Logistics, currency liberalization, transparent reservation important for development of export-oriented companies in wartime – Metinvest CEO

Economy

17:59, 27.03.2024

2 min read

Expanding logistics capabilities, currency liberalization and transparent rules for reserving employees are important conditions for the development of export-oriented companies in Ukraine during the war, according to the Metinvest mining and metallurgical group.

“When we opened this temporary corridor, Metinvest’s products were carried by the first ships that followed those laden with agricultural goods. I am grateful to the defense forces, intelligence services and our partners who made this possible. This now opens new horizons for both the group and the country as a whole, in 2024 and the coming years. However, this is just the beginning. We need to keep working. The opening of the sea corridor, thanks to the Ukrainian government’s efforts, has enabled us to boost exports, although we still face some logistical challenges,” Metinvest CEO Yuriy Ryzhenkov said at the Forbes Made in Ukraine exporters’ summit.

“Although we are building a global company, our roots are Ukrainian. In our strategic steps, we always look at the foundation we have in place. All over the world, people are talking about green and digital metallurgy, which requires high-grade raw materials or semi-finished products. This is something Ukraine can do that will give an impetus to the development of the country after the war ends. We plan our future investments with this in mind. They should all be linked to the foundation that we have in Ukraine,” he said.

“Ukrainian businesses now need currency liberalization to improve the investment climate and continue investing in Ukraine. If we do not introduce ways to achieve a return on investments, Ukraine will not be able to attract them,” he added.

“In addition, the current employee mobilization regulations do not allow the group, one of the largest donors to the Ukrainian defense forces, to ramp up production,” the official noted.

“We are a transparent company. All our employees are registered with military enlistment offices and have undergone military medical examinations. We are the largest donor, and this limits our ability to ramp up production, which could support the economy. That is why we need more transparent draft deferral regulations from the government, which would stimulate business growth and not just an outflow of personnel to the defense forces,” according to him.

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