In April 2025, during the visit of a South Korean delegation to Ukraine, a landmark event took place: Ukrainian company City One Development and South Korea’s diversified investment corporation ITOXI Corp. signed a memorandum of long-term cooperation. This strategic partnership aims to advance glass manufacturing in Ukraine, an essential step toward strengthening the country’s industrial capacity.
Under the memorandum, the first phase of the project will involve the construction of two glass production plants within the “City of Glass” industrial park (Berezan, Kyiv region) and the “Galicia” industrial park (Kalush, Ivano-Frankivsk region). This initiative marks a significant milestone in the adoption of modern technologies, the creation of new jobs, and the consolidation of Ukraine’s position as a producer of high-quality glass.
Valerii Kodetskyi, President of City One Development Group, stated:
“We are pleased that our efforts to attract a foreign partner from a friendly country have resulted in a real agreement. This is only the first step in a long journey of implementing our shared vision, and we are confident that this partnership will make a meaningful contribution to Ukraine’s economic development.”
Alex Cheon, CEO of ITOXI Corp., added:
“We are confident that our joint efforts will open up new opportunities for investment and technological advancement. Ukraine has immense potential, and we are proud to be part of this ambitious initiative. The signed memorandum is a crucial step forward, reaffirming our commitment to investing in the development of the country’s glass industry. Currently, the acquisition process of a stake in the project is underway.”
ITOXI Corp. is a leading investment firm known for delivering large-scale infrastructure projects on the global stage. Its involvement in this partnership as an investor underscores the growing confidence in Ukraine’s economic potential. This agreement is not only a key milestone in attracting foreign capital but also a symbol of integrating innovative solutions into the country’s industrial sector.
It is worth noting that City One Development began construction of the first float glass production plant in Berezan in early 2022, during the onset of the full-scale invasion. The plant is designed to produce 600 tons of glass per day, with a total project value of USD 140 million. It is being implemented within the “City of Glass” industrial park. In late 2024, the company also launched the construction of a second plant within the “Galicia” industrial park in Kalush, Ivano-Frankivsk region.
The commissioning of the first plant is expected in 2027, followed by the second in 2028.