Ukrainian company City One Development and South Korean diversified investment corporation ITOXI Corp. have signed a memorandum of long-term cooperation. The partnership is strategic in nature and aims to develop glass production in Ukraine, City One Development's press service told Interfax-Ukraine.
“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 on a long road to implementing our shared plans, and we are confident that our partnership will make an important contribution to the development of Ukraine’s economy,” said Valerii Kodetskyi, President of the City One Development group, as quoted in the press release.
The memorandum, signed in April 2025 during a visit by a Korean delegation to Ukraine, outlines that in the first phase of the project, two glass manufacturing plants will be built within the industrial parks “City of Glass” (in Berezan, Kyiv region) and “Halychyna” (in Kalush, Ivano-Frankivsk region). This project marks a major milestone for introducing modern technologies, creating new jobs, and strengthening Ukraine’s position as a producer of high-quality glass.
“We are confident that our joint work will open new horizons for investment and technological progress. Ukraine has tremendous potential, and we are proud to be part of this ambitious initiative. The signed memorandum is an important step confirming our intention to invest in the development of the country’s glass industry. At the moment, we are finalizing the agreement to acquire a stake in the project,” said Alex Cheon, CEO of ITOXI Corp.
City One Development began construction of its first float glass plant in Berezan at the start of Russia’s full-scale invasion in 2022. The plant is designed to produce 600 tons of glass per day, with a project value estimated at $140 million. It is being implemented within the “City of Glass” industrial park. At the end of 2024, the company also started construction of a second plant within the “Halychyna” industrial park.
Commissioning of the first plant is expected in 2027, and the second in 2028.
City One Development is an investment and development company with over 15 years of experience. It specializes in the creation, implementation, and management of large-scale residential infrastructure projects and actively invests in the development of Ukrainian industry.
