June 10 the Verkhovna Rada adopted on second reading and as a whole the government bill on consumer protection (№ 6134).
According to the website of the parliament, 263 people’s deputies voted in favor of the bill, while the minimum required number of 226 votes, but the transcript of the meeting is still missing.
As noted by the representative of the Cabinet of Ministers in the Verkhovna Rada Taras Melnychuk in Telegram, the bill was developed in order to bring national legislation on consumer protection closer to EU legislation and harmonize the consumer protection system in Ukraine with EU principles, approaches and practices.
According to him, the document will, in particular, make it possible to achieve compatibility between the systems of consumer protection in Ukraine and the EU; increase the level of consumer protection in e-commerce; create a level playing field for e-commerce entities and fair competition and reduce the burden on businesses by eliminating obsolete regulations.
The bill was introduced in the Rada back in October 2021, passed on first reading in October 2022, and then further revised several times, including after the comments of the National Agency for the Prevention of Corruption.
As the committee pointed out after reconsideration of the comments, 125 out of 324 proposals have been fully considered, and 6 were partially considered.
Among the innovations of the law, in particular, the portal e-buyer – a single state web portal for consumers in the field of e-commerce. This is an electronic information and communication system that collects, accumulates, processes, protects, records and provides consumers with information about e-commerce entities, as well as communication of e-commerce entities, consumers and the state regulator.

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On 15th of June UkraineInvest organises online investment forum “FIT for Ukraine: Investment Innovations”

On the 15th of June UkraineInvest organises the online investment forum “FIT for Ukraine: Investment Innovations”. The purpose of the event is to present an overview of the investment market in Ukraine, investment projects, successful business cases and preliminary conclusions of the analytical report on this topic, which was initiated by UkraineInvest with the support of UNDP and other authoritative international organisations.

The event will be held online in Ukrainian and English. Simultaneous translation will be provided during the broadcast.

About this event:

Ukraine has undergone a significant economic and industrial decline as a result of full-scale military aggression. The country’s GDP has contracted by almost 30%, and the share of manufacturing has dropped to 7% from 11% in 2021. Although businesses have shown resilience in their operations, they face limitations in terms of accessing finance and technologies. The ongoing war in Ukraine represents the largest land military operation in Europe since World War II, highlighting the urgent need for innovative approaches to finance investments.

To revitalize the economy and industrial sector in Ukraine, immediate action is required in the form of impact investments utilizing blended finance, combining state, donor, and private capital, along with attached war/political risk insurance mechanisms. These measures will help stimulate economic growth and attract international companies interested in entering the Ukrainian market.

FIT for Ukraine: innovative investments program has been designed to present the landscape of the investment market in Ukraine, pipeline of projects that seek investment, the most current investment success cases, and preliminary findings of the analytical report on the topic that was initiated by UkraineInvest with the support of the UNDP, and other reputable international organizations

Time:  16:00-18:00 (Kyiv)

Speakers:

  • Yulia Svyrydenko – First Deputy Prime Minister – Minister of Economy of Ukraine
  • Oleh Nemchynov – Minister of the Cabinet of Ministers of Ukraine
  • Jaco Cilliers – UNDP Resident Representative to Ukraine
  • Sergiy Tsivkach – CEO, UkraineInvest
  • UNDP – TBC
  • Maria Håkansson – MD and CEO of Swedfund
  • Natalie Jaresko – Former Minister of Finance of Ukraine currently with EY-Parthenon
  • Konstantin Magaletskyi – Co-owner of Ukraine Green Recovery Fund
  • Pavlo Kartashov – Director of the Ukrainian Startup Fund
  • Amit Shah – Investment Director at Bridges Fund Management

Organised by:

UkraineInvest – Government of Ukraine Investment Promotion Office.

Since 2020 we:

  • supported attraction, and unlocked over $ 1,5 billion in FDIs
  • provided 4000+ consultations to investors (legal, financial, analytical, etc)
  • resolved over 150 issues of investors operating in Ukraine
  • developed over 80 legislative proposals to improve the investment climate
  • ranked in the top 5 of best IPA’s out of 23 CEE countries, 2020-2022

Media accreditation: https://docs.google.com/forms/d/e/1FAIpQLSccvY7ZQ_ZQk0qHpuwOFiAQpJnzIMtjCJHiX62wr0yOeB6K3w/viewform

For media partnership, please call: +38063-023-11-93

Moderator:

  • Marina Besignano – Partner, Mayer Brown (New York); advisor to UkraineInvest.