21 May 2018

Week 18The Business Weekw

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om Germany becomes Ukraine’s largest trading and investment partner

Ukraine Business Journal

According to Ukrzaliznytsia, the two-track tunnel will allow 96 pairs of trains to pass through per day.

Agriculture

Ukroliya poised to export vegetable oil to USA. The Poltava region company has met the standards of the U.S. Department of Agriculture which opens up the possibility of supplying organic vegetable oil for the US market, Interfax Ukraine reports. The company has already satisfied the requirements of the European Union and BioSuisse. Ukroliya, based in Dykanka and Zenkiv is engaged in the production and sale of packed and bulk sunflower oil, sunflower meal, and husk.

Turkey to open its market to Ukrainian beef. After a technical mission of the Turkish Agriculture Ministry to inspect the Ukrainian control system for beef production, Ukraine has received the right to export beef to Turkey, the State Service on Food Safety and Consumer Protection reports.

Leading tomato paste producer Agrofusion launching tomato powder factory. Agrofusion, the largest Ukrainian vertically integrated producer of tomato paste, plans to launch a tomato powder factory in Snihurivka (Mykolaiv region) and is seeking foreign investors. The

Ukraine-Germany bilateral trade reached $8.1 billion in 2017. Germany has become one of Ukraine’s largest trading partners and investors, First Vice Prime Minister and Economic Development and Trade Minister Stepan Kubiv said at an international conference on Ukrainian-German relations, Ukrinform reports. German investments amounted to $1.8 billion in 2017. Projects for production of components for German automotive industry take first place employing about 4,500 people in various regions,» Kubiv elaborated.Europe becomes Ukraine’s main trading partner. Exports of goods from Ukraine to European countries grew by 31% in 2017, to $14.4 billion, and their volumes exceeded the level of the pre-crisis year 2013, the analytical publication «Irregular Research» writes, as reported by the National Bank of Ukraine’s (NBU) press service. Europe’s share in exports reached 36%, and was the highest since 2004,» the report says.Beskydy tunnel through Carpathians to Zakarpatya opens end of May. Prime minister Volodymyr Groysman announced that that the 1700 meters long tunnel, one of the largest railway projects undertaken in Ukraine since independence, will soon be opened. He emphasized that the new railway link is an important logistical component of the country’s export routes to the EU.

The Business Week is written and produced for UkraineInvest by the Ukraine Business Journal

reports. «Qatar has practically no production of its own agricultural products” and is an important potential market, Chairman of the Ukrainian Stock Breeders Association Iryna Palamar said.

Fruit and berry harvest in 2018 could exceed the last year figure by 10-30%, Chairman of the Ukrsadprom association Dmytro Kroshka announced. The weather is the main risk factor. “At present, the leader in planted areas in Ukraine is black currant – around 50% of all areas of agricultural companies. Strawberry occupies 20-24% of the market and raspberry – 13-14%. Areas with blackberry occupy 13% of total areas, according to the State Statistics Service, while other sources said that it is 24%,” Europe remains the most popular market, but Ukraine is also interested in the Middle East, and the markets of neighbouring countries, in particular, Belarus.

Automotive

31% rise in imports of passenger cars in Q1, y-o-y, reaching 51,200 units. The value was estimated at $665.7 million, the Ukrautoprom Association’s press service said. Germany remained the main source, accounting for 8,120 cars worth $81.3 million. The U.S. was second - 4,843 cars, worth $58.5 million; Japan ranked third with 3,891 cars ($67.6 million), and France fourth with 3,838 cars ($17.3 million). Mexico shipped 2,533 passenger cars to Ukraine, with a total customs value of $19.7 million, and became supplier number five.

Aviation

Ryanair discusses new routes with 5 other Ukrainian airports. Irish low-cost

investment is expected to amount to UAH 1.2-1.3 billion. Agrofusion hopes to start building a fourth tomato processing plant in three years and investing UAH 2 billion in it, Interfax-Ukraine reports.

Cherkasy region flour company eyes African market. Ukrainian Flour Company LLC plans to open four representative offices in the Central African Republic, Chad, Cameroon and Benin, the company’s press service has reported. Pilot shipments of products totaling 400 containers, or 10,000 tonnes, have already been sent to these countries. The Ukrainian Flour Company was established in 2017. It produces goods under the trademark Korolivske Boroshno and exports flour to China, Moldova, Israel, Palestine, the Philippines, Angola, Georgia, the United Arab Emirates, Malaysia, and other countries.

Ovostar’s net profits rise by 1.7%. Ovostar Union, one of the county’s leading producers of eggs and egg goods, recorded $7.3 million net profit Q1 2018. Its revenue increased 1.7-fold, to $33.9 million, due to an increase in sales and prices. Export sales for the reporting period doubled y-o-y and reached $14.4 million, while the share of exports in total revenue was 43%. Accessibility to the EU market has made the difference, company director-general Borys Belikov said.

Qatar permits import of meat and dairy products from Ukraine. Qatar has reported that veterinary certificates for the export of meat and meat products (in particular, poultry and beef), milk and dairy products, eggs and egg products, fish and fish products from Ukraine to the State of Qatar meet all the requirements of the Qatari regulatory bodies, Ukrinform

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billion, an increase of 4.8%, and a record high. The growth in the Q1 2018 was 3.3%, Ukrayinska Pravda reports, citing the National Bank of Ukraine (NBU). It was backed by an increase in cash in circulation outside banks (by 2.5%, to UAH 331.618 billion, or US$12.66 billion), and by the expansion of banks’ reserve funds (by 15.5% to UAH 80.622 billion, or US$3.08 billion). The country’s net international reserves in April rose by 5%, to $ 6.661 billion, bank debts on refinancing loans fell by 4.8%, to UAH 59.973 billion, or US$2.29 billion. Since the beginning of the year, net international reserves have shrunk by 0.2%, while bank debts on refinancing loans have decreased by 12.6%.

Government committed to cooperation with the IMF. Asked about the possibility of a default, Minister of the Cabinet of Ministers Olexandr Saienko told Obozrevatel that the government is not contemplating this possibility but remains determined to continue cooperation with the IMF. Ukraine’s cooperation with the IMF is an important signal for international partners of macro-stability in the country and its ability to fulfill its obligations, he said, according to the government portal.

IMF mission examining state of market for asset management in Ukraine and the legislative and normative base regulating this segment. The technical assistance mission of the International Monetary Fund (IMF) began its work on 16 May, UNIAN reports.

IMF lists eight key reforms vital to accelerate Ukraine’s economic growth. According to the IMF Resident Representative in Ukraine, Goesta Ljungman, they are: the restructuring

airline Ryanair is holding talks with five Ukrainian cities about opening new flights, its CEO Michael O’Leary said in an interview with the Ukrainian Travel Gazette, Ukrinform reports. According to O’Leary, due to low airline prices resulting from the appearance of Ryanair in Ukraine, passengers will save about 100 million euros on travel, and the opening of flights would create up to 600 new jobs in local affiliated enterprises, including 410 in Kyiv and 190 in Lviv.

Ukrainian airlines records increase in volume of passengers. In January-April 2018, passenger traffic grew by 15.4% y-o-y, the State Aviation Service reports. It amounted to 2.989 million people. International passenger traffic increased by 14.9% and amounted to 2.671 million people.» Passenger traffic through the country’s airports rose by 23.7% and amounted to 5.122 million people, in particular on international routes, where it grew by 24.5% and amounted to 4.479 million passengers. During the first quarter of 2018, January-April 2018 Ukrainian airlines carried out 26,900 commercial flights (an increase of 6.5% compared y-o-y), in particular 22,100 international flights (an increase of 4.2%).

Banking & Finance

The National Bank of Ukraine (NBU) sticks to 2018 inflation forecast at 8.9%. Last October its forecast for 2018 was from 6% to 7.3% and in January 2018 up to 8.9%, while the Cabinet of Ministers, from 7% to 9%.

Monetary base in Ukraine hits record height. The country’s monetary base in April was UAH 412.24 billion, or $15.70

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exchange markets and is currently used in Ukraine only in the agricultural sector.

Norway’s investments in Ukraine. According to Ukrinform, Norway’s financial assistance to Ukraine has exceeded $140 million over the past four years. Its priority areas are the reform of the judiciary and public administration; promotion of trade and European integration; energy efficiency and nuclear safety; humanitarian aid. Norwegian investments in the Ukrainian economy have reached $7.23 million.

Business

Swiss company offers to help Ukraine reform agricultural sector. The Head of Ukraine’s State Service for Food Safety and Consumer Protection Volodymyr Lapa and the leadership of Syngenta, a global agribusiness company headquartered in Basel, Switzerland, have discussed cooperation on bringing Ukrainian legislation into line with EU standards in seed production and plant protection, Ukrinform reports.

ZAMMLER contemplates entering U.S. market. The ZAMMLER group of companies providing logistics services is considering the possibility of entering the U.S. market by buying a transportation company, director of the company Viktor Shevchenko has told Interfax-Ukraine.

Ukraine proposes renewed programme of cooperation with EU. President Petro Poroshenko has called for updating the program of cooperation between Ukraine and the European Union. «We need a new and ambitious program of further cooperation with the EU, including with Ukraine’s participation in the digital

of the National Bank of Ukraine as an institution, cleaning up the financial sector, changes in the public finance management and tax administration, pension and energy sector reforms, privatization, fighting corruption and land reform. “Robust and efficient government institutions are key in securing sustainable economic growth as proved by acclaimed research,” he elaborated, Ukrinform reports.

EU intends to invest more in specific development projects in Ukraine. Until now, the EU has channeled funds primarily to support reforms in Ukraine, but is embarking on a new stage of investment in people and infrastructure. According to the Head of the Support Group for Ukraine at the European Commission Peter Wagner, “About EUR 200 million has been allocated annually to Ukraine from the EU’s budget….As more reforms are moving forward, the need for their financing decreases, and now we are approaching a new stage of investment: investment in people and infrastructure,» Ukrinform reports.

EBRD selects US agency to assist with developing system of warehouse receipts. The European Bank for Reconstruction and Development (EBRD) has selected the National Law Center for Inter-American Free Trade (NatLaw) on the basis of a tender competition as an external adviser for the development of the warehouse receipt market in Ukraine. This will cover the development of appropriate legislation, certification and standardization of activities of depositories, the formation of guarantee funds, improving effectiveness, etc. The system of warehouse receipts is crucial for the efficient functioning of commodity

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Jaroslawa Z. Johnson says. 3DLook is an innovative solution for apparel retail and e-commerce, YouTeam is a marketplace for hiring tech talent from software development firms, and Pufetto is a furniture manufacturer and e-commerce player that enables customers to customize its furniture (sofas, armchairs, beds) through its online platform and have it delivered to door within three of four weeks, Interfax-Ukraine reports.

Groysman: Government will protect honest business. During a visit to the Zakarpattya region, the prime minister said that the government has been, and remains, supportive of honest business. It demonstrates this by protecting its interests and adopting a reasonable regulatory policy, thereby providing acceptable conditions for development, the government portal reported. «We need investments, a normal climate. We need smart regulations that will enable the country to develop. Our activities focus on deregulation issues through abolishing unnecessary things, creating mechanisms for industry support along the sectors. Meanwhile, we are well aware of the related issues - first of all, the judicial system,” Groysman said.

Prime Minister’s economic vision for the country. «I stand for restructuring the economy, for our country to cease being a supplier of both raw materials and human resources,» Groysman elaborated, as reported by the government portal. «I have a strong interest in entrepreneurs being successful and the economy sound. The global community is competitive, and everyone expects us to be a competitor with serious potential. We can double the agricultural sector performance, we have multiple potential for the growth of light

union, the energy union, the discussion of the expansion of other areas of our activities, including the customs union, the Schengen union and other positions on Ukraine’s further promotion to the EU,» he said at a joint press conference with Slovenian President Borut Pahor in Kyiv on 11 May, Ukrinform reports.

Trade turnover between Ukraine and Slovenia grows by 31% in 2017. According to President Poroshenko, the growth became possible due to a deep and comprehensive free trade zone. Slovenian business actively invests in Ukraine, participates in tenders and wins them, in particular those announced by municipalities, he elaborated.

Government simplifies conduct of business. The Cabinet of Ministers has endorsed initiatives developed by the Ministry of Economic Development and Trade in cooperation with the Better Regulation Delivery Office for this end. They include the introduction of a risk-oriented approach in the work of inspecting authorities, and a Concept on the Reform of the Institute of Self-Regulation, which permits the establishment of a unified state policy on self-regulation and provides the basis for a dialogue of stakeholders on normative regulation of self-regulatory processes, the government portal reports.

U.Ventures investment fund allocate $1.15 million for three Ukrainian startups. «Ukraine has prominent product companies and startups that make revolutionary products and are highly competitive on a global market, and YouTeam, 3DLook, and Pufetto are dazzling examples of this,” President and CEO of Western NIS Enterprise Fund

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Ukrainian delegation participates in 10th European Economic Congress in Poland. The Ukrainian team was led by Stepan Kubiv, First Vice Prime Minister and Minister of Economic Development and Trade. During the event in Katowice, the Ukrainian team met with Polish Minister of Investment and Economic Development Jerzy Kwieciński to discuss enhancing Ukrainian-Polish cooperation, the development of Ukraine-Poland intergovernmental infrastructure and strengthening of bilateral trade with the European Union, in particular with Poland.

Ukraine supports Polish Carpathian strategy initiative. During the Polish-Ukrainian talks, Kubiv agreed that the scheme was mutually beneficial as it will strengthen trade between Ukraine and Poland in the energy, infrastructure and transport sectors and digital economy. “This is especially important in the border regions, for example, in the context of increasing the number of checkpoints across the border with Poland, which is part of the Ukraine-EU border», he said. His Polish host stressed that the development of the Carpathian strategy is of utmost importance for Poland and will be crucial for territorial unity and for strengthening cooperation between individual EU member countries, the whole EU and its Eastern partners, especially Ukraine.”

Poland’s view on the merits of the Carpathian strategy. «The Carpathian Strategy will help us to increase trade turnover and step up cooperation between the EU and Ukraine. It is necessary to work out concrete projects, first and foremost, in the field of transport, energy, infrastructure and especially in the border area. When these projects

industry due to the instalment of VAT when importing equipment. The volume of road construction activity has become the largest in recent times. We need time and continuation of reforms, including in related sectors - education, first of all,” the Prime Minister said, as reported on the government portal.

Potential there for further enhancing Ukrainian and German economic relations. It is possible to increase the volume of bilateral trade and to invest more in the economy of our countries, Prime Minister Groysman wrote on Twitter in connection with his meeting on 14 May in Kyiv with the German Minister for Economic Affairs and Energy Peter Altmaier. Germany is a very important partner and friend of Ukraine, he added. «We appreciate the support [of Germany] at such a critical time for our country. It is important for us that the German coalition agreement includes a position on supporting Ukraine,» he added.

Ukraine’s economy sees continued growth. Ukraine’s economy grew by 3.1% in Q1 of 2018, y-o-y. According to the State Statistics Service, the economy has now grown 9 quarters in a row. International trade indicators confirm the positive trend. In Q1 2018, exports of goods and services grew by 9.1 % to $ 13.6 billion, while import growth reached 11.3 %, amounting to $ 13.7 billion. Exports to the EU in Q1 2018 amounted to $ 5.7 billion. A positive trade balance was also recorded: the country’s exports exceeded imports by $ 27.5 million. Chemical, light industry, mechanical engineering, and woodworking products headed the list of exports.

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being adopted, and the adoption of a draft law on inland water transport that could become a catalyst for the development of shipbuilding in the country.

Energy

Ukrainian prime minister warns Nord Stream-2 is dangerous. At their meeting, Groysman said that the Russian project was not a commercial scheme, but a geopolitical one designed to exert political pressure on Ukraine and Europe and to pose a direct threat to the Ukrainian state. «For Russia, this is a lucrative project that, in the long run, will ensure the dependence of the whole Europe on Russia,” he added.

Ukraine will remain a reliable transit partner Groysman assures Germany. Ukraine has been and will remain a reliable transit partner and provide 100% gas delivery to European consumers, the prime minister assured his German guest. “We are prepared to modernize and manage our gas transit system in synergy with international partners,» he added.

German minister affirms understanding and continued support. Minister Altmaier told his Ukrainian government hosts that Berlin sees Ukraine as a reliable gas transit country and important trading partner in Eastern Europe, the government portal reports. Thus, Germany will continue to support Kyiv on a wide range of issues, including the continuation of sanctions against Russia. On Nord Stream-2, the minister said: «We must respect the interests of Ukraine, including financial, to develop safeguards in order to continue transit of gas through the territory of Ukraine and to achieve positive results….We rely on Ukraine as a transporter.»

will be developed, it will be possible to outline transport priorities for the coming years and count on solving the issue of financing these projects through EU instruments», Minister Kwieciński elaborated.

Estonian fashion group Silvano increases sales in Ukraine by 26%. AS Silvano Fashion Group (SFG, Tallinn), engaged in sewing and selling women’s underwear under the trademarks Milavitsa, Alisee, Lauma and Laumelle, boosted sales in Q1 by 26.3% y-o-y, to UAH 25.54 million.

Norway interested in enhancing economic cooperation with Ukraine. High-level bilateral political dialogue creates opportunities for fruitful economic cooperation, Audun Halvorsen, State Secretary for Foreign Affairs of Norway, said in a meeting with Vice Prime Minister for European and Euro-Atlantic Integration of Ukraine Ivanna Klympush-Tsintsadze. «Norway is interested in deepening economic cooperation with Ukraine,” Halvorsen said, the governmental portal reports. Norwegian investors are particularly interested in the energy sector, especially in green energy and energy efficiency.

Good prospects for shipbuilding, if parliament supports. Ukraine’s shipbuilding and ship repair industries have good prospects for development due to cheaper metal, labour and electricity, but serious investments are needed, and wages will have be raised to stop the departure of skilled workers. The Chairman of the parliamentary subcommittee for maritime and river transport Oleksandr Urbansky told Interfax-Ukraine that everything depends on relevant amendments in the legislation

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Government and Ministry of Information Policy team have, along with experts, been working on the creation of the «Ukraine NOW» brand. The work is now completed. It will be Ukraine’s brand in the world,» Prime Minister Groysman has announced. The brand logo is designed for easy use not only for presentations and information products, but even as a sticker on anything from travel bags to buses and planes, UNIAN reports.

Infrastructure

Slovenia to enhance bilateral cooperation. Contracts are to be signed with Slovenian companies and Zhytomyrvodokanal public utility on the reconstruction of pumping stations of water supply and waste treatment plant in the city of Zhytomyr, as well as Dnipro-Kirovohrad public utility on the design, supply and installation of pumping stations of water supply system in the city of Kropyvnytsky says Deputy Prime Minister and Minister for Regional Development, Construction, Housing and Utilities Hennadiy Zubko. Ukrinform reports Slovenia is also ready to help finance the construction of a solar power station in Zhytomyr. A Ukrainian-Slovenian business forum scheduled for November 2018 should promote cooperation in the field of energy efficiency and renewable energy sources.

President acknowledges need to develop Dnipro airport. President Petro Poroshenko supports the idea of building a modern airport in Dnipro and turning the city into an airline hub. He said this during a working trip to Dnipro, Ukrinform reports. «We should do everything possible to attract investors, build the

Ukrainian-US officials discuss energy security. Vice Prime Minister Volodymyr Kistion has thanked the USA for its support and cooperation in the energy security sphere during a meeting with Deputy Assistant Secretary of State for Energy Diplomacy, Head of the Bureau of Energy and Natural Resources, Sandra Oudkirk. «Nord Stream-2 is a politically motivated project that is implemented using double standards. There is no doubt that this is being done in order to have an impact on the energy security of the whole of Europe», the Vice Prime Minister stressed. For his part, Oudkirk commended the efforts of Ukraine in countering internal and external energy challenges and assured Kyiv of continued support from Washington.

Gas consumption up by 4% in Q1 2018. Natural gas consumption increased by 600 million cubic meter y-o-y, to 15.8 billion cubic meters (bcm). Industry consumed 5 bcm of gas (a 25% increase y-o-y), while households, municipal heat suppliers and budget organizations used 9.6 bcm (a 4% decrease), the Ukrainian Energy and Coal Ministry has said. Some 1.2 bcm of gas was used for production and other needs (no change y-o-y).

Ukraine has done without Russian gas for 900 days. «Today (15 May) marks 900 days since the historic moment when Ukraine began to use the opportunities for doing without gas imports from the Russian Federation,» the press service of PJSC Ukrtransgaz posted on Facebook.

Information

Government approves country’s brand logo, «Ukraine NOW UA.” «The

communications operator Kyivstar boosted its revenue in January-March 2018 y-o-y, to UAH 4.263 billion, Interfax-Ukraine reports. Revenue from mobile operator services amounted to UAH 3.968 billion, an 11% increase y-o-y, explained by the growth in both the number of mobile Internet users (by 1.6 million) and their mobile data use (average consumption of mobile data traffic per month increased by 121%, to 1.5 GB per subscriber). Revenue from mobile Internet for the year grew by almost 59%. Its share was 33% of total revenue from mobile communications. The number of mobile subscribers of Kyivstar in Q1 2018 increased 1.9% to 26.5 million. During Q1 Kyivstar transferred more than UAH 2.9 billion in taxes and duties to the national budget.

Kyivstar reports big increase in Internet roaming. The use of mobile Internet in roaming by Kyivstar’s subscribers shot up by almost four times (by 293%) in 2017 compared with 2016, and the use of voice services rose by 70%, Interfax-Ukraine reports. In 2017, the number of roaming service users in the operator’s network grew by 10%, and the number of subscribers who use the mobile Internet in roaming doubled compared with 2016. Poland, Romania, Turkey, Hungary, Germany, the Czech Republic, Egypt, Russia, Moldova and Belarus became the most popular countries among roaming users. Last year, Kyivstar reduced the cost of mobile services in roaming in 34 countries.

Ukrtelecom proposes ambitious project to connect millions of rural population to broadband. Public joint-stock company Ukrtelecom has prepared a project to connect 8,000 villages in area with 6

airport, making Dnipro a real airline hub, using funds from the local and state budget to carry out a complete overhaul of the takeoff runway and to give Dnipro the opportunity to have a high-quality and efficient airport just like Kyiv, Lviv, Odesa, and Kharkiv have,» he said.

Social

Groysman stresses commitment to reform course. Invited to address the Board of the annual Yalta European Strategy (YES), Groysman affirmed the government intends to pursue the reform policy, primarily in the economic, energy, public, civil service and decentralization sectors, and to continue constructive dialogue with international partners, with the IMF and others.

Health care is a top priority. Saving and prolonging lives has to be a priority for the state, the prime minister said while visiting Kyiv Children’s Center for Cardiology and Cardiovascular Surgery. «We provide Ukrainians as well as a network of cardiac centers with free medicines. There is a declining trend in mortality and disability. At present, it is necessary to strengthen human longevity. We will support and promote it», he said.

Zhytomyr signs memorandum of cooperation with Chinese city of Hulun Buir. It covers economic, humanitarian and social sectors, the press service of Zhytomyr City Council reports.

Telecommunications

Kyivstar increases revenue in Q1 2018 by 10.1%. Ukraine’s largest mobile

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million inhabitants to broadband Internet access service. The total cost of the project is UAH 6 billion, including UAH 3.2 billion (53.3%) of government investment. 14,000 villages are not covered and could be the target of a follow-up project. If the proposal is endorsed by the government and parliament, broadband Internet access saturation would grow by 4.4%, and GDP by 0.6%, that is, by around UAH 20 billion at today’s rates.

Transportation

Kyiv’s second airport increases passenger flow. Kyiv’s Zuliany international airport served 155,500 passengers in January 2018, which is 43.8% more y-o-y. 149,600 of them were on international flights and 5,900 on domestic ones. The number of flights in January 2018 totalled 1,876 (departures and arrivals), 19.3% more y-o-y, 1,552 being international flights and 324 domestic flights. The most popular international routes were Dubai (the UAE), Minsk (Belarus), Ankara (Turkey), Budapest (Hungary), Warsaw (Poland), Memmingen (Germany), Rome (Italy) and domestic flights – Odesa, Zaporizhia and Lviv.

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The Business Week is published in cooperation between the Ukraine Business Journal and UkraineInvest, and is a summary of news published in the Ukraine Business Journal daily edition. Nothing contained within this publication should be regarded as any form of recommendation to invest or divest. This publication may contain personal views, which are not the views of UkraineInvest nor the Ukraine Business Journal, its subsidiaries or associates unless specifically stated. The publisher does not carry any responsibility for views expressed in the publication. Designed and produced by Whites Communication LimitedRegistered Office: 14 Hackwood, Robertsbridge, East Sussex TN32 5ER© Whites Communication Limited, London, December 2017. All rights reserved.

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