Ukraine's Ministry of Economy, Italy's Confindustria agree on cooperation

That's according to the ministry's press service, Ukrinform reports.

"The Ministry of Economy of Ukraine and the General Confederation of Italian Industry (Confindustria) have signed a Memorandum of Understanding. The signing of the document is aimed at finding the most optimal mechanism for mutually beneficial cooperation between Ukraine and Italy, as well as deepening cooperation between the two countries' business circles," the statement said.

The signatories agreed to establish a permanent bilateral advisory mechanism on cooperation in the economic sphere, the statement added. It will envisage, in particular, cooperation in attracting investment to build industrial capacity in Ukraine, including industrial outsourcing and promoting Ukraine's participation in European and regional value chains.

In addition, support will be provided to business representatives of Ukraine and Italy in order to more effectively realize the opportunities for bilateral trade.

Representatives of the Ministry of Economy and Confindustria will set up a working group to implement the memorandum.

The General Confederation of Italian Industry unites more than 150,000 companies that make up more than 34% of Italy's GDP.

On June 20, Ukrainian President Volodymyr Zelensky met with the president of the General Confederation of Italian Industry, Carlo Bonomi. At the meeting, the head of state emphasized the importance of launching the confederation's office in Ukraine.