Business news from Ukraine

RADA RATIFIES AGREEMENT WITH U.S. ON RESTORATION OF COOPERATION IN SCIENCE AND TECHNOLOGY

KYIV. Oct 6 (Interfax-Ukraine) – The Verkhovna Rada of Ukraine has ratified the agreement between the governments of Ukraine and the United States on cooperation in the field of science and technology.
According to an Interfax-Ukraine correspondent, 246 people’s deputies voted for law No. 0156 at a plenary session on Thursday.
The law ratified the agreement in the form of exchange of notes between the governments of Ukraine and the United States on the restoration of cooperation in science and technology, which was signed in Washington on December 4, 2006.
According to an explanatory note to the bill, the goal of ratification is the need to validate the basic agreement between the governments of both countries on cooperation in science and technology dated December 4, 2006, which creates a legal basis for cooperation in science and technology for mutually beneficial cooperation and will promote the development of science and technology in the two countries.

BUSINESSMAN KHMELNYTSKY UNITES HIS BUSINESS PROJECTS IN UFUTURE INVESTMENT GROUP

KYIV. Oct 5 (Interfax-Ukraine) – Ukrainian entrepreneur and philanthropist Vasyl Khmelnytsky has put his business projects and social initiatives under one umbrella brand, UFuture Investment Group, according to a press release from the group.
UFuture Investment Group will represent the entrepreneur’s companies and projects in Ukraine and internationally. The head office of the group is in Brussels.
“The mission of the new company is to develop the most advanced and most promising sectors in Ukraine by using the best international experience, knowledge, management technologies and foreign investment in the group’s projects in various sectors. Focus will be on the development of high technologies, primarily as part of innovation and industrial parks, as well as alternative energy, biopharmaceutics and modern agricultural industry,” the document reads.
The group incorporates the leading Ukrainian property development company UDP, which implements large infrastructure projects. In addition, the conglomerate has united businesses in innovative areas, such as UDP Renewables, the Bila Tserkva Industrial Park, the innovation parks UNIT.City and LvivTech.City. The group is open to creating joint ventures and working with new partners.
“We believe that Ukraine is a promising market for development, its potential can be unlocked through partnership of local and international players. It is important for us not only to raise funds for the development of projects, but also to invite technologies, knowledge, innovative management practices and international experience to Ukraine. This will be impetus to the development of a brand new economy in the country,” Khmelnytsky stressed.
Mykola Tymoschuk, who has previously headed the representative office of the Ukrainian League of Industrialists and Entrepreneurs in Brussels for two and a half years, has been appointed Chief Executive Officer of UFuture Investment Group. He possesses significant experience in business development, corporate relations, PR and GR in Ukraine, the CIS member states, the European Union and North America. He has held top positions in such leading international corporations as Chevron and TNK-BP. Mykola Tymoschuk will coordinate the group’s international activity, will look for investors and partners for existing businesses and promising projects.
“We are ready to offer international investors the ‘one-stop-shop’ services for the implementation of business projects in Ukraine, primarily in those industries where we have expertise. We are talking about certain investment projects with all their infrastructure: industrial property in industrial parks, opportunities for growth in innovation parks, joint investment in alternative energy, advanced initiatives in the agricultural sector and other projects run by the group,” Tymoschuk said.

GREEK TOURISM MINISTRY OPENS NATIONAL TOURIST OFFICE IN KYIV

KYIV. Oct 5 (Interfax-Ukraine) – The Greek Tourism Ministry, the Greek Tourism Organization and the Boumbouras Foundation have opened a national tourist office in Kyiv.
According to the press office of the Greek tourist office, it will become a center of information about traditional and new tourist opportunities in Greece, educational and cultural programs, religious, medical, business tourism, and ecotourism.
Experts predicted an increase in the flow of tourists from Ukraine to Greece due to the introduction of a visa-free regime with the European Union.
Over 11,000 tourists from Ukraine visited Greece in 2016.

UKRAINE INCREASES SCRAP METAL EXPORTS BY 37.6% IN JAN-SEPT, SHARPLY BOOSTS IT IN JULY-SEPT

KYIV. Oct 5 (Interfax-Ukraine) – Ukrainian enterprises working with scrap ferrous metals in January-September 2017 increased exports of these products by 37.6% compared to the same period in 2016, to 321,104 tonnes (233,378 tonnes a year ago).
According to customs statistics made public by the State Fiscal Service of Ukraine, scrap metal exports in monetary terms grew by 82.5%, to $74.83 million ($40.992 million in January-September 2016).
In September, exports of scrap metal totaled 64,336 tonnes, while in August it was 68,729 tonnes, July 57,073 tonnes, June 29,106 tonnes, in May 26,151 tonnes, April – 27,038 tonnes, March – 20,889 tonnes, February – 7,676 tonnes and January – 10,106 tonnes.
In January-September 2017 the country increased imports of scrap metal in natural terms by 6.9% compared to January-September 2016, to 17,606 tonnes. In monetary terms, imports grew 2.9-fold, to $16.936 million.
The goods were mainly imported from Turkey (86.98% of supply in terms of money), and Moldova (4.78%). Exports mainly went to Turkey (49.26%), Moldova (45.74%) and Bulgaria (2.91%).

UKRENERGO STARTS POSTING DATA ON ENTSO-E PORTAL

KYIV. Oct 5 (Interfax-Ukraine) – Ukrenergo has started the official publication of data on the ENTSO-E website (http://bit.ly/2xPkFiz), the state-owned enterprise has said.
Ukrenergo, in particular, promulgates the plans and the fact of consumption and external flows.
“This is one of our main commitments in the framework of both European integration projects: getting membership in ENTSO-E and the agreement on the Energy Community,” the company explained.
The company said the beginning of data publication required a number of approvals from the platform administrators from the neighboring countries.
“We expect an additional disclosure of public data from our auction platform by the end of the year. We also intend to download data on generation,” Ukrenergo said.
As reported, in June 2017 Ukrenergo Head Vsevolod Kovalchuk signed an agreement on the conditions of the future unification of the energy systems of Ukraine and Moldova with ENTSO-E (the European Network of Transmission System Operators for Electricity). In July the agreement came into force after it had been signed by the necessary number of European system operators.
The deadline for Ukraine’s fulfilling the requirements for accession to the united energy system of continental Europe is July 2022.

POROSHENKO. U.S. GE TRANSPORTATION CEO DISCUSS INVOLVEMENT OF U.S. IN UPGRADE OF UKRZALIZNYTSIA’S LOCOMOTIVE FLEET

KYIV. Oct 5 (Interfax-Ukraine) – Ukrainian President Petro Poroshenko and Chief Executive Officer (CEO) of U.S. General Electric Transportation Jamie Miller at a meeting in Kyiv discussed the prospect of U.S. involvement in the modernization of public joint-stock company Ukrzaliznytsia.
“During the meeting, the parties discussed the prospects of U.S. participation in the modernization of PJSC Ukrzaliznytsia, in particular, the renovation of the fleet of locomotives of the Ukrainian enterprise,” the press service of the head of state reported on Tuesday.
Poroshenko expressed hope that further cooperation with General Electric Transportation would help enhance transport, transit and export potential of our country. He said that strategic cooperation with General Electric Transportation with localization of production on the Ukrainian territory will be a breakthrough in bilateral cooperation in the field of modernization of the transport sector of Ukraine.
The president also said that the fruitful development of a political dialogue between Ukraine and the United States, which effectively promotes the intensification of bilateral economic cooperation, including the involvement of leading U.S. companies in Ukraine.