Source: Government of Ukraine
Three tools prove crucial to ensure successful leveraging of foreign and domestic investment: investment infrastructure, investment climate and investment opportunities. Prime Minister Denys Shmyhal stated during a round table on stimulating and developing investment activities in Ukraine.
The event gathered together foreign ambassadors to Ukraine, MPs, representatives of the Cabinet of Ministers and public authorities.
At the start of the meeting, the Prime Minister noted the successful holding of the 22nd EU-Ukraine Summit, which took place in Brussels on October 6. Following the Summit, President of Ukraine Volodymyr Zelenskyy, President of the European Council Charles Michel and Vice-President of the European Commission Josep Borrell issued a joint statement demonstrating Ukraine’s commitment to the European and Euro-Atlantic course.
“I think this is a strong message for international investors. This document is the basis for the work of the Government and in line with that we are beginning preparations for a meeting of the Council of the Association, which is scheduled for December 8 this year. The political vector of our country remains unchanged and the Government is continuing reforms that give a strong impetus to Ukraine’s economic development,” the Prime Minister emphasized.
Denys Shmyhal noted that the investment infrastructure, investment climate and investment opportunities are the three pillars for the investment activity to base on and develop in any country.
“The potential for opportunities in Ukraine is huge. One of those that the Government is working on is the privatization of state-owned enterprises. This year we have received more from privatization than in the last two years in total. At that, we clearly define three main conditions for privatization: new jobs, payment of taxes and additional investments,” the Head of Government accentuated.
Moreover, the Prime Minister noted that the Government is actively using the public-private partnership (PPP) instrument. “This applies to almost all infrastructure facilities: ports, railway stations, roads. There is a great demand here from both domestic and foreign investors,” said Denys Shmyhal.
According to the Head of Government, investment infrastructure plays a key role in capital raising. Denys Shmyhal considers one of the most important projects in the field of industrial and innovation parks “Diia. City”.
“Through this project, we want to create a virtual free economic zone in a bid to attract foreign investors aimed to create jobs on favorable terms. Favorable tax rates, no bureaucracy, a convenient digital platform for doing business and getting all the necessary services online – these are the advantages of the project “Diia. City,” said the Prime Minister.
According to Denys Shmyhal, in the context of investment infrastructure, a number of bills are being considered, including the so-called law on “investment nannies”, which creates appropriate support for large investments. “We are also working on the development of a single investment window Invest in Ukraine and have recently presented a comprehensive guide for foreign investors UkraineInvestGuide,” told the Prime Minister.
Improving the investment climate, according to the Prime Minister, includes curbing corruption, simplifying doing business, raising Ukraine in international rankings, completing judicial reform and ensuring fair justice for investors.
“These are the general and essential directions that the Government is working on in synergy with the Verkhovna Rada in order to win geopolitical and regional competition in terms of attracting investments to our country,” summed up Denys Shmyhal.