Business news from Ukraine

UKRAINE EXPORTS 16.6 MLN TONNES OF GRAIN IN 2018/2019 MARKETING YEAR

Ukraine since the beginning of the 2018/2019 marketing year (MY, July-June) and as of November 21 had exported 16.58 million tonnes of grain, which is almost 4.9% more than on the same date of the previous MY.
According to the Ministry of Agrarian Policy and Food, the country exported 8.8 million tonnes of wheat, 3 million tonnes of barley, and 4.4 million tonnes of corn.
In addition, 82,500 tonnes of flour had been exported on that date.
As reported, with reference to the ministry, Ukraine exported 39.4 million tonnes of grain in the 2017/2018 MY. Grain exports in the 2018/2019 MY are projected to be 42.5 million tonnes.

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SINGAPORE’S TRADING COMPANY AGROCORP OPENS OFFICE IN UKRAINE

Singapore’s Agrocorp has opened its office in Ukraine, according to information from the public register of companies and individual entrepreneurs. The Ukrainian subsidiary was registered on October 17, 2018. The owner of the company is Agrocorp International PTE Ltd. (Singapore). The director of the newly created company is Yuriy Klympush. The charter capital is UAH 698,200.
According to information on the website, Agrocorp International was founded in 1990. Its core business is trade with crops, in particular, wheat, rice, oilseeds, sugar, cotton and nuts, and their processing.
The company has 22 representative offices in 22 countries and trades in over 30 countries.
Agrocorp started its processing business in 2012 in Canada, currently has eight plants in four countries, with a total capacity of 700,000 tonnes.

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UKRAINE REGISTERS TWO MORE INDUSTRIAL PARKS

Ukraine’s Economic Development and Trade Ministry on November 7 placed the Energy industrial park (Mykolaiv) and the Innovation Forpost industrial park (Dnipro) with areas of 36 ha and 49.5 ha respectively to the register of industrial parks.
According to the information posted on the ministry’s website last week, the initiators of the creation of the parks were the Mykolaiv and Dnipro city councils, respectively.
The stated period of operation of the Energy park is 30 years. According to preliminary calculations of the initiator, 1,800 jobs will be created on its territory. The priority types of economic activity are the production of food and beverages, rubber and plastic products, building materials, glass, chemical products, finished metal products, machinery and equipment, as well as research and development activities in the field of information and telecommunications.
According to the ministry, the Innovation Forpost park was established for 45 years and provides for the production of electrical machines, electrical equipment, metallurgical production, production of non-metallic mineral products, as well as the provision of computer services. On the territory of the industrial park, according to the Dnipro City Council, up to 600 new jobs could be created.
The ministry said that 35 parks are already placed to the register of industrial parks, 17 of which selected management companies, and five have already attracted members. According to the ministry, another 14 industrial parks are not registered.

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UKRAINE INITIATES TO CREATE A FREE TRADE AREA WITH CHINA

First Deputy Prime Minister, Minister of Economic Development and Trade Stepan Kubiv has proposed to Vice-Premier of the State Council of the People’s Republic of China Liu He to commence joint consultations about the possible creation of a free trade area (FTA). “I have offered Vice-Premier of the State Council of the People’s Republic of China Liu He to start joint Ukrainian-Chinese consultations on the prerequisites for creating a Ukraine-China free trade area,” he wrote on his Facebook page, following a meeting with Liu He during his working visit to Beijing (China) on Thursday.
According to a posting on the website of the Economic Development and Trade Ministry, after a long interruption in the work of the intergovernmental commission on cooperation between Ukraine and China, its activities were resumed, which favored increased trade and cooperation between enterprises of the two countries. “However, this volume of trade does not correspond to the existing potential. In the next five years, we can increase trade turnover to $20 billion a year,” the ministry said, citing Kubiv as saying.
As reported, trade turnover between Ukraine and China in January-August 2018, compared with the same period last year, grew by 21%, to $5.8 billion.

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UKRAINE AND ISRAEL TO SIGN FTA AGREEMENT IN NOV

Ukraine and Israel will sign a free trade area (FTA) agreement at the end of November, Ukrainian Prime Minister Volodymyr Groysman has said after a meeting with new ambassador of Israel to Ukraine Joel Lion in Kyiv on Tuesday.
“The document will significantly expand our economic cooperation and will increase trade, which now amounts to $1 billion a year,” the head of government said on his Facebook page.
Groysman also said that this month in Kyiv there will be a Ukrainian-Israeli innovative summit, the participants of which will be representatives of about 50 enterprises working in the field of high technologies.
“We consider cooperation in the sphere of innovations to be one of the most promising,” the Ukrainian prime minister said.
As reported, Ukraine and Israel completed negotiations on signing a FTA agreement in April and intend to sign it by the end of 2018. Early August, the sides finished a legal reconciliation of the text of the FTA agreement. The next step in preparing the agreement for signing is the translation of the agreed text into Ukrainian and Hebrew.
From the moment the document enters into force, Israel intends to abolish 80% of duties on industrial goods, as well as a number of agricultural products – within quotas. Import duties on the agricultural products specified in the agreement will be completely canceled during the transition periods for three, five and seven years. Partial liberalization is envisaged for a separate category of goods.
Ukraine, in turn, intends to open 70% of the industrial goods market for Israeli producers, as well as abolish duties on a number of agricultural products immediately after the entry into operation of the agreement, for some of them within three or five years. In particular, Ukraine plans to reduce tariffs for certain seasonal vegetables and fruits from Israel.
Israel will be the 46th country, with which Ukraine signs the FTA agreement.

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