The Economic Development and Trade Ministry of Ukraine continues working on the creation of a supervisory board of the Export-Credit Agency (ECA) required for the launch of the agency, First Deputy Prime Minister, Minister of Economic Development and Trade Stepan Kubiv has said.
“We have carried out some work and consultations on this issue. I think we will hold another meeting if necessary. We will resolve this issue,” he said at a government meeting in Kyiv.
Prime Minister Volodymyr Groysman reiterated the importance of launching the ECA as soon as possible. At the same time, he added that the delay was due to the fact that the government is launching such a project for the first time.
In addition, Groysman said that the agency will work not so much with its own resources as with tools for attracting resources.
“It is necessary to fill it not with a financial resource, but with tools for access to broad resources, since this is not a question of millions, it is a question of billions, perhaps dozens of billions, to support Ukrainian exports,” he said.
As reported, in February 2018, the Cabinet of Ministers approved the creation of ECA in the form of private joint-stock company and instructed the Economic Development and Trade Ministry to conduct a private placement of its shares.
POSCO DAEWOO Corporation (South Korea) has announced that it signed an agreement with the Orexim Group from Ukraine on the acquisition of 75% of shares in the grain export terminal being built at the Mykolaiv maritime merchandise port, the company has reported on its website. The financial terms of the deal were not disclosed.
It is expected that after the completion of construction in July 2019 the annual grain loading of the terminal will be 2.5 million tonnes, handling mostly corn, wheat and soybeans.
After acquiring the terminal, POSCO DAEWOO announced that it would be able to oversee the entire supply chain of grain produced in Ukraine and manage a more efficient inventory.
“With the latest deal, POSCO DAEWOO said it would be able to gradually oversee logistics through the purchase, inspection, storage and shipment of Ukrainian grain production, as well as reduce risk and ensure effective inventory management in accordance with individual demand,” the Korean company said.
The company plans to cover the infrastructure for the processing of agricultural products and logistics, in order to become the largest food resource production company in South Korea.
POSCO DAEWOO also said that the deal said the deal would also help contribute to Korea’s food security, since grain supplies to the country largely depend on exports, because the country’s self-sufficiency in corn and wheat is only 1%.
In March 2018, the Orexim Group launched the sixth stage of the Every terminal at Mykolaiv power, boosting the total loading to 1.6 million tonnes. Its core business is exports of agricultural products, port and logistic services.
Ukraine in January 2019 saw an 18.3% increase in pig iron exports in physical terms compared to the same period of 2018, to 276,408 tonnes.
During this period, the exports of pig iron in monetary terms increased by 25% to $95.082 million, the State Fiscal Service of Ukraine said in its customs statistics update.
At the same time, pig iron was shipped mainly to the United States (63.79% of deliveries in monetary terms), Italy (12.42%) and Mexico (11.01%).
In January 2019, Ukraine imported 21 tonnes of pig iron in the amount of $9,000, while in January 2018 imports totaled 50 tonnes worth $35,000. Imports were from Russia (100% of deliveries in monetary terms).
