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perspective of the 10-year recovery of Ukraine," Pereghinets emphasized.
Reconstruction of Ukraine will take place according to EU standards. This includes, in particular, that construction materials produced by Ukrainian manufacturers must comply with EU standards and characteristics, said Olena Shulyak, head of the parliamentary committee on urban planning. She explained that parliamentarians have already passed several laws on improving the construction sector. In particular, the European integration law concerns the minimum energy efficiency requirements for buildings and structures. "We have no other way. We must not just use European rules, but the European integration course that we have been following for a long period," Shulyak emphasized. She noted that Ukraine should study the issue of processing construction waste because there are currently two million tons of construction waste in the Buchan district of the Kyiv region (according to preliminary estimates, only in the residential sector).
Foreigners invest in the Ukrainian real estate market. Yuriy Pita, president of the Association of Real Estate Specialists, said foreigners are increasingly buying housing in Ukraine. These are mainly citizens of Canada, Israel, and Spain. According to him, the real estate market in Ukraine has been significantly revived. Several factors explain the increase in demand. First, it is delayed demand. At the beginning of the war in Ukraine, many people planned to buy real estate, but due to the unstable situation in the country, they postponed these plans. Now that the situation has become more predictable, these buyers are implementing their plans. Secondly, Ukraine has attractive conditions for investment in real estate. Typically, these investments are more profitable than bank deposits. Thirdly, Ukraine does not have many alternatives for investing funds. Foreigners choose the Ukrainian real estate market because it is stable and promising. Even with the risk of destruction, which exists in any country, foreigners are ready to invest in housing.
9.1.6 Agriculture sector news
Last year, Ukrainian farmers' profit decreased by 170% to UAH 87.1B.The Institute of Agrarian Economics reported that this is the total profit from the agricultural, forestry, and fishing industries. The department noted that this is the highest indicator in terms of physical volumes among all types of economic activity, while it is 170% less than the record level in 2021. According to the institute, the agricultural sector became one of the four that maintained a positive financial result in wartime conditions, and it achieved the highest operating profitability (20.3%) and overall activity (13.6%). The industry has reportedly suffered significant losses because of the war. However, 78.4% of its enterprises were able to ensure a positive financial result. Although the share of unprofitable agricultural enterprises increased from 11.7% in 2021 to 21.6% last year, it is the smallest among all types of economic activity. At the same time, high dependence on the export of products requires radical measures to expand the possibilities for selling agricultural products, especially those with a high added value content.
Ukrainian President Volodymyr Zelenskiy has signed a law allowing for the use of genetically modified organisms (GMOs) and their products on the market, Interfax Ukraine reported on September 18.
The newly signed law, bill No. 5839, establishes a robust legal and
77 UKRAINE Country Report October 2023 www.intellinews.com