Metinvest named the conditions for increasing foreign exchange earnings from the export of metal products
The main factor that will contribute to the development of Metinvest’s export capabilities and the growth of foreign exchange earnings is the safe shipment of products across the Black Sea, said the group’s financial director Yulia Dankova during the Export Credit Forum 2023.
“We must there will be a constant possibility of receiving ships, insuring these ships, and the ability to cooperate with financial institutions. So that the opportunity to receive funds would be not after passing the Bosphorus or Suez, but as before - after loading the products onto the ship,” Yulia Dankova emphasized.
The second factor is the possibility of obtaining financing for small and medium-sized Ukrainian companies consuming metal products Metinvest, so that they can export products and have a stable cash flow.
“Then we, as suppliers, will be protected. This will also contribute to the growth of export volumes and foreign exchange earnings in Ukraine,” she added.
Another condition for the growth of foreign exchange earnings in the country is the solution to the issue of re-clearing goods in transit through European countries. Yulia Dankova believes that Ukraine should join European initiatives to develop a computerized transit system.
In addition, expanding the range of non-commodity product groups according to the KVED codes supported by the Export Credit Agency could increase the company’s export capabilities. Currently, the list of metal products covers only pipes and does not include flat and long products - products with high added value.
According to Yulia Dankova, recognition of Ukrainian quality certificates or assistance in certification would also help promote the domestic product in the world products in the markets of other countries.
The financial director of Metinvest added that the company’s work is negatively affected by a lack of personnel. In addition, in her opinion, business together with the state should become a reliable partner for Western consumers even in war conditions.