Business news from Ukraine


Prime Minister of Ukraine Denys Shmyhal and Turkish Trade Minister Mehmet Mus signed an agreement on a free trade zone between the countries.
The agreement was signed in Kyiv on Thursday in the presence of Ukrainian President Volodymyr Zelensky and Turkish President Recep Tayyip Erdogan following the results of negotiations between the parties.
It is expected that the agreement on a Free trade area between the countries will bring an additional 2% of GDP annually.

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Prime Minister Denys Shmyhal instructed the relevant ministries and departments to issue clarifications regarding the launch of the land market.
“In less than a week, the land market will start operating in Ukraine. We held a preparatory meeting with representatives of ministries, the President’s Office, the NSDC secretary and members of the specialized committees of the Verkhovna Rada,” Shmyhal wrote in his Telegram channel.
The prime minister said that he instructed the relevant departments to pay special attention to the process of starting the reform.
“He also instructed the Ministry of Agrarian Ministry, the Ministry of Justice and the State Tax Service to issue clarifications regarding the land market, the work of notaries and to maximize the resolution of issues that Ukrainians may have,” he said.

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The mission of the International Monetary Fund (IMF) may resume work in Ukraine in April immediately after the maximum price for gas for the population set by the government loses force, said head of the Servant of the People party Oleksandr Korniyenko.
“The IMF mission has completed its interim work: they pointed out the aspects in our joint work that concerns them about the implementation of the agreements. They said they would return soon, in particular after our story with gas ends. It continues until April 1,” Korniyenko told the Internet publication Suspilne on Thursday.
Korniyenko noted that manual regulation of gas prices is not the only remark made by the IMF. According to him, “they are also worried about judicial reform and anti-corruption legislation.”
Earlier, Prime Minister of Ukraine Denys Shmyhal announced five key issues in negotiations with the IMF and expects a staff level agreement for the second tranche until June.


Prime Minister of Ukraine: Almost 550,000 jobs saved thanks to govt program

Prime Minister of Ukraine Denys Shmyhal has said that almost 550,000 jobs were saved thanks to government business support programs.

“The key role here was played by the partial unemployment program, according to which state support for business amounted to more than UAH 3 billion,” Shmyhal wrote on Facebook.

According to him, thanks to state support in 2020, more than 600,000 Ukrainians were employed.

More than 7,500 entrepreneurs throughout Ukraine use Affordable Loans 5-7-9% program

More than 7,500 entrepreneurs throughout Ukraine have already used the Affordable Loans 5-7-9% program, and in 2021 it will continue and expand, Prime Minister Denys Shmyhal has said.

“As of now, more than 7,500 different businesses across the country have received more than UAH 17 billion. A mechanism of government portfolio guarantees for small and medium-sized entrepreneurs has been introduced, when the government provides up to 80% of the loan. Tax holidays for private entrepreneurs of the first group also continue. Until June, they are exempt from paying a unified social contribution,” the prime minister said on Thursday.


Prime Minister of Ukraine urges diplomats to actively defend business abroad

Prime Minister of Ukraine Denys Shmyhal believes that the protection of the rights and interests of Ukrainian business abroad should become a daily line of work for diplomatic institutions.

“Ukrainian business, which has won a place in the markets of the world’s countries, also needs support. This should become a daily line of work for diplomatic services. I urge you to be active and persistent in protecting our business,” the government’s press service said, citing Shmyhal.

The prime minister said that the role of every Ukrainian diplomat in promoting the economic interests of Ukraine in the world is extremely important, since in a pandemic, any business needs support and assistance.

The head of government also said that an equally important area of work of the diplomatic services is to attract foreign direct investment into the Ukrainian economy.

According to him, the government has approved priority investment projects in a number of industries, such as energy, transport, processing industry.

“Such projects can be implemented with the involvement of investors, in particular on the terms of public-private partnership, international technical assistance or at the expense of credit funds and the budget. It is necessary for investors to create favorable conditions for them to confidently go to Ukraine. And they take the first step through diplomatic services,” Shmyhal said.

The prime minister said that work is underway on the 2030 National Economic Strategy, which contains the vectors of Ukraine’s development, including IT and Research and Development.

“The field of development, innovation and technology in Ukraine has significant potential. We have enough young scientists who need to be presented with worthy projects and challenges. Scientists must have opportunities to implement their potential. We, as the government, are ready to lend a shoulder and provide such opportunities. But partner experience and assistance of diplomats abroad are also needed,” Shmyhal said.