OREANDA-NEWS. December 17, 2010. The Prime Minister of Ukraine Mykola Azarov suggested Korean company POSCO LED to cooperate in production of LEDs in Ukraine. The Head of the Government said that today during a meeting with the Korean company POSCO LED representatives.

"We know about the success of your company. We are interested in establishing full-fledged investment cooperation with you" - Mykola Azarov said.

He said that Ukraine makes very significant steps to improve energy efficiency of domestic production, working to decrease energy spending.

"Particularly the illumination is the sensitive issue. We are using almost everywhere the incandescent bulbs, which consume much more energy than, for example, LED ones" - the Head of Government noted. He added that in Ukraine there are several companies that produce lighting devices using LEDs, but they have to by the LEDs abroad.

However, Mykola Azarov is convinced that now there are all the opportunities to organize own production of LEDs: "That is why the Government of Ukraine is ready to support such investment project. If your company is ready to implement such an investment project, we, from our part, are ready to consider all necessary mechanisms through which you can help organize such production."

The Prime Minister drew attention of Korean companies at attractive tax conditions that will be provided to companies engaging in energy-saving technologies in Ukraine: "In particular, we have a law under which provides 50% less income tax for those enterprises implementing such technologies. There are a number of other tax benefits, which we can discuss when talking about specific projects."

In turn, the executive vice president of POSCO LED Jong Yong Dai thanked the Prime Minister for the opportunity to discuss future cooperation on such a high level. He said that currently the interest in the production of LEDs in the world is growing and, therefore, cooperation in this direction is quite promising. "Our company considers very carefully future expansion of cooperation with Ukraine" - he said and added that POSCO LED will examine in near future the proposal of the Ukrainian Government for the joint production of LEDs in Ukraine.