Business news from Ukraine

AMERICAN CHAMBER OF COMMERCE INTERESTED IN DEVELOPING DIGITAL ECONOMY IN UKRAINE

Representatives of the American Chamber of Commerce (ACC) and adviser to the president of Ukraine Mykhailo Fedorov have discussed the problematic issues of work in Ukraine and the prospects of development of digital economy, according to the official website of the president of Ukraine.
American business representatives focused, in particular, on searches at IT companies, IT industry taxation and access to infrastructure to install the telecommunications equipment of providers, as well as the key interests in the development of mobile and fixed broadband Internet, electronic court and the adoption of priority bills necessary for the IT industry.
The report says that all the above mentioned proposals will be considered by the Office of the President of Ukraine in order to attract innovative American business to the development of the digital sphere in Ukraine.
“We are very interested in attracting the capabilities of members of the American Chamber of Commerce to the development of joint projects in the field of broadband Internet, electronic identification, and so on,” Fedorov said.
ACC representatives expressed interest in the development of digital economy in Ukraine.
Fedorov presented a digital action plan during the meeting.
“The development of digital economy should be priority number one for Ukraine. We must implement the digital transformation of the existing sectors of the economy and create favorable conditions for the emergence of new ones. Otherwise, we risk lagging behind the leading economies of the world forever. Together with the core business and the public, we have defined clear objectives and goals until 2024,” he said.

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AMERICAN CHAMBER OF COMMERCE IN UKRAINE CONCERNED ABOUT INTRODUCTION OF THE PSA MECHANISM

The American Chamber of Commerce in Ukraine is concerned about the introduction of the PSA (product sharing agreements) mechanism in addition to the license/royalty regime which continues to run in parallel.
The Chamber said that the criteria discriminating PSA and other blocks are unclear. The current PSA process is seriously flawed.
“PSAs are not used in any EU country, and their use in Ukraine only underlines the urgent need for reforms in the existing oil and gas fiscal and regulatory regime,” the Chamber said, adding that a single, fair, stable and non-discriminatory environment for oil and gas is one of the key factors in attracting major international investment.
The American Chamber of Commerce in Ukraine looks forward to working with the government and members of the international community to offer ways to address shortcomings in the current PSA process and to create an environment that sparks a resurgence of interest in the sector and allows Ukraine to achieve its objectives including self-sufficiency in gas.

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