UkraineInvest attracts two investment projects worth $370 million

UkraineInvest, the government office for attracting and supporting investments, has signed a memorandum with Kingspan, and with Epicentr K to support investment projects totaling $370 million.

The memoranda were signed within the framework of the law on "investment-nanny" and their implementation will contribute to the development of Ukraine's economy, as well as the increasement of the interest of foreign investors. The signing took place as part of a press conference dedicated to UkraineInvest's report on the year of full-scale war.

The event was attended by members of the Supervisory Board of the UkraineInvest: Davyd Arakhamia, MP, Head of the Servant of the People parliamentary faction, Chairman of the Supervisory Board of UkraineInvest; Oleh Nemchinov, Minister of the Cabinet of Ministers of Ukraine Deputy Chairman of the Supervisory Board of UkraineInvest; Andy Hunder, President of the American Chamber of Commerce; Anna Derevyanko, Executive Director of the European Business Association; and Sergiy Tsivkach, Executive Director of UkraineInvest.

"With the outbreak of a full-scale war, it has become much more difficult to attract investment. On the other hand, interest in Ukraine has increased tenfold. The investments attracted by UkraineInvest are a clear confirmation of this. Everyone wants to see what can be done in Ukraine, realizing that our country will eventually win and become a part of the EU, and there will be a great rebuilding process. The signing of memoranda with Kingspan, and with Epicenter are steps that the Government, government agencies and the Parliament are trying to speed up as much as possible so that investors do not wait for us to win, but invest in the Ukrainian economy now" – said Davyd Arakhamia, MP, Head of the Servant of the People parliamentary faction and Chairman of the Supervisory Board of UkraineInvest.

According to the signed memoranda, Kingspan plans to implement a $220 million investment project for the production of building materials, and Epicentr K plans to build a $150 million logistics center. 

"Kingspan has more than 200 companies in more than 70 countries, but the company wants to build the largest technology campus in Ukraine. It is planned to involve employees of the corporation and other industry representatives to demonstrate how to manufacture construction products in accordance with green standards – taking into account the requirements for decarbonization, the use of renewable energy sources, etc." – said Sergiy Tsivkach.

The UkraineInvest team also reported that during the year of full-scale war, in addition to project support activities under the law on "investment-nanny", 16 investment projects worth more than $2.3 billion were supported, 7 of which were supported under the law on "investment-nanny". In addition, 80 problems of investors were solved, which helped to unlock investments worth more than $150 million. In 2020, Ukrainelnvest attracted and/or unlocked investments worth more than $1.5 billion.

"The Government of Ukraine is working to stabilize the economy and the prospects for the post-war reconstruction of our country. That is why the activities of UkraineInvest, the government office for attracting and supporting investments, are an important component for the practical implementation of these processes." – Oleh Nemchinov, Minister of the Cabinet of Ministers of Ukraine, Deputy Chairman of the Supervisory Board of UkraineInvest.

In addition, UkraineInvest is actively engaged in advocating for legislative changes to improve Ukraine's investment climate. In particular, UkraineInvest developed and advocated for implementation of 23 initiatives to improve legislation, provided more than 1,000 consultations to investors on doing business, and provided support on relocation issues for 29 companies across Ukraine. UkraineInvest also presented investment opportunities at 28 international events on Ukraine's reconstruction.