Ukraine Listens to Foreign Investors

KYIV, Ukraine, June 24, 2011 -

Ukrainian government will listen to all suggestions and
recommendations provided by the foreign and local investors. Such
statement was issued on Thursday, June 23 during the plenary
meeting of the Council of domestic and foreign investors
under the chairmanship of the President of Ukraine
Viktor Yanukovych.

“We receive from you very serious and useful signals as to what
needs to be done. And this mechanism works”, said Viktor Yanukovych
during the meeting with investors. Ukrainian president also
highlighted the importance of future state-private partnership. “I
am convinced that we [state administration and investors - Ed.]
need to cooperate”, stressed Yanukovych. He also mentioned that all
suggestions and recommendations provided by the foreign and local
investors will be included into the protocol of the special mandate
to be closely considered by the government and encouraged
businesses to actively participate in the national reforms.

In the course of the meeting the Ukrainian leader stressed the
importance of social responsibility activities and thanked
businesses for supporting and promoting such efforts.

Tomas Fiala, President of the European Business Association, the
largest community of foreign businesses in Ukraine, voiced his
opinion that pension and land reforms are the main factors that can
push further economic growth and give Ukraine a chance at a better
future on the world market. EBA president also believes that
renewing cooperation with the IMF is essential to provide financing
for the pending reforms.

It should be noted that on June 16, 2011 Ukraine adopted an
introductory pension reform bill which stipulates introduction of
the three-tier system creating alternative pension funds and
bringing pension system in compliance with the European standards
while increasing minimum time in employment by 10 years and
gradually raising the retirement age for women.

The Law of Ukraine on the Council of domestic and foreign
investors was adopted in late 2010 with the President issuing a
decree enlisting the Council’s 30 members in January 2011. The
Council of domestic and foreign investors includes top Ukrainian
and foreign investors from Austria, the EU, Japan, Poland, Russia,
Switzerland, Turkey, the UK, and the USA representing such top
companies as Microsoft, Nestle, Ernst & Young, et al. The
primary purpose of the Council is to attract, enable, and use the
investments.

For more information, contact Marina Khorunzha +380443324784, news at wnu-ukraine.com, Project Manager at Worldwide News Ukraine