Ukraine, Italy sign memo on SMB cooperation

Ukrainian Deputy Economic Development and Trade Minister and Ukraine's Trade Representative Nataliya Mykolska announces that Ukraine and Italy have signed a memorandum on cooperation of small- and medium-sized businesses (SMBs).

"A Memorandum of Understanding was signed between the Ministry of Economic Development and Trade of Ukraine and the Ministry of Economic Development of Italy on cooperation in the sector of small- and medium-sized businesses," she wrote on Facebook.

According to Mykolska, the parties also discussed cooperation in such sectors as energy, agricultural industry, trade, investment, the business environment and privatization in Ukraine.

As UNIAN reported earlier, Ukraine's Cabinet of Ministers approved the disbursement of EUR 55 million for Ukraine to develop the SMBs in the country under an agreement previously signed with the European Union.

The agreement also provides for the establishment of 15 centers on supporting SMBs in 15 regions of the country, where local and international consultants will assist businesses to become more competitive, find new markets, take advantage of a free trade zone with the EU. Particular attention will be paid to the regions that have been affected by the military conflict where businesses will help with employment and reintegration of internally displaced persons.

The EU pledged to unlock at least EUR 2 billion in investment in the three countries – Ukraine, Georgia and Moldova – to support SMBs as part of the agreements on deep and comprehensive free trade areas in those countries.