Business news from Ukraine

Business news from Ukraine

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.

Ukraine reduced scrap metal procurement by 33.5% in 5 months

In January-May this year, scrap metal companies have reduced the procurement of scrap metal by 33.5% compared to the same period last year – up to 444.3 thousand tons.
As reported in the operational information of the Ukrainian Association of Secondary Metals (UAVtormet), the export of scrap metal during this period amounted to 77.5 thousand tons compared to 25.2 thousand tons in January-May 2022 (an increase of 3.1 times). In this case, the import of scrap amounted to 0.03 thousand tons, compared to 0.1 thousand tons in the first five months of last year.
Scrap shipments to the country’s metal companies in January-May 2023 decreased by 44.3% compared to January-May 2022 – to 345.7 thousand tons from 620.7 thousand tons.
As of June 1, 2023, the level of scrap metal stock at Ukrainian metal companies was estimated at 25-30 thousand tons.
As reported, Ukraine in 2022, reduced the procurement of scrap metal by 75.9% compared to the previous year – up to 996.7 thousand tons from 4.136 million tons. The export of scrap metal last year was 53.6 thousand tons, which is 11.5 times less than in 2021 (615.7 thousand tons). At the same time the import of scrap was 1.8 thousand tons, compared to 23 thousand tons in 2021.
Scrap supplies to steel companies in the country last year decreased by 73% compared to 2021 – to 895.7 thousand tons from 3 million 323.4 thousand tons.
“UAVtormet predicts that this year the procurement of scrap ferrous metals in the amount of 1.2-1.25 million tons. In addition, it is projected that in 2023, the supply of scrap metal to metal companies of the country will amount to 950-1000 thousand tons. Scrap exports are expected to amount to 180-200 thousand tons, while imports are expected to amount to 0.2-0.5 thousand tons. Steel output in 2023 will be 4.8-5.2 million tons.

Water level in Nikolaev as of Monday morning is 55 cm

Nikolaev Mayor Alexander Senkevich reported a decrease in water level in the Bug estuary near Nikolaev by 6 cm for the night from Sunday to Monday, the water level as of 8:00 on Monday is 55 cm.
“Overnight, the water level in the water area of Nikolaev has decreased by another 6 cm. As of 8:00 we have a mark of +55 cm,” – wrote Senkevich in Telegram.
As reported, the water level in the water area of Nikolaev as of 21:00 on Sunday was 61 cm.

Export of important goods from Ukraine in Jan-Mar 2023 in relation to 2022

Export of important goods from Ukraine in Jan-Mar 2023 in relation to 2022

Source: Open4Business.com.ua and experts.news

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