Ministry of Economy and the General Confederation of Italian Industry (Confindustria) signed the Memorandum of Understanding. The purpose of signing the document is to find the best mechanism for developing mutually beneficial cooperation between Ukraine and the Italian Republic, as well as to deepen cooperation between business communities of the two countries.

Within the Memorandum the parties agreed to create a permanent bilateral consultative mechanism of cooperation in the economic sphere, which provides:

• support of business representatives of the Italian Republic and Ukraine on more effective implementation of existing bilateral trade opportunities;
• promotion of Ukraine’s participation in the European and regional value chains;
• cooperation in attracting investment for the creation of industrial capacities in Ukraine, in particular, industrial outsourcing;
• implementation of the best practices in order to improve the management of production processes, promoting the attraction of technological and innovative solutions.

In order to implement the Memorandum representatives of the Ministry of Economy and Confindustria will create a common working group.

“The General Confederation of Italian Industry brings together more than 150,000 companies that employ more than 5.4 million people and form more than 34% of Italy’s GDP. The conclusion of the Memorandum with this powerful organization is an important step towards the development of trade and economic cooperation and the establishment of new commercial ties between our countries. The new stage in our relations with Confindustria will allow, among other things, to involve Italian companies into joint projects on recovery of Ukrainian economy, in particular, reconstruction of critical, social and logistic infrastructure, which was destroyed as a result of Russian’s military aggression. These are important investments for Ukraine, which will be of a mutually beneficial nature”, – emphasized the Trade Representative of Ukraine – Deputy Minister of Economy Taras Kachka.

Earlier, representatives of the General Confederation of Italian Industry during a visit to Kiev confirmed the readiness to open a representative office in Kiev for the implementation of joint investment projects.

Source: www.me.gov.ua