Ukrainian companies are maintaining their export activity despite military action and internal restrictions. As Gennady Chizhikov said in an exclusive interview with the news agency Interfax-Ukraine, at the end of 2024, exports amounted to 129.2 million tons of goods worth $41 billion.
“Even in wartime, Ukrainian businesses continue to export. This confirms not only their resilience but also their ability to adapt to new global realities,” Chyzhykov said.
According to him, the CCI actively supports businesses in matters of certification, technical regulation, and digitalization of export processes.
For more details, see the interview at https://interfax.com.ua/news/interview/1069297.html
Chinese authorities are considering selling TikTok’s US business to businessman Elon Musk if the short video service fails to challenge a ban on the use of its application in the US, Bloomberg reports, citing informed sources.
The sources emphasize that the Chinese government wants to keep TikTok under the control of its parent company ByteDance Ltd. The appeal against the ban is being considered by the US Supreme Court, but it is likely that the judges will uphold the ban.
Pending the decision, Chinese officials have begun discussing other options for TikTok’s US business. One option involves the participation in the deal of Musk, who is a close supporter of US President-elect Donald Trump. Musk also has a good reputation in China, where the largest plant of his car company Tesla is located.
According to sources, in one of the possible scenarios, control over TikTok’s US operations could go to Company X (formerly Twitter). The number of TikTok users in the US exceeds 170 million, and the acquisition of the service could help X attract advertisers. In addition, Musk has founded a separate company in the field of artificial intelligence, xAI, and it can find application for the huge amount of data generated by TikTok.
Sources note that the discussions are preliminary and no decisions have been made yet. It is also unclear how aware ByteDance is of the Chinese government’s plans, and whether ByteDance, TikTok, and Musk have had any talks about a possible deal.
Elon Musk, ByteDance, and TikTok did not respond to Bloomberg’s requests for comment, nor did representatives of China’s Cybersecurity Administration and Ministry of Commerce.
TikTok’s U.S. operations could be valued at $40-50 billion, according to Bloomberg Intelligence analysts. This is a significant amount of money even for the richest man in the world, and it is unclear how Musk could pay for such a deal. He acquired Twitter in 2022 for $44 billion and is still paying off the debt taken out to finance the deal.
Bloomberg also notes that TikTok’s business in the United States is a valuable asset that other players are also claiming. In particular, billionaire Frank McCourt and investor Kevin O’Leary have previously announced their intention to buy the business. Other contenders may include Microsoft Corp. and Oracle Corp. which is TikTok’s longtime partner in the technology sector.
On November 15, 2024, the press center of the Interfax-Ukraine news agency hosted a press conference on “Social Responsibility Practices in Time of War” dedicated to the specifics of Ukrainian business during the war period. The event brought together representatives of leading companies and experts who shared their own cases, innovative practices and visions of the future.
Olena Plakhova, Director of Reputation Management and Marketing at Nova Poshta, emphasized that business in Ukraine is now performing much more than traditional functions and often takes on some of the responsibilities of the state.
“This happens not because of coercion, but because businesses realize their responsibility to society. It is important to rethink the social contract – we not only expect help from the state, but also actively engage in solving urgent problems. For example, the Humanitarian Mail of Ukraine program, which started in 2014, now supports more than 2,000 recipient foundations by providing free delivery of humanitarian aid,” she said.
“Not only did we quickly organize our work, but we also supported local communities and supplied military checkpoints. Our warehouse in Makariv was destroyed, but we found the resources to resume the supply of medicines. It was a unique experience when we had to negotiate logistics corridors and make decisions quickly. In the future, it is important for us to help the victims and participate in the restoration of medical infrastructure, as this is a key part of our mission,” said Yevheniia Piddubna, Corporate Communications Director, Farmak JSC.
In his turn, Oleksandr Sosis, beneficiary of Alliance Bank, noted that the war has changed the emphasis of the company’s social responsibility.
“Previously, our programs were mainly related to employee support, but now the focus has shifted to external initiatives. One example is our Good Deeds Forum, which has become a platform for supporting volunteers. Many of them have become leaders of public initiatives that are now working even more effectively than some government agencies,” he emphasized.
Sergiy Shevchenko, KSG Agro’s press service representative, spoke about the agricultural holding’s activities in the frontline region.
“We have adapted our operations to the war conditions, increased salaries for our employees and strengthened security at our facilities. One of the key areas was ensuring food safety: we increased the number of pigs at our complex in Kherson region from 500 to 20 thousand. This is an important contribution to the stability of the region and support for local communities,” said the farmer.
Maksym Urakin, Director of Development and Marketing at Interfax-Ukraine and founder of the Experts Club think tank, emphasized the importance of helping civilians and creating communication projects in times of war.
“Our project “Find Your Loved Ones” has become a lifesaver for many civilians who have lost contact with their families due to the war. We have combined the efforts of the media and volunteers to search for missing people and have achieved significant results. We also help volunteer initiatives by organizing press conferences, providing information support and supplying mobile hospitals for civilians,” he said.
According to the expert, the Ukrainian economy is showing significant growth despite the challenges.
“In the first nine months of 2024, Ukraine’s GDP grew by 4.5% year-on-year. The results of the metallurgical sector are particularly impressive, as it increased production of steel and rolled products by 22-28% during this period. The agricultural sector also showed a significant increase due to the early harvest of late crops,” said Maxim Urakin.
According to him, Ukrainian business continues to adapt to the war by moving production to safer regions or even abroad.
“Medium-sized businesses are forced to actively migrate across Ukraine and integrate into the European economy – more than 200 companies have opened production facilities in the EU,” Urakin added.
But there are also negative trends. The expert emphasized the need to improve trust in government institutions, as according to an April survey by Active Group and Experts Club, 57% of citizens do not trust government agencies, and 62% do not trust law enforcement agencies.
The event also featured the presentation of the book Unbreakable Business by Oleksandr Holizdra and Serhiy Shevchenko, which tells unique stories about the resilience of Ukrainian companies during the war period. The publication has become a symbol of the entrepreneurial spirit that inspires us to move towards victory.
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Biosphere Corporation, one of Ukraine’s largest household goods companies, has re-launched its business in Uzbekistan, according to the company’s Facebook page.
“Even in these difficult times, when many companies face challenges that seem insurmountable, Biosphere continues to step forward with confidence… Today we are sharing extremely important news: after a long pause, we have re-launched our business in Uzbekistan,” the statement reads.
According to the company, it has been only a week since the first shipment, but the eight largest regions of Uzbekistan have already been covered.
“We are expanding our presence in Central Asia to make Biosphere’s business even more sustainable and reliable. Geographical diversification is our strategic decision to ensure stability and prosperity in an ever-changing world,” the statement said.
According to Biosphere’s website, it began exporting its products to Uzbekistan in 2020.
In June 2022, in an interview with Interfax-Ukraine, the owner and CEO of the corporation, Andriy Zdesenko, spoke about the presence of large orders in Kazakhstan and Uzbekistan, but noted the existence of logistical and other problems with the supply of products.
Biosphere Corporation has been operating in Ukraine for over 20 years. Its products are represented in the markets of 30 countries in Europe and Asia. The product portfolio includes more than 2 thousand items under 13 trademarks: Freken BOK, Smile, Selpak, Vortex, Novita, PRO service, and LaiKit.
The corporation’s capacities are represented by four plants with a total production area of 35 thousand square meters in Dnipropetrovska, Kyivska and Khmelnytska regions, as well as logistics complexes with an area of 30 thousand square meters. Together with the French Groupe Lemoine, Biosphere also owns a plant in Estonia for the production of cotton products with an area of 8.5 thousand square meters.
JSC OTP BANK and the European Business Association (EBA) in partnership held an offline event for Ukrainian export-oriented companies, as well as all business representatives interested in export opportunities.
“Exporters: Talk & Network” became a platform for discussing the challenges faced by companies in international markets, as well as finding ways to expand exports of Ukrainian goods and services.
In particular, Volodymyr Mudryi, Chairman of the Board of OTP Bank, mentioned programs from international organizations as opportunities for exporters. In his speech, he emphasized that the Bank’s mission today is to build a bridge between global companies and donors represented in Ukraine.
“In order to work in our country, all international organizations need a responsible and reliable partner with a history and a good reputation. Someone with whom you can speak the same language. So, for global companies, we act as a kind of “translator” of the needs that exist in our market. This is one of our missions,” said Mr. Mudryi. He emphasized that OTP Bank was among the first to start cooperation with the EBRD, and now it also has extensive programs with IFC. “In addition, within the framework of cooperation with the USAID Project “Investments for Business Sustainability”, we have closed one program of co-financing for MSMEs on preferential terms ahead of schedule, and recently received the second tranche to support business,” the banker emphasized.
However, in addition to global instruments such as programs with international companies, the Bank also supports exporters in their daily work. According to V. Mudryi, OTP BANK has developed profitable and customized services and products – a separate module “Currency Contracts” in the Click OTPay client-bank system, which has complete information on the status of settlements under export and import contracts, currency SWAP, lending, the “Trading Platform” service, which gives the client the opportunity to fix the exchange rate from 1 cent, and also provides access to the exchange of exotic currencies. “We try to optimize and personalize the work with the Bank for our clients as much as possible, to make it as convenient as possible. To this end, we have set up many processes: for example, any new contract must be processed and confirmed by the Bank on the same day,” said Mr. Mudry.
During the event, he advised entrepreneurs to expand their knowledge of ESG (environmental, social, corporate governance) sustainability standards, which are increasingly required by international organizations from Ukrainian businesses. “It is inevitable and it is already knocking on our door. There are requirements from the EBRD, the World Bank, and the National Bank of Ukraine is also planning to develop its own standards. So now, at the level of the NABU (Independent Association of Banks of Ukraine), we are trying to bring together all the requirements so that there is a common understanding of what we will implement, as well as to develop a schedule for the transition to ESG standards,” said Mr. Mudryi.
Yulia Vitka, Deputy Project Manager, spoke about various programs for exporters and SMEs and the opportunities of the USAID Investment for Business Sustainability Project. Ruslan Gashev, Chairman of the Board of Export Credit Agency, presented ECA’s experience and outlined changes in the Agency’s work that allowed it to expand cooperation with business representatives.
“Exporters: Talk & Network: tools to support export-oriented companies” was the third offline event for exporters that OTP BANK and the European Business Association held in partnership. Previous meetings with business took place in the summer and spring of 2024.
JSC OTP BANK has signed its first loan agreement with a Ukrainian company to finance distributed generation. Support in the amount of UAH 16.6 million for the purchase of a cogeneration gas piston unit will be provided toAVIS LLC.
“The issue of electricity supply is extremely important for the economy, for business and for every citizen. The Bank has set itself the goal of stimulating the development of the market for energy-independent solutions. We are ready to offer our customers the best deals and favourable conditions that will guarantee uninterrupted operation in the face of electricity shortages,” said Olga Volkova, Director of the Sales Department for Medium and Small Corporate Clients of OTP Bank.
The agreement is a concrete step by the Bank to implement the Memorandum on lending to energy infrastructure restoration projects. The document defines the strategic direction of the credit policy for financing investment energy projects. Assistance is provided for the construction and purchase of solar, wind, biogas, gas turbine and gas piston power plants, industrial batteries, and cogeneration units.
With the financial support of the Bank, a company that produces a wide range of food products will be able to purchase a Jenbacher JMS 320 GS-N.L. gas piston cogeneration unit with a capacity of 1,066 kW. The installation of such a unit will provide the company with maximum independence from the power grid and improve its economic efficiency. The equipment is beneficial because natural gas is an affordable fuel. In addition, it is a good investment in the future, as this modern technology does not have a negative impact on the environment.
As a reminder, on 25 June 2024, JSC OTP BANK and leading banks signed a Memorandum on lending to energy infrastructure restoration projects. Representatives of 17 financial institutions signed the document.
