Business news from Ukraine

ISRAEL’S SIMILARWEB OPENS OFFICE IN KIEV

Israel’s Similarweb, one of the leading digital intelligence companies that carried out an IPO on the New York Stock Exchange in May this year, announced the opening of two new European offices in Kyiv, Ukraine and Munich, Germany.
“Similarweb’s Kyiv office will employ over 50 R&D and IT professionals, and this number is expected to triple in the next two years,” the company said on its website.
According to the report, the Kyiv office will serve as a technical center, employing a highly skilled workforce in Ukraine, and is intended to be an important part of Similarweb’s global success.
The Munich office will carry out mainly commercial, marketing and technical functions, in particular, among the company’s clients there are already a number of leading German brands, including Adidas and DHL.
Similarweb, headquartered in Tel Aviv, clarifies that it has increased its headcount in all 13 global offices this year and plans to continue its rapid global expansion in the new year.
At the IPO in May of this year, the company was valued at $ 1.6 billion. Its revenue for the nine months of this year amounted to $ 97.52 million, an increase of 45.9% over the same period in 2020, and net losses tripled to $ 45.17 million. Free funds of the company by the end of the third quarter amounted to $ 159.1 million.
The company, founded in 2007, monitors websites and mobile apps and provides analytics and digital data to customers. According to the website, the number of its staff exceeds 800 people.

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FRENCH CYBER SECURITY COMPANY TO OPEN OFFICE IN UKRAINE

French Thales, which specializes in the development of high-tech products for defense and security, aerospace and transportation, intends to open an office in Ukraine, the Ministry of Digital Transformation said on its Telegram channel on Saturday.
Thales already has offices and R&D centers in 56 countries around the world.
During a meeting between Mykhailo Fedorov and Thales representatives in Paris, the parties discussed the creation of digital documents and cybersecurity based on artificial intelligence.
“Representatives of the company told how it is possible to improve the sphere of cyber defense in Ukraine, to qualitatively identify and counter cyber threats. Thales is actively working on opening an office in Ukraine and has already appointed a director,” the ministry said.

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BUSINESS PROTECTION OFFICE CREATED IN UKRAINE UNDER INTERIOR MINISTRY

The Ministry of Internal Affairs of Ukraine has launched the operation of the Business Protection Office (BPO) under the ministry, the head of which was appointed adviser to Minister of Internal Affairs of Ukraine, ex-Deputy Minister of Internal Affairs Anton Gerashchenko.
“Today we are launching an additional operational protection mechanism – we are opening an advisory body – the Business Protection Office under the Ministry of Internal Affairs of Ukraine, where every entrepreneur and investor will be able to receive the necessary assistance and effectively protect their rights. Our global goal is to make the business environment in Ukraine as much as possible protected and attractive for investors both Ukrainian and foreign,” the website of the Ministry of Internal Affairs reported on Thursday evening.
The specific areas of work of the Business Protection Office will be combating raiding, combating corruption and abuse of business in the structures of the Ministry of Internal Affairs, unshadowing the tobacco, alcohol and fuel market, helping the State Customs Service and other law enforcement agencies in the fight against smuggling, the issue of combating counterfeit products, violation of copyright and trademark counterfeiting.
Other issues of violation of the rights of entrepreneurs by law enforcement officers in the structures of the Ministry of Internal Affairs – the National Police, the State Emergency Service, and the State Migration Service – will also be in the field of vision and response of the Business Protection Office.

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FARMAK PHARMACEUTICAL COMPANY OPENS OFFICE IN UAE

Farmak pharmaceutical company, one of the largest exporters of pharmaceuticals, has opened an office in the United Arab Emirates, and plans to further strengthen its expansion in the Middle East and localization in Saudi Arabia and Egypt, its press service said on Tuesday. According to the press release, the company’s products have been presented in the Middle East market since 2016.
“While selling drugs through local distributors, the company audited the market potential and analyzed the product niches of the region’s pharmaceuticals. This year, in order to consolidate business management in the Middle East, Farmak’s management decided to open an office in the UAE,” the company said in the press release.
The new headquarters will be headed by Mourad I.Habib, who previously served as CEO of Tabuk Pharmaceuticals and led Sandoz’s Middle East operations for over eight years. According to Habib, who is quoted in the press release, the opening of the office in the UAE is only the first strategic step for Farmak; in the future, the company plans to strengthen its expansion in the region and localization in Saudi Arabia and Egypt.
The company said that at present, Farmak’s production facilities have successfully passed certification in the UAE government bodies. The company also registered a number of injectable drugs produced by Farmak, which are already being purchased at public and local hospital tenders in the region.
“The Middle East market is not new for us, and we are actively scaling up our presence in this region. We have chosen the United Arab Emirates as the center of activity in the Middle East,” Business Development Director of Farmak Viktor Kostiuk said.
At the same time, he recalled that the UAE has a reputation as a state with a very high level of the national healthcare system and strict regulation of activities related to the production and distribution of medicines. “The fact that Farmak products are represented on this market once again confirms the high level of quality of our products,” Kostiuk said.
Farmak is the leader of the Ukrainian pharmaceutical market. The company’s product portfolio includes more than 220 complex-component modern medicines. Among the main directions are endocrinological, gastroenterological, cardiological, neurological, anti-cold and other drugs.
The UAE office is the sixth international office of the company. In 2020, Farmak increased its export deliveries by 40%. Today, the manufacturer’s products are represented in more than 30 countries of the EU, Central and South America, the CIS, the Middle East and Asia.

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PHARMACEUTICAL COMPANY FARMAK TO OPEN OFFICE IN VIETNAM

Pharmaceutical company Farmak (Kyiv) will set up a representative office in Vietnam.
As the company said in the information disclosure system of the National Securities and Stock Market Commission, such a decision was made by its supervisory board on August 19 in order to carry out economic activities in Vietnam.
Farmak is the leader of the Ukrainian pharmaceutical market. The company’s product portfolio includes about 200 brands. Among the main directions are endocrinological, gastroenterological, cardiological, neurological, anti-cold and other drugs.
The company annually reinvests up to 90% of its profits in development. In total, more than $310 million have been invested in the modernization of production since 1995. Annual investments in research and development are approximately $15 million.
Over 2020, Farmak increased its net profit by 7.8% compared to 2019, to UAH 1.138 billion, and sales income reached UAH 7.5 billion.
The export share increased to 29.6% in total sales. Export deliveries increased by 40% over the year. The company exports its products to more than 25 countries around the world.

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OFFICE OF WORLD TRADE CENTERS ASSOCIATION OPENED IN UKRAINE

An office of the World Trade Centers Association (WTCA) has been opened in Ukraine, WTC Kyiv President Valeriy Mescheriakov said at a press conference.
“Ukraine’s entry into the World Trade Centers Association indicates that the country’s investment, entrepreneurial and innovative potential today attracts foreign investors,” he said.
According to the President of WTC Kyiv, the opening of the WTCA office introduces Ukraine to the global business environment as an equal, full-fledged member.
“This powerful business community, uniting about 100 countries, has offices in 318 cities around the world. We see two main directions, promoting competitive products of our manufacturers to new markets and raising investments for domestic development projects,” Mescheriakov said.
Within two years, the headquarters of WTC Kyiv will be constructed in Kyiv.
The World Trade Center in Kyiv (WTC Kyiv) represents an international community that brings together entrepreneurs, industrialists, government agencies and local governments to give a new impetus to the Ukrainian economy for the competitive development of citizens and business initiatives. WTC Kyiv received the status of a WTCA member.
WTCA is an international ecosystem of global connectivity and integrated trading services, operating in nearly 100 countries. The association fosters trade and investment opportunities for commercial property developers, economic development agencies and international business.

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