11:27 01.02.2018

Experience of IKEA, H&M in Ukraine to be important for future investment of Swedish companies – Swedish ambassador

2 min read
Experience of IKEA, H&M in Ukraine to be important for future investment of Swedish companies – Swedish ambassador

Experience of large Swedish companies like IKEA and H&M in Ukraine would be a guideline for Swedish investors, Swedish Ambassador Martin Hagström has said.

"IKEA's experience in Ukraine will be also important for future investment of Swedish companies. This will be a guideline for them… They will be attentively monitor experience of H&M, one of the largest retail chains in the world, which also announced its arrival to the Ukrainian market," Hagström said in an interview with Interfax-Ukraine.

According to him, Swedish consumers are apprehensive about the information that Swedish companies may be involved in corruption, so investors think twice before they master the new market.

"It's no secret that for IKEA, which is currently planning to enter the Ukrainian market, one of the biggest issues is the situation with corruption. I think that the fact that IKEA decided to come to Ukraine is a sign that the company sees the changes and it is confident that it will be able to work here based on its principles," Hagström said.

The ambassador also said that corruption is still a big obstacle for investors in Ukraine.

"When I meet with companies that think about coming to the Ukrainian market, their questions mainly concern two things: corruption and the functioning of courts, because if you come to the market, you want to know that your investments will be protected," the diplomat said.

He said that there are about a hundred Swedish companies operating on the Ukrainian market.

As reported, late 2017, it was announced that IKEA is studying the Ukrainian market and plans to open a first store in Kyiv within two years.

H&M in 2017 signed a contract to open a store with Lavina Mall in Kyiv.

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