This is a weekly digest of news about investment and business development in Ukraine from the UkraineInvest team

President of Ukraine Volodymyr Zelenskyy has signed Bill No. 9015 on insuring investments in Ukraine against military risks at the expense of the Export Credit Agency (ECA)

The law provides for the insurance of investments in the creation of facilities and infrastructure necessary for the development of manufacturing industry and the export of goods (works, services) of Ukrainian origin. The law will enter into force on 1 January 2024.

The Ministry of Economy of Ukraine estimates that GDP growth was close to 4% in November.
In January-November 2023, the economy is expected to grow by 5.5% yoy.  

SAP will invest EUR 2 mln in product localisation in Ukraine in 2024.
In particular, SAP ERP solution for medium-sized businesses GROW with SAP has recently been launched. Ukrainian companies will be able to receive free software and cloud services support from SAP until the end of the first quarter of 2024. According to the Ministry of Digital Transformation, the total amount of assistance for 2023-2024 will be more than EUR 65 mln.  

Ukraine has launched the state programme “Affordable Factoring” to strengthen business support.
The Ministry of Economy of Ukraine, together with the Ministry of Finance of Ukraine, has launched the Affordable Factoring Programme. The programme is part of the existing 5-7-9% programme. It is expected that small and medium-sized enterprises will be able to replenish their working capital and gain additional opportunities for development.  

Japan has imposed anti-russian sanctions on 135 individuals and legal entities.
It will also join Western countries in imposing an embargo on imports of russian rough diamonds from 1 January.  

USAID’s Competitive Economy of Ukraine programme has tripled its grant assistance to Ukrainian manufacturing companies to USD 11 mln.
Specifically, the grants will support businesses in activities that promote the production of innovative products, the modernisation of production, the reduction of manual human labour combined with the creation of higher-skilled jobs, increased efficiency in the use of other resources, import substitution in the Ukrainian market and/or the export of Ukrainian products to fill niches previously occupied by russian and belarusian products, and the localisation of production of goods needed for reconstruction. 

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