Business news from Ukraine

Business news from Ukraine

Norway has allocated 1 billion kroner to rebuild Ukraine’s energy system

The Norwegian government has signed an agreement with the World Bank’s Eastern Europe Regional Office to allocate NOK 1 billion to the World Bank’s Trust Fund for the Revival, Rehabilitation, Reconstruction and Reform of Ukraine, the Norwegian government press office said.
“There is an urgent need to repair the electricity system and other infrastructure in Ukraine after the Russian bombing of civilian facilities. I am glad that today we have signed an agreement to allocate 1 billion Norwegian kroner to carry out repairs quickly,” Foreign Minister Anniken Huitfeldt said.
It is noted that the World Bank is using the fund to further mobilize crisis support to the Ukrainian authorities along with support for critical infrastructure repairs and longer-term reconstruction.
“The World Bank is an organization that has proven to be effective and has quickly mobilized significant funds to help Ukraine. Channeling funding through the World Bank ensures that it will be used effectively and for the agreed purposes. It also guarantees that our efforts will be coordinated with those of other donors and the support we provide will have maximum impact,” said the Minister.
Norwegian funding will be used to provide grants from the World Bank offering flexible support for repair, rehabilitation and preparation for reconstruction of critical infrastructure facilities.
Earlier, Norway provided the government of Ukraine through the World Bank with a budget support of NOK 300 million. These funds were used to pay the salaries of medical personnel, teachers and public sector employees, as well as pensions and social benefits.

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Norway to invest about $150 million in fund to support Ukraine

The Norwegian government is preparing to invest about NOK 1.5 billion in the UK-led International Fund for Ukraine.
According to the Norwegian government’s website, the investment comes in addition to the NOK 400 million that Norway previously donated to the fund. The funding was used to purchase drones, drone suppression equipment and artillery shells.
The new donation is part of the NOK 3 billion that the Norwegian government will provide for military support to Ukraine in 2022.

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Norway, following Finland, is considering closing border with Russia

The Norwegian authorities, following Finland, are considering the possibility of closing the Russian-Norwegian border for Russian citizens to cross it against the backdrop of a full-scale war unleashed by Russia against Ukraine, the country’s government said on Friday.

“If necessary, we will quickly close the border, the changes can take effect as soon as possible. Compared to Finland, fewer people arrive in Norway, and the situation is different here. Storskog is the only border crossing with Russia. We are in close dialogue with the police and customs about the situation at the border and carefully screening everyone who arrives,” Minister of Justice and Emergencies Emily Enger Mehl explained.

As noted in the government, the partial mobilization announced in Russia and a possible travel ban for Russian citizens may increase the risk of illegal border crossing by the Russian Federation against the backdrop of Russia’s escalation of military aggression in Ukraine. From Friday, police helicopters will overfly the Finnmark region. The police also control Storskog and the area beyond.

According to the Minister of Justice and Emergencies, the police helicopter is a useful tool for monitoring the border area from the Norwegian side.

The authorities also recalled that in May, Norway tightened the requirements for issuing visas to Russians, in particular, there were significantly fewer tourist visas issued.

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Norway transfers armored patrol vehicles to Ukraine

Norway has transferred 14 IVECO LAV III armored patrol vehicles to Ukraine, according to the Norwegian government website.
The Government of the country noted that armored vehicles are in demand by the Ukrainian authorities and are supplied in addition to other military equipment, such as artillery, portable anti-aircraft missile system (MANPADS) and armored personnel carriers, which Norway has already transferred to Ukraine earlier.
Armored vehicles have good mobility and protection, and belong to the same type used by Norwegian forces in Afghanistan.
“Norway continues to contribute to the struggle of Ukrainians for freedom. The government is constantly assessing how Norway can provide further support to Ukraine in protecting the country from Russia’s invasion,” Norwegian Defense Minister Bjørn Arild Gram said.

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UKRAINE WORKING ON TRADE LIBERALIZATION WITH CANADA, AUSTRALIA, SWITZERLAND, NORWAY, ICELAND, LIECHTENSTEIN

The Ukrainian delegation during the WTO ministerial conference held about two dozen bilateral talks on possible trade liberalization and removal of existing barriers, in particular, in trade in agricultural products, Deputy Economy Minister – Trade Representative of Ukraine Taras Kachka said.
“The main conclusion is that the world believes in Ukraine and is ready to open markets for Ukrainian products. This means that the world believes in our victory over the aggressor,” he wrote on Facebook after the conference.
Kachka also said that Ukraine has sent a request to the European Free Trade Association (Switzerland, Norway, Iceland, Liechtenstein) to update the free trade agreement, and it will be considered next week within the framework of the EFTA institute.
According to the trade representative, he discussed further steps to liberalize trade, having carried out preparatory work right at the conference, with Canadian Minister of International Trade Mary Ng.
Kachka added that he agreed with the Minister of Trade of Australia in a few days after the conference to discuss in detail the possibilities of liberalizing bilateral trade (GSP and FTA).
The Ukrainian trade representative also said that he had discussed the conclusion of an agreement on digital trade with UK Secretary for International Trade Anne-Marie Trevelyan.
“The same issue – trade liberalization and digital trade – were relevant in a conversation with the Minister of Trade of Singapore. Singapore is ready to become a hub for trade in Ukrainian products in Asia,” Kachka added.
According to him, at a meeting with the Minister of Trade of Senegal, he emphasized that Ukraine is doing everything to increase exports and feed Africa.
“Senegal is chairing the African Union this year and their understanding of the true causes of food problems is very important,” the Ukrainian trade representative said.

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UKRAINIAN MANUFACTURER STARTS PET FEED EXPORTS TO NORWAY

Kormotech LLC (Lviv region), a large Ukrainian manufacturer of cat and dog feed, has signed a three-year contract with the Norwegian online store Dyrekassen on the supply of a pet ration. According to a press release of Kormotech, through the Dyrekassen online store, an exclusive distributor, the company plans to sell 18 tonnes of feed by the end of 2020. It is planned to sell another 100 tonnes of products over the next two years.
Together with a new partner, Kormotech is also working to ensure that after lockdown Optimeal rations are sold in garden centers in Norway and Sweden. This is about 220 stores.
The company said that these are dry and wet rations for cats and dogs under the Optimeal brand in the super premium segment. They are made according to the Swiss fresh meat technology.
Kormotech said that Norway has become the 29th pet export country.
“We are actively working to enter export markets throughout Scandinavia. These are countries with very high quality requirements for products. We have overcome similar complexity procedures to enter the U.S. and UK markets. Kormotech is on the way to getting into the top five world manufacturers of pet feed,” the company said, citing CEO of Kormotech Rostyslav Vovk.
Kormotech LLC is the leading Ukrainian producer of feed for cats and dogs. The company exports products to 29 countries, including the United States, Great Britain, Germany, France, Finland, Sweden, the Netherlands, Spain, Italy, Poland, Turkey, Iran and Chile.
The ultimate beneficiaries of Kormotech are Olena and Rostyslav Vovk.

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