IKEA confirms plans to work in Ukraine

Reuters

"We inform that a franchise agreement with Ukraine has been signed, but there is no exact date yet when the chain is to open," the company said in a statement, Hromadske reported.

Read alsoIKEA detector testIKEA, which designs and sells ready-to-assemble furniture, kitchen appliances, and home accessories, has long been trying to enter the Ukrainian market. However, attempts in 2005, 2008, and 2015 were not successful because of corruption and the inability to transparently negotiate the allocation of land with local authorities.

It was founded in Sweden, headquartered in the Netherlands.

The presence of IKEA in the local market is viewed by many as a positive signal for other international investors.