The Business Week for the week of August 24-30, 2020

The Business Week for the week of August 24-30, 2020


Ukraine extends lockdown measures until October 31

The government of Ukraine extends the adaptive quarantine until October 31, 2020, due to the rapid increase in the number of COVID-19 cases in Ukraine. The restrictive measures in the regions will be strengthened. Particularly, in regions with a “green” level of epidemic danger discos, nightclubs, catering activities for leisure, as well as concerts (except for those held by cultural institutions, for which concert activities during last year is the main activity) will be prohibited. The local authorities will also have access to the data of the e-service “Act Home”, which is the platform to track people being under self-isolation or observation. 

Government bans certain categories of foreigners from entering Ukraine

Due to the rapid increase in the number of COVID-19 cases, the Ukrainian government decided to ban certain categories of foreign citizens from entering Ukraine.
The restriction came into force on August 28 and will be in place until September 28. 
However, there is a list of certain categories of foreign citizens that will be allowed to enter Ukraine. Read more.


Rada ratified the agreements for EUR 1.2 billion macro-financial assistance from EU

Ukrainian Parliament ratified the agreements with the EU for receiving EUR 1.2 billion macro-financial assistance to support efforts in overcoming the COVID-19 inflicted crisis. According to the Ministry of Finance, the implementation of these agreements will allow Ukraine to attract additional external financial credit resources on favorable terms to ensure proper stability of the financial and economic system of the state. Read more

Ukrainian Parliament ratified EUR 450 million agreement with EIB
Ukraine is moving towards upgrading and building up its infrastructure.  The Verkhovna Rada ratified the financial agreement with the European Investment Bank for EUR 450 million. The agreement provides the loan for the further development and implementation of the Trans-European transport network development project. In particular, the Kyiv-Odesa highway within Cherkasy, Mykolaiv and Odesa region will be overhauled and the 24 km of the northern bypass road in Lviv will be built. 

Ukraine and Germany to deepen its energy partnership

According to the Ministry of Energy of Ukraine, Ukraine and Germany agreed to strengthen cooperation on the integration of Ukraine’s energy market into the European Network of Transmission System Operators for Electricity (ENTSO-E). With the harmonization of its system with ENTSO-E Ukraine will definitely benefit from free cross-border electricity trading, increased level of competition, higher reliability of energy system operating and a possibility to increase renewables share in the energy sector. 


Ukraine’s IT sector: An untapped opportunity

Read about Ukraine’s potential in the innovative technologies sector, groundbreaking opportunities for startups, foreign investments in IT and insights on how to succeed in the Ukrainian market.
“The main point for me is that Ukraine is a country within Europe which is truly in a transforming state. I could have chosen to go to any country in the world, and I chose Ukraine as a place both to live and to develop business,” says Mr. Flodström, CEO and founder of Beetroot.

“The opportunity [in Ukraine] is enormous because of the talent of the people. They are really world-class,” admitted Mr. Piotet, CEO of  
“When we bring investors to Ukraine, and when they see the country, they can’t believe it. They are so amazed at everything – the vibe, the shopping malls, the city, the streets. But also we realize that it’s not enough to bring people to Ukraine. We have to go where the investors are, and that’s why we started Ukraine House Davos,” says Ms. Koszarny, CEO Horizon Capital

Ukrainian EOS team to receive EUR 300 thousand from the European Commission
EOS data analytics is the U.S. company established by Ukrainian entrepreneur Max Poliakov with the R&D center in Dnipro. The company’s focus is on processing and analyzing large amounts of GIS data. Recently, the Ukraine based team of EOS received a grant from the European Commission in the amount of EUR 300 thousand for monitoring mining in Europe.   

A deepfake video app developed by Ukrainians leads the App Store charts
Reface application that makes face swap videos, reached first place in the U.S. AppStore in the Entertainment category leaving behind TikTok, Netflix and Hulu. The application is made by the Ukrainian startup RefaceAI, which is based in Kyiv and has its R&D center here. The company develops AI technology to swap faces in photos, GIFs and videos. Ukraine proves to have a thriving startup ecosystem thanks to its high-quality products and talented world-class teams.

Ukraine’s technology sector charges ahead, increasingly driving the economy

🚀 Ukraine is one of the best places to start an innovative business: the country ranked 29th out of 100 startup-friendly countries and Kyiv is among the top 10 European capitals for startups;
🚀 Many Ukraine-born tech businesses are highly valued abroad: Ukrainian startups attracted a record-breaking $544 million in investments in 2019;
🚀Many foreign companies have their remote teams in Ukraine and are opening R&D centers here.
Read more about Ukraine’s tech sector in the KyivPost article.  

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