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Ukraine creates a favorable environment for foreign businesses

Ukraine creates a favorable environment for foreign businesses

Ukraine creating comfortable environment for foreign business

The Cabinet of Ministers of Ukraine tries to create a favorable environment for foreign investors and businesses to do business in Ukraine.

Denys Shmyhal, Prime Minister of Ukraine made a similar statement at a meeting of heads of foreign diplomatic missions in Kyiv and international organizations on January 28. Ukrinform reports with reference the Government portal.

The President of Ukraine Volodymyr Zelensky, Verkhovna Rada speaker Ruslan Stefanchuk and Deputy Prime Minister for European Integration Olha Stefanishyna were present at the event. Foreign Minister Dmytro Kuleba and Defense Minister Oleksii Reznikov also attended.

The Head of government noted that Ukraine had made significant improvements in implementing reforms that encourage European and Euro-Atlantic integration. Ukraine also launched an agricultural land market last year and was able to unlock large-scale privatization. Particularly, the record-breaking UAH 5.1 billion in privatization revenues in 2021 was achieved over the past decade.

According to the Prime Minster, one of the absolute priority reforms for Ukraine is to create a safe environment for foreign investors.

“We are working hard for a country that has a transparent investment policy and high standards of social and business conduct. Shmyhal said that we are trying to increase investments into Ukraine. “The protection of property rights as well as protection of investors’ rights are the main objectives of the Government.”

He spoke about the formulated package of initiatives that would increase Ukraine’s economic growth as well as create opportunities for systemic investments. These include large-scale digitization, the development public-private partnerships and support for the IT sector. They also continue to develop long-term and cheap money programs for small- and medium-sized enterprises and other instruments.

The Prime Minister also stressed the importance of reforming Ukraine’s judiciary system. He noted that two key laws adopted by the Parliament of Ukraine provide completely new mechanisms to form the High Council of Justice or select candidates for the High Qualifications Commission of Judges.

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As noted, Shmyhal thanked Ukraine’s foreign partners for providing political and military support to counter Russian aggression.

Photo credit: Government portal


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