iToxis announced on the 11th that it is gaining attention from local media as one of the top three foreign companies that entered Ukraine after the war, being featured in Forbes Ukraine.
iToxis operates businesses related to gaming, medical equipment, and industrial and consumer goods distribution. Together with its local Ukrainian partner Roman Grygoryshyn, iToxis invested in Kyiv last November to establish a joint venture. Grygoryshyn, a former economic advisor to the Presidential Office and former director of the Odessa regional government, holds a 51 to 49 equity ratio.
According to Forbes Ukraine, iToxis decided to invest after highly evaluating the growth potential of Ukraine’s reconstruction projects and aims for a sustainable long-term business through local partnerships. iToxis CEO Jeon Bong-gyu stated that he has maintained business relations since 2001 by working with the largest local broadcasting station and media business in Ukraine, building a long-standing connection. Additionally, during the COVID-19 pandemic, the company exported diagnostic kits, protective suits, and face shields to the Ukrainian government.
iToxis revealed that through the local joint venture, it has been developing projects and businesses necessary for reconstruction and is reviewing investments in local gypsum mines and glass manufacturing plants. Furthermore, it has agreed to operate the ‘Korea Beauty Zone,’ which sells Korean cosmetics, in partnership with EVA Group, the largest H&B store chain in Ukraine with 1,200 stores nationwide. iToxis also negotiated to prioritize the entry of ‘Nature Republic,’ for which it has acquired exclusive distribution rights in Ukraine.
According to Opendatabot, during the two years of war, foreign companies from Turkey, Uzbekistan, Poland, the United States, and others have established 2,625 new local corporations in Ukraine. Despite the risks following the Russian invasion, these companies are entering the market with an eye on the future growth potential of reconstruction projects.
An iToxis official stated, “Although Ukraine is in a wartime situation and there are some risks in business investment, if war insurance is purchased locally, the investment amount is fully guaranteed.” He added, “iToxis is closely consulting with the Ukrainian Ministry of Economy, Asset Recovery and Management Agency (ARMA), and the National Association of Extractive Industries of Ukraine (NAEIU) on construction raw material projects requiring foreign investment and local company mergers and acquisitions.”
He continued, “In particular, at the request of a listed Korean fire equipment manufacturer, we have arranged a joint contract with a large local fire equipment company, and the business is becoming more concrete. Currently, we are focusing company-wide on gaming and Ukraine reconstruction projects to achieve our sales targets.”
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