THIS WEEK IN UKRAINE
18 October 2024
Ukrainian Government Approves Major Investment Agreements to Boost Economy
The Ukrainian government approved the signing of two special investment agreements, marking a significant step in attracting major investments. These agreements will bring around €95 million into the economy and create over 200 new jobs. Ukraine's law on supporting projects with substantial investments applies to ventures with at least €12 million in capital and offers tax exemptions and compensation up to 30%. The government office UkraineInvest plays a crucial role in attracting and supporting investors, facilitating projects worth over €290 million in the past six months.
The Largest Ukrainian Business Event of the Fall Took Place in Kyiv: The Two-Day 'Made in Ukraine' Forum
The "Made in Ukraine" business forum, the most significant business event of the fall, took place in Kyiv this week. The two-day forum supports micro, small, and medium enterprises by fostering partnerships and enhancing competitiveness. Critical discussions focus on Ukraine’s business contributions to economic recovery through innovative solutions. The event includes exhibitions, masterclasses, and B2B negotiations. Premier Shmyhal announced that Ukrainian businesses have received nearly ₴335 billion in low-interest loans through the "5-7-9%" loan program (The “5-7-9%” loan program provides affordable financing to support Ukrainian businesses, with interest rates ranging from 5% to 9%, depending on the size and goals of the business). The forum is organized with support from the UNDP and the Japanese government, which also pledged Ukraine $12 billion in aid.
Ukrainian Startup GetOrder Raises $250,000 in a Pre-Seed Investment Round
Ukrainian startup GetOrder raised $250,000 in a pre-seed investment round led by Digital Future with United Angels Network. GetOrder integrates food delivery platforms like Glovo, Bolt Food, and Uber Eats with automated POS systems, streamlining order processing and reducing errors. Over 1,400 locations, including restaurants from various countries, use their service. The funds will help expand their product line for the restaurant industry and push into European markets. Launched in 2021, GetOrder stands out for its fast and scalable architecture ideal for restaurant chains and dark kitchens.
Ukrainian Parliament and Defense Associations Sign Memorandum to Boost Investment in Defense Sector
A memorandum has been signed between the Ukrainian Parliamentary Special Commission and defense associations representing over 400 defense enterprises to stimulate investment in the defense sector. Key goals include improving state procurement conditions, enhancing access to financial tools, and regulating exports. During the press conference, MP Halyna Yanchenko emphasized the rapid growth of Ukraine's defense sector since the war began, highlighting the need to address investment barriers. The agreement outlines collaborative efforts to expand production, secure more government orders, and support controlled exports to maximize industry potential.
Ukrainian Defense Minister Announces Progress on Long-Range Weapons After Meeting with UK Defense Secretary
Ukrainian Defense Minister Rustem Umerov met with UK Defense Secretary John Healey on October 10, 2024, to discuss further support for Ukraine’s armed forces. Umerov highlighted that the UK continues to supply Ukraine with various munitions, setting an example for other partners. He also announced upcoming deliveries of long-range weapons and robotic systems, as well as plans to enhance defense production, with frozen Russian assets funding priority needs.
Ukraine Restricts Telegram Use for Officials and Military Amid Security Concerns
Due to security concerns, Ukrainian officials, military personnel, and critical infrastructure workers have begun receiving directives to limit the use of the Telegram messenger. Orders prohibit its use for work-related communication on both professional and personal devices, with IT specialists instructed to remove the app within five days. This ban follows a directive from the National Cybersecurity Coordination Center. It identified several risks associated with Telegram, including potential access to user messages by Russian intelligence, its use for malware distribution and geolocation tracking, and the spread of disinformation through anonymous channels. Telegram's lack of content control has also made it a platform for illegal and harmful materials exploited by criminal and extremist groups. Despite these restrictions, official government Telegram channels can still operate to maintain public communication.
Mykolaiv Expands 'Safe City' Project with New Surveillance System Installations
Mykolaiv is advancing the "Safe City" project, aiming to enhance public safety through the installation of 150 surveillance cameras by the end of 2023. The project, initiated in 2015 and revised due to the war, uses video analytics to monitor vehicle license plates and identify threats. The system also aids law enforcement, documents crimes, and supports various city services. Future stages will expand coverage, and there are plans for a unified regional surveillance network. The project marks a step toward Mykolaiv becoming a "Smart City."
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