Danish companies cautious, but staying in Ukraine

Unpredictable situation creating nervousness in firms, especially those located in the east

Danish companies say they will remain in Ukraine, but those located in the east, where tensions are increasing, are considering moving to the western part of the troubled country.

“Businesses are not leaving the country, including those in eastern Ukraine,” Tetyana Kobchenko, export counsellor at the Danish embassy in Kiev told Jyllands-Posten. “Businesses that have offices in Crimea are rearranging, because that region is now under Russian law.”

Kobchenko said that contracts with customers in Crimea are being cancelled until new regulations are established.

"Some companies are considering moving their offices from the eastern part of the country to Kiev or Lviv, but none have actually moved yet,” said Kobchenko.

READ MORE: Crimean crisis causing concern at Danish companies

Cautious optimism
Danish companies working in Ukraine held a meeting this week to discuss a new program to make it easier for Ukrainians to get visas to Denmark if they trade with Danish enterprises or institutions.

There are plenty of Danish companies in the country, including Auditdata, Cimbria, Danfoss, Novo Nordisk, Grundfos, Lego, Maersk and Carlsberg. Most of them are based in Kiev and are cautiously optimistic about the promise by the interim government of Ukraine for a less corrupt and easier business environment.

But the economic crisis is creating concern among businesses, regardless of where they are located in Ukraine. The country is close to bankruptcy. That – along with the political turmoil – has put massive pressure on the Ukrainian currency.

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