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Source: Government of Ukraine

Continuing reforms, particularly in the area of doing business, is one of the Government’s key objectives. Prime Minister Denys Shmyhal announced during an online conversation with leading entrepreneurs “Ukraine and the World in 2021”, which took place on December 17.

According to the Prime Minister, the Government aims to reach TOP-50 in the Global Competitiveness Index and TOP-30 in the Doing Business ranking.

“Now in the Doing Business ranking, we range around 60th position. There are three parameters that keep us down. These are Getting Electricity, Resolving Insolvency and Getting Credit,” noted Denys Shmyhal.

The Head of Government emphasized that these are the risks that both domestic and foreign investors perceive as a constraint on business development.

The Prime Minister noted that the Bankruptcy Procedure Code of Ukraine had already been adopted. Further work in the legislative sphere and with by-laws in this sphere will allow Ukraine to rise in the Doing Business rating.

“Legislative changes are also crucial regarding the connection to the power grid. We have already taken the first steps. The so-called RAB tariff has been introduced in Ukraine. This is a part of the tariff, which is reimbursed to the owners of electric networks and directed by them, in fact, to reinvestment to develop the networks and, most importantly, to reduce the cost of connection,” told Denys Shmyhal.

The Prime Minister added that it is also critical to legally regulate the procedure of connection to the power grid: “We are also engaged in this activity. This is one of the priorities for both the business and investors.”

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