Ukraine is set to Create Favorable Conditions for InvestorsBy Worldwide News Ukraine, PRNE
Sunday, May 22, 2011
KYIV, Ukraine, May 23, 2011 -
President of Ukraine Viktor Yanukovych believes it is his duty to create
favorable conditions for investors in Ukraine, he said while visiting the JSC
"Eurocar" that produces "Skoda" cars in Ukraine.
The "Eurocar" plant, located in Uzhgorod region in Western Ukraine, is a
$ 250 million automobile assembly project, which was designed and built when
Ukraine has already become independent; now employs 540 people, who went
through professional training abroad. The ISO 9001:2000 certified plant is
expected to possess a full production cycle by the end of this year, after
the installation of specifically designed body welding and body painting
During the visit the Ukrainian President noted the overall improvement of
investment climate in the country highlighting that as the head of state he
pays a lot of attention to improving the regulatory and tax policy and to
combating corruption. He also believes it is his duty to create favorable
conditions for investors in Ukraine.
In December last year the Ukrainian leadership has identified and
embarked on implementation of four key reforms, namely: tax, administrative,
anti-corruption and pension reforms. The first to accomplish has been the
administrative reform designed to reduce the number of public servants by
reorganizing the ministries and decreasing their number by a third.
Shortly afterwards, the Ukrainian parliament has adopted the Law On
Principles of Prevention and Combating Corruption in Ukraine, which requires
all government officials including head of the state and members of the
parliament to bear criminal and/or administrative responsibility for acts of
corruption, and publicly declare their income and, what is more important,
any expenses that exceed their income. The adopted law will take effect on
July 1, 2011, except for the article on financial control, which will be in
force as of Jan. 1, 2012.
As far as financial risks are concerned, Ukraine's issuer default rating
(IDR) has improved in July, 2010 from B- to B according to Fitch Ratings. The
Standard and Poor's agency rated Ukraine as CCC+.
To stimulate foreign investments, in July of 2010, the Parliament adopted
the law on public-private partnership which allows foreign businesses to
benefit from the national regime for investment and business activities and
allows for additional guarantees protecting their investment.
For more information, contact Maryna Khorunzha +380443324784
news at wnu-ukraine.com, Project Manager at Worldwide News Ukraine.
Tags: Kyiv, May 23, Ukraine, Worldwide News Ukraine