Korean ITOXI Corp. confirms investment intentions in City One Development's float glass plants
Ukrainian company City One Development and South Korea's diversified investment corporation ITOXI Corp. have signed a memorandum of long-term cooperation, marking a strategic partnership aimed at developing 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 culminated in a real agreement. This is just the first step in a long journey toward realizing our joint plans, and we are confident that our partnership will make a significant contribution to the development of Ukraine's economy," said Valeriy Kodetsky, President of City One Development Group, as quoted in the press release.
The memorandum, signed in April 2025 during a Korean delegation's visit to Ukraine, stipulates that two glass production plants will be built during the first stage of the project within the Misto Skla industrial park in Berezan, Kyiv region, and the Halychyna industrial park in Kalush, Ivano-Frankivsk region. This project is seen as a major milestone for introducing modern technologies, creating new jobs, and strengthening Ukraine's position as a producer of high-quality glass.
"We believe that our collaboration will open new horizons for investment and technological advancement. Ukraine has great potential, and we are proud to be part of this ambitious initiative. The signed memorandum is a critical step confirming our intention to invest in the country's glass industry. We are currently finalizing an 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 onset of the full-scale invasion in 2022. The plant is designed to produce 600 tons of glass per day, with an estimated investment of $140 million. It is being developed within the Misto Skla industrial park. At the end of 2024, the company launched construction of a second plant within the Halychyna industrial park.
The first plant is expected to be commissioned 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, execution, and management of large-scale residential infrastructure projects and actively invests in the development of Ukrainian industry.
City One Development's portfolio includes over 1.15 million square meters of completed projects and 600,000 square meters currently under construction.
Among its residential projects in Kyiv are Novopecherski Lypky, Boulevard of Fountains, Sviatobor Park Resort, and The Light. Its industrial projects include two float glass production plants within the Misto Skla and Halychyna industrial parks.
ITOXI Corp. is a leading investment company operating in various sectors, from computer games to medical equipment and large-scale international infrastructure projects. In November 2023, ITOXI UA was established with a charter capital of UAH 8.7 million, with founders ITOXI Corp. (holding a 51% stake) and Roman Hryhorishyn (holding 49%).
According to its website, ITOXI UA is a commercial B2B cooperation platform connecting Ukrainian companies with Korean partners. It currently unites 214 partners in Ukraine and 62 in South Korea, with over 17 projects underway.