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UKRAINE FACTS
GDP:   $106.5 billion
GDPPC (PPP) $6300
Population: 47 million
Exch rate to $: 5.05 Hryvnia
Area: 603,700 sqkm
Arable Land: 53.8%
Legal System: Civil law
Labor Force: 22.67 million
Major Exports metals
Major Imports fuel, energy
   

Ukraine Business News

UNDP MDG Carbon Facility announces first project with “Nadra Luganshchyny” in Ukraine

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19 June 2009. Lugansk - Kyiv - Withassistance and participation of United Nations Development Programme (UNDP) and Lugansk Regional State Administration, Fortis Bank and “Nadra Luganshchyny” Ltd., have signed a new carbon finance Agreement to reduce greenhouse-gas emissions. This new project is the first Joint Implementation project under the Kyoto Protocol in Ukraine, the fourth Millennium Development Goals Carbon Facility project globally and the second in Eastern Europe and CIS, adding to the MDGs Carbon Facility’s growing and diversified portfolio of international projects.
 
The new Agreement is an important stage in Ukraine’s participation in UNDP Millennium Development Goals Carbon Facility. The Agreement launches a new Project of Lugansk Landfill Gas Recovery in Aleksandrovsk Landfill (Lugansk Region).
 
During a signing ceremony at Lugansk Regional State Administration, the project developer “Nadra Luganshchyny” Ltd., signed contracts with UNDP and Fortis Bank (which is currently a part of “BNP-Paribas” Group). Fortis Bank will purchase the project’s carbon credits. 
                                                                                                                     
The new project will introduce modern waste management system in the Lugansk Landfill, one of the environmental "hot spots" in the region. The system will allow to capture and productively use landfill gas, as well as to significantly improve environmental situation in the area around the landfill which used to be the source of complains for local residents over decades.
 
It is the first of its kind in Ukraine and has a great potential for replication in the country and whole CIS as there exist hundreds of similar "hot spots" across the region. The new project is included in the Sustainable Development Programme of the Lugansk region, which is currently being implemented by UNDP in Ukraine.
 
The signature of today’s Emission Reduction Purchase Agreement (ERPA) will allow its signatories bring in financing for the project’s implementation from the sales of greenhouse-gas emission reduction certificates (Emission Reduction Units) to the Fortis Bank, while the Project’s outcomes will benefit local community and improve the living conditions for local residents in the entire region.
 
Specifically, the project aims at designing, building and functioning of the system of collection and pilot-flame incineration of landfill gas on the ground of hard domestic waste (HDW) in Aleksandrovsk (near Lugansk). As of today, all the data needed for the development of an inception project have been collected, with a comprehensive topographical survey and engineer research. It is planned that the remaining documentation needed to create the landfill methane collection and utilization systems in Aleksandrovsk HDW landfill will be prepared very soon.
 
Aleksandrovsk HDW landfill has 11.6 ha. The area used within the project covers 7.5 ha and contains about 3 mn tones of wastes. Following the expert research findings, it is planned to capture up to 600 cubic metres of biogas per hour, which is estimated of up to 300 cubic metres of ‘pure’ methane, given that the concentration of methane in biogas amounts to 50%. Over the project’s duration it is planned to capture about 23 mn of cubic metres of methane, which will lead to green-house has emissions amounting to approximately 120,000-140,000 tones of 2-equiv. already by 2012.
 
As a result of this joint project implementation greenhouse-gas emissions will be drastically reduced, actions will be taken in order to eliminate and soften the greenhouse-gas emission impact by improving the overall ecological situation around the landfill.
In addition, the implementation of this project will improve the living conditions within the local communities. For instance, the captured biogas will be used to generate electricity as well as to substitute for the use of fossil fuels. The project will create new jobs, and the wastes will be no longer openly combusted in the landfill, halting the combustion and poisonous smells from spreading.
 
According to Yuriy AREFYEV, Lugansk Regional Administration Deputy Head, the Administration is pleased with already existing examples of fruitful partner relations between UNDP and Lugansk Regional Administration.
 
“While implementing the Lugansk Region Sustainable Development Programme, we’ve conducted a thorough technical and economic analysis of landfill methane utilization opportunities in Lugansk region. Besides, we have jointly conducted economic analysis to develop a new transport infrastructure in our region. We also started exploring ways to remove barriers for coal bed methane utilization in our region. All of this has been done through a Joint Implementation Mechanism under the Kyoto Protocol. I am indeed very pleased to partner with UNDP and sign this new MDGs Carbon Facility Project. We remain hopeful for continuing our fruitful cooperation in the future,” Arefyev said.
 
During the signing ceremony, Jens WANDEL, Deputy Director of the UNDP Regional Bureau for Europe and CIS, who arrived in Lugansk on official visit, noted that UNDP, being an organization which works for  the countries’ development did not look for any commercial benefits from the Organisation’s participation in the Carbon Facility mechanism. UNDP will collect a fixed fee in order to reimburse its direct expenses.
 
“Within the last 7 years UNDP has implemented a series of carbon finance projects in more than 20 countries worldwide. This Agreement is the first in Ukraine and the second in Eastern Europe and the CIS. We are attracted to this project because it contributes to the Millennium Development Goals and supports sustainable development in Ukraine’s Lugansk region. We are very happy to congratulate our Ukrainian colleagues on signing this ecologically, socially and economically important Agreement,” Wandel said.
 
UNDP has established the MDGs Carbon Facility (“Mechanism”) with the dual purpose of: Improving access to carbon finance by enabling a wider range of developing countries and project types to participate ­ particularly in those countries that are currently under-represented in the carbon market; and promoting emission reduction projects that generate additional sustainable development and poverty reduction benefits, thereby contributing to all MDGs.
 
The Mechanism is an innovative collaboration between UNDP and its international financial partner – Fortis Bank (BNP Paribas Group). The Facility aims at harnessing the vast resources of the carbon market in order to bring long-term sustainable development to a more diverse share of developing countries. Launched in June 2007, the Facility offers emission reduction projects a comprehensive "one-stop-shop" package of services.
 
According to Erçan MURAT, UN Development Programme in Ukraine Officer-in-Charge, the participants of this first project in Ukraine will be able to use the last achievement of UNDP in the sphere of solving human development problems, in order to ensure maximum benefits for local communities and Lugansk region environment.
 
“UNDP implements various energy and environment projects worldwide with a total budget of USD 5 bn which makes UNDP one of the largest providers of technical assistance in the field of climate change. In Ukraine within the last five years the portfolio of our environmental protection projects had reached USD 7,5 mn,” added Murat.
 
In Ukraine, UNDP and Fortis Bank sign a New Agreement with “Nadra Luganshchyny”– a respective legal entity which possesses rights to carbon credits awarded over the project’s implementation in Lugansk.
 
UNDP’s role in the Mechanism is based on providing project development services, which includes conducting of due financial and legal assessment.
 
Besides, “Nadra Luganshchyny” will receive technical assistance in passing approval procedures under the Kyoto Protocol Clean Development Mechanism (CDM) and Joint Implementation (JI) as well as in establishing the project’s emission reduction monitoring system.  

International Finance Corporation
A World Bank Groups

IFC in Ukraine

Financial Products

Ukraine became a shareholder and a member of the IFC (International Finance Corporation) in 1993. As of December 31, 2008, IFC has invested nearly $1.1 billion in 45 projects. IFC’s investment program in Ukraine is expanding rapidly with a focus on the financial, agribusiness, construction materials, retail trade and services, energy and infrastructure sectors.

In FY08, IFC invested $307 million in a total of six manufacturing, financial markets and oil and gas projects and mobilized $300 million in syndicated loans, including $250 million to finance the modernization of one of the largest Ukrainian steel trading and holding companies.

Advisory Services

IFC has been conducting an extensive advisory program in Ukraine since 1992. IFC has contributed to privatization of small businesses and unfinished construction sites as well as to land and mass privatization. Current donor-funded programs offer advice on corporate governance to companies and banks, support the development of the leasing and agribusiness sectors, and seek to improve the business environment and promote the growth of small and medium enterprises. More on advisory projects in Ukraine.


CURRENT PROJECTS

Ukraine Energy Efficiency Survey Project
2008 – present
Supported with funds from the Saxon Technical Assistance Trust Fund and IFC

The main goal of the project is to assess the current market for energy efficiency financing in Ukraine and to raise awareness among local financial institutions, small and medium enterprises (SMEs), and policy makers about existing opportunities for energy efficiency financing in the country. Similar surveys have been conducted in Russia, Armenia, Azerbaijan, Georgia, and Belarus.

By identifying best practices in SME energy efficiency and finance, the survey will also provide benchmarks with other countries and might lead to a more comprehensive program to increase energy efficiency in Ukraine and the region.

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The Challenge
Ukraine’s economy uses three - four times more energy per unit of GDP than similar industrialized economies. Thanks to historically low energy prices, the country has shown significant economic growth in recent years. But this is changing, with gas and electricity prices rapidly converging with international prices. Sustained economic growth is under the strain of energy prices and inefficient energy distribution networks.

The challenge facing Ukraine’s economy lies in ensuring that new investments in industry, housing, commercial, and public buildings use the most energy efficient technologies that are economically and financially viable.

As part of IFC’s commitment to support sustainable economic growth, we have accumulated vast experience in financing investments in energy efficiency worldwide.

The IFC Approach

  • Conduct a survey of local SMEs and FIs and an assessment of EE legislation in Ukraine
  • Describe the survey’s findings in the authoritative report
  • Conduct a series of seminars for targeted FIs to introduce the concept of EE financing
  • Conduct a media training for local journalists (on the subject of EE)
  • Organize a press conference for interested parties on survey findings
  • Publish and disseminate the report of survey results to interested stakeholders
  • Increase awareness of EE among targeted FIs, SMEs, government, mass media and general public
  • Conduct a larger dissemination event/round table for interested stakeholders.


Anticipated Impact

  • Banks begin to explore EE financing
  • The awareness of EE among all interested stakeholders: FIs, SMEs, government, mass media, and general public is increased
  • Advisory and investment opportunities in the country are developed


IFC's Expertise in Energy Efficiency
As part of IFC’s commitment to support sustainable economic growth, we have accumulated vast experience in financing investments in EE worldwide. IFC’s EE projects are structured around:

  • Financial Institutions - to help them develop their own products for financing investments in EE through trainings, joint promotional activities, resource materials, and advice on transactions.
  • Industrial clients (SMEs) - to help them improve the efficiency of their own operations, to assist in analyzing EE projects under consideration and in identifying opportunities to save energy;
  • Energy generators - to assist them invest in renewable energy technologies and build relationships with potential clients and with FIs.
  • National governments - to help them develop policies that stimulate investment in sustainable energy / EE projects, also promote EE through information campaigns.


Ukraine Corporate Governance Mediation Pilot Project
2008 – present
Supported with funds from the International Finance Corporation

The project is designed to achieve cost and time savings for small, medium, and other enterprises by providing them with an opportunity to effectively resolve their disputes effectively through mediation, and is implemented in cooperation with the Kyiv-Mohyla Business School (kmbs). The project will introduce corporate governance-related mediation to Ukraine through training local mediators and mediating pilot cases on the basis of the Ukrainian Mediation Center established by kmbs. IFC and kmbs will work together to raise awareness among Ukrainian businesses that mediation can be an efficient dispute resolution method and complement the judicial system. The project is also developing a training program on mediation and alternative dispute resolution that will be introduced into the kmbs curriculum.
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The Challenge
Development of alternative dispute resolution in Ukraine is impeded by a low level of awareness of businesses and the public about the existence and availability of the relevant mechanisms. There is also a low level of support from the public sector in developing and promoting mediation or other alternative dispute resolution methods in Ukraine. Even if the businesses are aware of mediation, there is a general lack of trust that it’s possible to find a mediator who can be professional, independent, and an unbiased intermediary in the dispute resolution process.

The IFC Approach
The project will work with business associations, law firms and courts to encourage a system by which appropriate disputes would be referred to mediation. The project will conduct a series of mediator skills training programs with a focus on corporate governance disputes, and form a pool of local mediators who will be able to provide mediation services to businesses. It will partner with other organizations working in the area of alternative dispute resolution to strengthen the community of local mediators. To ensure broader awareness of mediation, the project will also engage in a public awareness campaign.

Anticipated Impact

  • Self-sustainable Ukrainian Mediation Center providing services of mediation to businesses and conducting mediator skills training programs
  • Independent mediators register established and operated by the Center
  • Increased volume of disputes resolved through mediation
  • Increased awareness about mediation as a result of a large-scale public awareness campaign


Ukraine Agri-Insurance Development Project
2007 - present
Supported with funds from the Canadian International Development Agency (CIDA)

The project will facilitate the development of the agri-insurance sector in Ukraine by working with key regulatory, institutional and commercial partners. The project will help improve the regulatory environment for agri-insurance, develop the capacity of insurance companies and work directly with farmers in a pilot implementation program.
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The Challenge Development of agri-insurance is hindered by poor understanding of risk management in the farm sector, weak technical capacity of insurance companies, the lack of actuarially-sound insurance products, limited or no access to re-insurance, and lack of trust by farms towards insurance in general. The inability to effectively manage risk at the farm level consequently limits the ability of farms to access finance and grow their operations.

The IFC Approach The project will work across multiple levels to help build the agri-insurance sector. It will partner with state agencies to help develop a strategic plan for agri-insurance in Ukraine, promote improvements in the regulatory environment, and facilitate development of sector representative structures. The project will also help build the technical and management capacity of insurance companies, and work with pilot farms to implement the new insurance products. To ensure broader awareness of the need for agri-insurance, the project will also engage in a public education campaign.

Achievements to Date as of July 1, 2008

    • Identified the main barriers to the legislative environment for the development of agri-insurance, and established relationships with 6 government institutions to address reform
    • Prepared a series of white papers covering all the key development issues to be addressed
    • Created a sector development strategy using a participatory process with a wide involvement of the stakeholders from both public and private sectors
    • Held 3 training events for 136 participants on agricultural insurance
    • Launched a nationwide information campaign to disseminate knowledge about agri-insurance among end users


Vinnytsya Fruit Supply Chain Development Project
2005 - present
Supported with funds from the Government of Austria

The project helps strengthen the fruit supply chain in central Ukraine, by working closely with fruit farms to build sustainable linkages with large fruit processors in the region. The project assists local farms to improve farm management and efficiencies, develop good business practices and access finance to meet the increased demands for high-quality fruit in the region.
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The Challenge Vinnytsya, a traditional fruit-growing region of Central Ukraine, produces 10% of the country’s gross fruit output, having inherited tens of thousands of hectares of Soviet-era fruit plantations. However, many farms still operate with the management and inefficient operations of the centralized system, leading to poor business planning, poor access to finance, and low quality and productivity. Without changing their business practices, these farms will be less able to take advantages of the opportunities presented in the market.

The IFC Approach The project identifies promising farms, and works closely with these farms to support their management and technical skills. Experience gained from work with pilot farms is made available to the broader sector through consultations, training seminars, and practical demonstrations. To ensure that these farms will find a real market for their products, the project has partnered with large fruit processors in Vinnytsya to encourage improvements and address the key challenges in the supply chain. It is also working with local financial institutions and stakeholders, to provide farms with greater access to credits to expand and modernize.

Achievements to Date as of July 1, 2008

    • Worked with Agrana Fruit to help the company develop a $30 million investment plan in local apple orchards for 2008-2012
    • Assisted client farms to increase management and efficiency, helping clients increase annual revenue by more than $4.7 million
    • The project worked with 8 local banks to increase their interest in lending to the fruits sector, and helped them to properly manage horticulture lending risks
    • Helped pilot and client farms to increase their own investments into new plantations, investing a total of $4.5 million in 339 ha of new fruit orchards
    • Currently working with the World Bank to amend legislation relating to land sale and lease


Ukraine Business Enabling Environment Project
www.ifc.org/sme_ukraine
2005 – present
Supported with funds from the Canadian International Development Agency (CIDA), the Ministry of Economic Affairs of the Netherlands, t he Swedish International Development Cooperation Agency (Sida)

The project works to create a favorable environment for the development of small and medium businesses and to improve the overall investment climate in Ukraine.

The main objectives of the project are: to streamline and simplify business inspections and business permits for SMEs; simplify technical regulations (standardization, certification), monitor the business environment through representative surveys; conduct outreach, information and advocacy work to ensure adoption and implementation of reforms.

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The Challenge The regulatory system in Ukraine (permits, inspections and mandatory certification and standardization procedures), has been a major obstacle to opening and operating businesses in Ukraine. Thus, 100% of goods produced in Ukraine are subject to mandatory standardization requirements, 80-90% of all businesses are inspected each year, over 50% of business have to get at least one permit per year. Reforms have been slow and incomplete, and most procedures still correspond more to the Soviet 'command and control' economy than to a modern market economy. The 2006 World Bank Doing Business Report ranked Ukraine 128th of 175 countries world-wide in terms of ease of doing business.

The IFC Approach The project works with the government of Ukraine to reform the entire systems of business permits, inspections and technical regulations in order to bring Ukrainian practice in line with international best practice and contemporary European models. The project also cooperates with permit-issuing and controlling agencies to improve their internal procedures. To monitor the impact of government reforms and provide concrete information on improving the business climate, the project conducts an annual survey of the SME sector to identify the main administrative and regulatory obstacles to SME development. To increase the awareness of SMEs about their rights, the project provides entrepreneurs with easy-to-understand information on regulatory procedures and on their rights and responsibilities as market participants.

Achievements to Date as of July 1, 2008

    • The project helped draft and pass 6 pieces of legislation, including Ukraine’s Law on Permits in 2005 and Inspections Law in 2007 – estimated economic impact of the project’s work is $212 million in cost savings for SMEs
    • The Law on Permits cut the number of permits from more than 1000 to less than 200, and decreased the time needed to receive permits for the average entrepreneur from 100 to 60 days
    • Assisted the government to implement reform of technical regulations, resulting in a shortened list of goods subject to compulsory certification (16 categories out of 400 were eliminated)
    • Conducted an advocacy campaign on the need for permit and inspection reform, which resulted in more than 800 media appearances from 2005-2007 and led to the adoption of implementing legislation
    • Developed easy to read information materials for SMEs: more than 20,000 brochures on fire permit and 42,000 leaflets and posters to promote self-certification have been distributed or downloaded

 

 

IMF Announces Staff Level Agreement with Ukraine on US$16.5 Billion LoanPress Release No. 08/259

Mr. Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), issued the following statement on Ukraine today:

"An IMF staff mission and the Ukraine authorities have today reached agreement, subject to approval by IMF Management and the Executive Board, on an economic program supported by an SDR 11 billion (US$16.5 billion) loan under an 24-month Stand-By Arrangement. Consideration by the Board would follow approval of legislative changes to Ukraine's bank resolution program.

"Ukraine has developed a comprehensive policy package designed to help the country meet the balance of payments needs created by the collapse of steel prices, and the global financial turmoil and related difficulties in Ukraine's financial system. The authorities' program is intended to support Ukraine's return to economic and financial stability, by addressing financial sector liquidity and solvency problems, by smoothing the adjustment to large external shocks and by reducing inflation. At the same time, it will guard against a deep output decline by insulating household and corporations to the extent possible.

"The IMF is moving expeditiously to help Ukraine, and this program is focused on the essential upfront measures needed to maintain confidence and economic and financial stability. The strength of the program justifies the high level of access, equivalent to 800 percent of Ukraine's quota in the Fund," Mr. Strauss-Kahn added.

Click here for the link

 

July 3, 2008                           Information for the press

Ukraine International Airlines passenger numbers up 25% in the first 6 months of 2008

Ukraine’s national carrier Ukraine International Airlines (UIA) has increased passenger numbers by a staggering 25% in the first two quarters of 2008
UIA carried 760 000 passengers in the first 6 months of 2008. This was an increase of 25% over the same period in 2007. In June alone the airline operated more than one thousand six hundred scheduled flights, carried nearly 155 000 passengers and more than 400 tons of cargo. The passenger load factor in June was 71%, on average; up from 64.0 % in June 2007.
Airline Deputy President Richard Creagh said “These results are not only a vindication of our ‘low cost, high value” strategy but also proof that the economy is really growing and that Ukrainians now have more disposable income to hand.”
“The improvements we made to our scheduling to improve customer service have also enabled us to make more effective use of our fleet”, he said.  “We are now entering the summer peak so continued strong growth is forecast for the second half of the year when our next new Boeing will be delivered.”
Press-office of Ukraine International Airlines
tel/fax:     (044)   238 26 97
E-mail:          press.service@ps.kiev.ua

Ukraine International Airlines is Ukraine’s leading international carrier. Founded in 1992 UIA was one of the first businesses in Ukraine to attract foreign investment.
UIA also was the first airline in CIS to introduce Boeing 737 aircraft. Today UIA`s fleet consists of 15 modern Boeing 737 aircraft of different modifications.
 The airline connects Ukraine with nearly 3000 places of the world, operating scheduled flights to London, Paris, Amsterdam, Brussels, Berlin, Frankfurt, Vienna, Zurich, Rome, Milan, Madrid, Barcelona, Lisbon, Helsinki, Dubai, Tbilisi,  Pula, Morastir, Dubrovnik, Nice, Lviv and Simferopol.
The base airport for UIA is Kiev-Boryspil (KBP).
The shareholdings in Ukraine International Airlines are as follows: State Property Fund of Ukraine - 61.6%, Austrian Airlines - 22.5%, Aer Cap - 6% and European Bank for Reconstruction and Development (EBRD) - 9.9%. Detailed information on UIA is available at www.flyUIA.com

 

Ukraine attains full WTO membership

On May 16th, Ukraine became the 152nd member of the World Trade Organization (WTO).

The negotiations for Ukraine's accession to the WTO had lasted for almost 15 years. During that period, Ukraine introduced a number of structural and economic reforms, underwent transition from planned to market economy, signed 52 bilateral agreements with WTO members, and adopted more than 50 legislation acts required for WTO membership. The most significant breakthrough in the negotiation process was achieved during 2005-2007, when Ukraine received market economy status from the EU and the US and finalized negotiations with the major WTO members.

Ukrainian President Viktor Yushchenko and WTO Director-General Pascal Lamy signed the Protocol on Ukraine’s entry to the Marrakech agreement on the establishment of the WTO in Geneva on February 5th, 2008. The Ukrainian parliament ratified the WTO accession protocol by an overwhelming majority on April 10th. On April 16th, the government of Ukraine ratified the Protocol on Accession. According to the terms of the 8th clause, the Protocol was enforced on May 16th, 2008.

WTO membership will provide the country with a sustainable and predictable trade
environment and will give strong growth impetus to multilateral trade and investments. From the moment of accession to the WTO, Ukraine will enjoy improved terms of trade with 151 countries, which account for almost 95% of global trade. WTO membership will facilitate Ukraine’s European integration, as WTO entry was the main prerequisite for a free trade agreement with the EU.

SigmaBleyzer and The Bleyzer Foundation made a significant contribution through their
expertise, consulting and research activities to steer the country in the direction towards WTO membership.

A grand opening ceremony of "Max-Well" Scientific Oncological and Cardiological Production Center, a unique manufacturing complex producing immunobiological and chemico-pharmaceutical products, was held on March 26th, 2008 in the town of Borispol, Kiev region.


Max-Well

[click here to read the article in Ukrainian]

The production facility is unique, because it was initially designed and built according to GMP standards (Good Manufacturing Practice), the world-wide regulations for production of drug products. Also, both chemico-pharmaceutical and immunobiological drug products will be manufactured at the production facility, which is innovative not only for Ukraine, but for the CIS countries practice as well.

 
"The production facilities of the enterprise, being analogue-free in Ukraine, will permit to manufacture over 200 million capsules, about 150 million pills, 60 million vials, 30 million pre-filled syringes and 30 million suppositories per year. Just at this enterprise the drug products for treatment of oncological, cardiological and severe viral diseases will be manufactured", - Mr. Vladimir Bugaychuk, General Director of SOCPC "Max-Well" stated.
 
In addition, "Max-Well" is planning to concentrate on manufacturing generics, the drug products similar to medications, which are developed and produced by the famous leading producers of pharmaceuticals and proved their effectiveness.
 
"This approach will allow to substantially reduce the cost of the manufactured drug products, it means that the Ukrainian citizens will receive effective drug products at a lower cost to treat the most widespread diseases today." - Mr. V. Bugaychuk emphasized.
 
The Scientific Oncological and Cardiological Production Center “Max-Well” is the first in Ukraine and the largest in the former Soviet Union profiled complex, which combines the Polyclinic center for diagnostics and treatment of cardiological and oncological diseases, manufacturing of drug products and the research-and-development center. At present the SOCPC “Max-Well" is the biggest international investment in the Ukrainian pharmaceutical branch. The total investment volume in this project has already made up over US $90 million dollars, and in the nearest future the investment amount will increase up to US $130 million dollars. The investment fund of the project on production facility construction in Ukraine was formed by Mr. Mukhtar Ablyazov, the Chairman of the Board of Directors at JSC "BTA Bank", a highly regarded and accomplished international businessman.

Voice of America Ukrainian Service profiles Max-Well, LLC as the first American company to build, own and operate a pharmaceutical production facility in Ukraine.

VIDEO: click here