Business news from Ukraine

The idea of an “investment nanny” for investors includes signing agreements with the government of Ukraine on specific conditions in case of violation of which the Cabinet of Ministers will respond in international courts, Minister of Economic Development, Trade and Agriculture Tymofiy Mylovanov has said. “The idea of an “investment nanny” is that the government of Ukraine signs specific conditions with the investor and thus the government will responsible to the investor in international courts for violations, while the investor will also be responsible to the government of Ukraine – this is a mirror agreement,” he said on the air of the Freedom of Speech (Svoboda Slova) program on ICTV.
The minister is confident that in this way the state shows foreign and Ukrainian investors that it is ready to ensure the rule of law. Mylovanov added that in parallel with this, the judicial and law enforcement systems should be reformed to build trust in them.
“It’s about the right to sign an agreement. Today the law does not allow the Cabinet of Ministers to sign a separate agreement. Are we signing international agreements? It’s the same thing, because we sign them with international financial organizations, and this is a big investor. Is the one with the IMF an international agreement? It is an individual international deal with a large international investor. Do we sign agreements with the EBRD [the European Bank for Reconstruction and Development] and the World Bank? Yes, and now we say that any large investor, not only international financial organizations, will get the right to sign a contract with the government,” the minister said.