BUSINESS IN BRIEF (11/01/98)

BUSINESS IN BRIEF

Kyiv opens credit lines worldwide

KYIV - The Ukrainian-Canadian International Economic Committee (MEK) announced on October 21 that Ukraine and Canada have agreed on all necessary conditions for the opening of a $20 million (U.S.) credit line guaranteed by the Ukrainian government. Foreign credits are usually the main method of acquiring modern equipment, technologies and know-how, especially on major projects, said the deputy chairman of the Development and European Integration National Agency, Oleksander Shapovalov. The agency is negotiating 12 new credit lines for a total of $1 billion (U.S.) (Eastern Economist)

Kuchma addresses business forum

KYIV - President Leonid Kuchma spoke on October 20 before an audience of some 140 representatives of key foreign and joint business interests in Ukraine at a roundtable organized by the British news magazine The Economist. "Our goal is to become a modern country with all the institutions and processes that will make it possible for us to work within the world economic community," he said. "To achieve this, we need your experience, your know-how and your business ethics," Mr. Kuchma added. The president did not offer many concrete solutions to the persistent issues that plague business growth in Ukraine. The roundtable went on to discuss key policy and management issues in closed-door sessions at the Kyivskyi Hotel. It continued the next day with a look at critical operating issues and strategic investments in state assets. (Eastern Economist)

Odesa oil attracts big U.S. companies

KYIV - The chairman of the State Oil and Gas Committee, Valerii Shuliko, announced on October 17 that several American companies have agreed to invest between $1 million and $4 million (U.S.) in the construction of an oil terminal near Odesa and the construction of the Odesa-Brody oil pipeline. On a recent trip to the United States Mr. Shuliko had talks with such U.S. companies as McKenzie, Mobil, PennzOil, Amoco and others. The terminal is to be located in the area of Odesa port plant, rather than in Port Pivdennyi, which will lower construction costs and allocations for road building and social programs. (Eastern Economist)

New agricultural grouping sets agenda

KYIV - The congress of Ukrainian Agricultural Cooperatives held on October 16 was attended by about 70 representatives of cooperatives. The congress set up a National Agricultural Cooperatives Union to protect the interests of the cooperative movement and to coordinate the work of consumer and credit cooperatives. "The newly created organization is non-profit and will monitor agricultural processes, and study and generalize the experience of the country's best cooperatives to improve the legal field for the country's cooperatives," said the union's president, Vitalii Zinovchuk. It also intends to help restructure collective farms and promote the cooperative idea among the public. Participants said they would continue cooperating with foreign entities like the U.S. Agency for International Development and Cargill Technical Services and with the European Community. (Eastern Economist)

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