The Cabinet of Ministers has registered a new industrial park ‘Phoenix – Valley of Innovations’, located in the city of Drohobych, Lviv region. A modern multifunctional complex will be created on an area of 11.12 hectares, which will unite enterprises in the production of building materials, household appliances, woodworking, machinery for the agricultural sector, chemical industry, and alternative energy.
This is reported by Finway
Economic Development and Job Creation
According to the Ministry of Economy, the implementation of this project will allow for the creation of up to 500 new jobs. It is expected that the new industrial park will contribute to the growth of the processing industry, increase the investment attractiveness of the region, and open additional 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; financing from the initiator of the creation – ₴59.3 million,” the statement reads.
Funding and Support
The initiator of the park’s creation is the company ‘Phoenix – Valley of Innovations’. Significant state support will allow for the rapid development of the park’s infrastructure and accelerate the launch of production sites. The total amount of investments attracted to the project exceeds $11 million, part of which will be provided by loan resources, state incentives, contributions from potential participants, and the initiating investor.
In total, the Cabinet of Ministers has already registered 107 industrial parks across the country. However, in the near future, it is planned to liquidate about 20 sites that have not started operations and do not fulfill their assigned functions.