Today there is so much fear that greediness has disappeared

Interfax Ukraine Business Daily

7555 words

30 January 2009

17:32

Davos (Switzerland), January 30 (Interfax-Ukraine) - ICON Private Equity plans in H1 209 to conduct a number of investments in Ukraine, according to its managing partner, Kirill Dmitriyev.

"Even in this situation, we'll make two or three investments in the next four or five months," he told Interfax-Ukraine on Thursday after a roundtable on philanthropy amid the crisis, which was organized with assistance of the Viktor Pinchuk Fund.

He did not disclose which projects, adding that in the conditions of the downturn, the agricultural, pharmaceutical sectors, collecting agencies, mother and baby retail chains are the most attractive.

He said that the fund has four investments in Ukraine: on the financial market - a deal on entering Delta Bank's retail capital is under finalization, and in the agricultural sector - the participation in one of the largest organic food producers in Ukraine.

"We also entered the telecommunications sector, but we'll disclose details later," he said.

Dmitriyev said that the fund of over $1 billion, which includes projects in Russia, Italy, Bangladesh, has free funds of several million dollars.

He said that the Ukrainian investment image could be fundamentally changed only with the participation of the state.

He said that international turmoil and political instability have frightened investors from Ukraine.

"Investors are always guided by fear and greediness. It's unclear what will happen in Ukraine. They put up with this when growth was seen. Today there is so much fear that greediness has disappeared," he said.

Dmitriyev said that the situation is really very dangerous, and if the state did not start moving in the right direction, Ukraine could be pushed 10-15 years backwards.