Business news from Ukraine

FOREIGN MINISTER OF UKRAINE INVITES ACC, EBA TO ATTRACT INVESTMENTS TOGETHER WITH FM

Foreign Minister of Ukraine Dmytro Kuleba has offered President of the American Chamber of Commerce in Ukraine (ACC) Andy Hunder and Executive Director of the European Business Association (EBA) Anna Derevyanko cooperation to develop trade and attract investment, the press service of the ministry said. “In the United States, Asian countries, and EU countries, the protection of internal business abroad, the development of trade, and the attraction of investments are some of the key functions of the foreign ministries. Now we are creating such an effective system of economic diplomacy in Ukraine. I would like to invite the leading Ukrainian business to unite forces,” Kuleba said during a video conference on Tuesday.
Kuleba also told about the relaunch of the Council of Exporters and Investors under the Ministry of Foreign Affairs. A meeting of the members, 80% of whom were reelected, is scheduled for May 21. Participants will be organized according to industry principles and will develop a joint work plan for the year.
The minister also shared with Hunder and Derevyanko his vision of cooperation between the diplomatic system and business, which will fill the agenda of relations with other countries with real cooperation projects, liberalize trade, expand the geography of exports, and attract investment in Ukraine.
Kuleba believes that successful Ukrainian business is also able to play a key role in establishing an effective system of economic diplomacy. It is, in particular, about professional expert assessment, attracting business to diplomatic education, and conducting special trainings and courses.
Derevyanko and Hunder, in turn, expressed gratitude for the initiative, which, in their opinion, is able to bring cooperation between business and diplomacy to a new level and contribute to the protection of Ukrainian economic interests. For their part, they confirmed their readiness to cooperate under the Council of Exporters and Investors, as well as in the development of an assessment system and diplomatic education.The parties paid special attention to the subject of encouraging foreign companies that transfer production from other regions of the world closer to sales markets, to locating production in Ukraine.

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FM CONFIDENT UKRAINE TO RECEIVE FIRST TRANCHE OF EU MACRO-FINANCIAL AID AFTER REACHING AGREEMENT WITH IMF

Ukraine has fulfilled a major part of conditions for receiving the first tranche of macro-financial assistance (MFA) from the European Union in the amount of EUR 500 million, acting Finance Minister of Ukraine Oksana Markarova has said.
“Most of the conditions for the first tranche have already been fulfilled. Some of them are in the process of implementation at the final stage. I think getting the first tranche is realistic enough,” she told Interfax-Ukraine on the sidelines of the 15th YES Conference organized by the Victor Pinchuk Foundation in Kyiv.
“The question is about reaching agreements with the IMF, which are also important for the MFA. We are working on this too, as soon as there is, I hope, a positive solution, then we will be able to [to get the MFA],” Markarova said.
Commenting on the specific conditions for the first tranche of the MFA, she said that the Finance Ministry had already approved seven general tax consultations since July.
“After we approved amendments to the Tax Code that enable the Finance Ministry to render these consultations, we did not actively use this tool. It’s my personal priority,” Markarova said.
She said that some legislative requirements are differently interpreted by tax offices in regions and courts, and the role of these generalized consultations is to provide equal interpretation, therefore, the ministry will use this tool.
Asked about the fulfillment of the requirement to ensure effective verification of information on beneficiaries in the public register, Markarova said that this requirement has already been practically fulfilled, as it is prescribed.
“This is a matter of changing the legal acts. There is already a clear understanding of what needs to be changed in the regulatory framework to make this possible. I think we will fulfill this condition,” the acting minister said, adding that there is no need for legislative amendments.
At the same time, she said that, in general, the verification of beneficiaries is a very complex issue. Markarova said that there is no country that can show how it works, in particular, this is a new experience for European partners of Ukraine.
The acting minister also said that the draft national budget for 2019 announced all the required funds for the work of the High Anti-Corruption Court.

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