Robert Besser
16 Dec 2022, 12:17 GMT+10
VEVEY, Switzerland: Nestle has announced that it will invest $42.88 million to open a new production facility in western Ukraine, becoming one of the very few international companies to make investments in Ukraine since Russia's invasion that began in February 2022.
The company, which already has about 5,800 staff in Ukraine, is planning to build the new production facility in Smolyhiv in the Volyn region, adding 1,500 new jobs.
In a statement, Alessandro Zanelli, Nestle chief executive officer for South Eastern Europe Market, said, "This is an important move for Nestle, taken in a very challenging time for the country."
"We aim to create a food and culinary hub, ensuring incremental jobs and serving the needs of Ukrainians and all European citizens with high quality products," he added.
According to the International Monetary Fund, the damage caused by Moscow's invasion to the Ukrainian economy will cause it to shrink by 35 percent this year.
Russia has also intensified its attacks on power facilities in recent weeks, causing power blackouts around the country.
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