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Where there is no law, but every man does what is right in his own eyes, there is the least of real liberty
Henry M. Robert

NEWS IN BRIEF

13 November, 2012 - 00:00

Progress Picks Up on Ukrainian Agriculture Exchanges

Last week a two-month surge of trading on the agricultural commodity exchanges has brought open, free-market commodity trading to a new plateau in Ukraine, according to Steven McCoy, chief partner of party for Chemonics International, the US Agency for International Development (USAID) contractor charged with the task of assisting the exchanges.

We believe that this improved exchange performance will be further reinforced by the new insured futures contract that we will soon begin trading in our pilot project on the Black Sea Commodity Exchange in Mykolaiv," McCoy said.

Spot and forward trading on the Ukrainian agricultural and commodity exchanges totaled over Hr 56 million in August and September alone, and the total is expected to increase substantially with the final week of September trading. The August and September volume recorded is nearly 70% of the total for all of 1998. The majority of trading in recent weeks has been in sunflower seeds, an increasingly important agricultural sector in Ukraine.

McCoy said the focus of Chemonics has been on putting an end to barter trading, which he described as one of the most counterproductive aspects of Ukrainian agriculture since independence. Every trade that is made on the exchanges is another step in the right direction toward freeing the farms from the slavery of the barter system," he said.

Joint Venture Opens Mitsubishi Dealership in Lviv

Japan's Mitsubishi Motors has opened its first automobile sales dealership in Ukraine, in Lviv. All the cars for sale on the lot were transported to Lviv by the Ukrainian-Latvian joint venture SCANDIA Avto.

Asked if it isn't risky to run a business in a country that is in the grip of an economic crisis, the Latvian company director Maris Gavar said, "Sometimes, Latvia also suffers from similar economic crises, but taking into account our previous experience, we know that crises come and go, while business remains, which is why we are not afraid of opening that auto dealership in Lviv." Moreover, Gavar said that the company plans to open a filling station soon not far from the dealership, where in a year the company will be able to provide European-class service."

Korean, Crimean Representatives Meet to Talk Trade, Tourism, Trouble

Korean Ambassador to Ukraine Kang Gin-Tak and Korean Embassy's Consul Om Gee-Young visited the Crimea, meeting with Crimean Parliament Deputy Speaker Boris Deich, and the head of the standing commission for economic, budget/financial and tax policies Liudmila Zotova.

Deich said that certain Korean businessmen are very interested in the Crimea's potential, including a representative of the Korea-Yogurt who asked for help in getting familiar with Crimean enterprises that produce milk, wine, and confections.

In addition, the parties also discussed the possibility of cooperation on tourism, while at the end of the meeting Kang Gin-Tak brought up the problems of Korean communities in the Crimea and asked the Crimean government to offer them support if need be. Deich answered the Korean official that the Koreans who live on the peninsula do not have any problems.

 

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