The Cabinet of Ministers of Ukraine has officially registered a new industrial park ‘Phoenix – Valley of Innovations’ in the city of Drohobych, located in the Lviv region. The new multipurpose industrial site will cover an area of 11.12 hectares and will serve as a location for enterprises operating in the fields of construction materials production, household appliances, woodworking, machinery for the agricultural sector, chemical industry, and alternative energy.
This is reported by Business • Media
Potential of the ‘Phoenix’ Industrial Park
According to estimates from the Ministry of Economy, the launch of the park will create approximately 500 new jobs, which will be an important boost for the development of the region’s processing industry. It is expected that the project will enhance the investment attractiveness of the Lviv region and open new opportunities for the export of Ukrainian products.
‘The total investment in the development of the ‘Phoenix’ park is estimated at ₴474.3 million ($11.3 million), of which: loan funds – ₴200 million; contributions from potential participants – ₴155 million; state incentives – ₴60 million; funding from the project initiator – ₴59.3 million.’
Development Plans and Government Support
The initiator of the industrial park’s creation is the company ‘Phoenix – Valley of Innovations’. Government support will facilitate the development of the park’s infrastructure and accelerate the launch of production capacities. A significant portion of the investments is provided through loan resources, as well as contributions from potential participants and the project initiator.
Currently, there are 107 industrial parks registered in Ukraine. At the same time, the government plans to close about 20 sites that remain inactive.