Business news from Ukraine


Ukraine will officially lead the European Union’s strategy for the Danube region for 2022 on Wednesday, Ukrainian Foreign Minister Dmytro Kuleba has said.
“Today, Ukraine will officially lead the EU strategy for the Danube region for next year. In Bratislava, a ceremony will take place for the transfer of chairmanship from Slovakia to Ukraine, which will be represented by a delegation led by Deputy Minister of Community and Territorial Development, National Coordinator of the Danube Strategy Ihor Korkhov,” said Kuleba at an online briefing on Wednesday.
He stressed that Ukraine will become the first state, which, not being an EU member, will coordinate the activities of 14 countries of the Danube River Basin and the implementation of EU strategic initiatives in the region.
“Ukraine will take part in the formation of the EU regional policy at the level of the EU member states. Together with Ukraine’s chairmanship in the Danube Commission, this testifies to the establishment of our state as a European player in Central Europe,” the Foreign Minister said.
The minister added that an important and responsible mission of Ukraine will begin on Wednesday, October 27, and will last until the end of 2022. “The foreign policy strategy of Ukraine approves our state as an active participant in international politics. We no longer expect to be invited somewhere, we take the initiative, especially in our own region, where we are implementing an ambitious foreign policy and developing neighborhoods,” explained Kuleba.

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The development of R&D and product portfolio will become one of the key aspects of the new development strategy of Farmak pharmaceutical company (Kyiv) until 2028.
The company told Interfax-Ukraine that along with these areas, Farmak will focus on launching the Biotech area, entering the U.S. market and strengthening its positions in the CIS countries.
“The new strategy is based on four key priorities for the development of the enterprise: take the position of an unattainable leader in Ukraine, consolidate and develop success in the CIS countries, become a successful player in the global market, strengthen the employer’s brand and be a company employing the best market specialists,” it said.
Farmak noted that in previous years, investments were made in production facilities.
“Now the company operates a new modern aseptic production, the equipment of six workshops has been updated, a new plant for the production of APIs has been opened in Shostka (Sumy region). The key aspects of the new strategy are the development of R&D and product portfolio, the launch of the Biotech direction, entry into the U.S. market and the strengthening of positions in the CIS countries,” the company said.
It is specified that Farmak will continue its strategy of reinvesting in development up to 90% of the received profit. The overall dynamics demonstrates the annual growth of the company’s financial indicators. Capital investments in 2020 amounted to UAH 1.3 billion, which is 78% more than in 2019. In the first half of 2021, sales revenue shows an increase of 28.3% compared to 2020, capital investments amounted to UAH 756 million, which is 12% more than in the first half of 2020.
In addition, the company stressed the importance of human resource development.
“The transformation of the company into an international one requires the involvement of specialists with unique knowledge, so it is necessary that all employees have a high level of English proficiency. Now it is planned to create international teams and exchange of personnel between the parent company and subsidiaries. This will help synchronize and strengthen the teams, provide new knowledge and will open up new horizons for the implementation of the set goals,” Farmak said.
As specified, in the course of implementing the strategy, Farmak plans to increase the global export of target products.
“Since the beginning of the year, the company has extended its presence in Latin America, opened an office in the UAE and a representative office in Vietnam. In the future, an even larger-scale entry into international markets is planned. One of the most important steps is entering the U.S. market, as well as the localization of business in Uzbekistan, which occupies 50% of the structure of shipments to the CIS countries,” Farmak added.
In addition, it is planned to improve the portfolio through a focus on new drugs.
“Farmak sees the future in the development of modern, high-tech drugs. In 2023, it is planned to open a new R&D center, which will significantly expand the scientific base, will allow developing drugs that are in demand all over the world, for example, developing an oncological portfolio. Special attention will be paid to for the launch of the Biotech direction. In matters of biotechnological medicines Farmak closely cooperates with consultants from Germany, Spain and the United States,” the company stressed.
In addition, the company noted the role of total digitalization of production processes. In particular, in the coming years, a complete transition to electronic quality certificates, electronic research protocols, electronic dossiers, and e-serialization of products is planned.
As reported, in September 2021, Farmak presented the new development strategy “Farmak 2.0: from local to global success.” A detailed plan has been developed until 2028, the main goal of which is transformation from a local leader into an international company.
Farmak is the leader of the Ukrainian pharmaceutical market. The product portfolio includes more than 220 complex component modern medicines. Among the main directions are endocrinological, gastroenterological, cardiological, neurological, anti-cold and other drugs.

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President of Ukraine Volodymyr Zelensky, by his decree, put into effect the decision of the National Security and Defense Council of July 30, 2021 On the Strategy of Ukraine’s Foreign Policy.
The corresponding decree No. 448/2021, together with the decision of the NSDC and the text of the Strategy, was published on the website of the head of state on Thursday, August 26 and comes into force from the day of its publication.
According to the decree, the secretary of the Council Oleksiy Danilov is responsible for the implementation of the NSDC decision.
The strategy contains the main priorities and strategic goals of Ukraine’s foreign policy: the state’s course towards membership in the EU and NATO, restoration of territorial integrity and countering Russian aggression, promotion of Ukrainian exports and attraction of investments, cooperation with other states and international organizations, etc.

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On Tuesday, August 3, at 10.00, the press center of the Interfax-Ukraine news agency will host a press conference entitled “Importance of city’s long-term strategy in urbanization era: Odesa example.” Participants include futurologist, founder of the Center for Economic Recovery Andriy Dlihach, Odesa entrepreneur, founder of Odesa Business Club Dmytro Kavzachynsky, Head of the Association of Sustainable Development Leaders Olena Zubareva (8/5a Reitarska Street). The broadcast will be available on the YouTube channel of Interfax-Ukraine. Due to quarantine restrictions, the number of seats in the press center is limited. Admission of journalists requires registration on the spot.

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President of Ukraine Volodymyr Zelensky signed a decree approving the National Human Rights Strategy.
Decree No. 119/2021 was published on the President’s website and comes into force on the day of its publication.
According to the text of the document, the Cabinet of Ministers of Ukraine is instructed to draft, with the involvement of representatives of state and local authorities, as well as civil society institutions, domestic scientists and international experts, and to approve within three months an action plan for the implementation of the strategy for 2021-2023.
“The strategy is aimed at uniting society in matters of values of human rights and freedoms, which are ensured and protected on the basis of the principles of equality and non-discrimination. The document focuses on solving the main systemic problems in the field of ensuring the implementation and protection of human rights and freedoms in the face of new challenges the society is faced with,” the press service of the head of state said.
It is envisaged that the implementation of the strategy will be carried out in 27 main directions, including the prevention of torture and ill-treatment of people, ensuring the right to a fair trial, ensuring freedom of peaceful assembly and association, preventing and combating discrimination, ensuring equal rights and opportunities for women and men, combating domestic violence, ensuring the rights of indigenous peoples and national minorities, ensuring the rights of the child, environmental rights, the rights of war veterans, the rights of internally displaced persons and persons living in the occupied territories of Ukraine.
The implementation of the strategy also provides for the restoration of the rights of persons deprived of their liberty as a result of the armed aggression of the Russian Federation against Ukraine and the occupation of a part of the territory, ensuring the rights of persons who disappeared under special circumstances and their family members, overcoming the negative consequences of the conflict caused by the armed aggression of the Russian Federation, etc.
The result of the implementation of the strategy should be the introduction of a systematic approach to ensuring human rights and freedoms, as well as the coordination of actions of the authorities, civil society and business and the creation in Ukraine of an effective mechanism for the implementation and protection of human rights and freedoms.
In addition, the implementation of the strategy should ensure progress in the implementation of Ukraine’s international treaties in the field of human rights, in particular the Association Agreement with the European Union, as well as contribute to the implementation of the Sustainable Development Goals of Ukraine for the period up to 2030 and improve the country’s position in international human rights rankings.



Around 60 companies and at least 30 think tanks have united to set up the Economic Recovery Center, on the base of which the National Economic Strategy 2030 will be developed, a co-founder of the center, Andriy Dlyhach, said.
“The Economic Recovery Center has become the government’s platform for the development of the economic strategy of Ukraine,” he said on Facebook, following a meeting of the top managers and owners of the largest Ukrainian companies with Prime Minister of Ukraine Denys Shmyhal and Governor of the National Bank of Ukraine Kyrylo Shevchenko on August 14.
According to the information on the Center’s website, the platform brought together 30 Ukrainian think tanks and 60 business representatives. The think tanks include the Institute for Economics and Forecasting of the National Academy of Sciences of Ukraine, Advanter Group, Razumkov Center, Ukrainian Institute for the Future, Ukrainian Industry Expertise, and EasyBusiness.
The companies that have joined the platform include Allseeds, ArcelorMittal Kryvyi Rih, DTEK, Energomashspetsstal, Interpipe, Lemtrans, Metinvest, MHP, Naftogaz, SmartEnergy, Galicia, Tedis Ukraine, TIS, Nibulon, UkrLandFarming, UNIT, and Darnitsa.
Public discussions will start in September, first developments will be ready in October, the final document and a series of the government’s instructions, bills and state targeted programs for 2021 with the launch of financing will be presented in December, Dlyhach said.

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