Ukrainian and foreign business, ready to invest more than EUR12 mln, will receive tax benefits, regulatory relief and support at the level of project implementation, Prime Minister Denys Shmygal said.
“Actually one of the key tasks in the economic sphere for this year is to increase foreign investment in Ukraine. For this purpose we are working with partners. For this purpose insurance of military risks has been launched. We constantly improve conditions for investment projects. Today we will adopt a decree improving the mechanism of state support for large investment projects,” Shmygal said at a government meeting on Friday.
According to him, Ukrainian and foreign business, which is ready to invest more than EUR12 million and create new jobs, will receive maximum support and special conditions, in particular, tax benefits, regulatory relief, and support at the level of project implementation.
“Today’s decree concerns a new approach to the preparation of a feasibility study of an investment project. We remove and simplify a number of provisions, including the necessity of economic analysis, the revision of the social assessment of projects, as well as we weaken the requirements of financial solvency of the applicant,” Prime Minister said.
Shmygal emphasized that all these decisions have a single goal – to launch more investment projects, which will create more jobs and strengthen communities and the economy.
FOREIGN BUSINESS, tax benefits, UKRAINIAN BUSINESS, Денис Шмигаль
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Ukrainian President Volodymyr Zelensky has invited foreign business to participate in the investment council under the Presidential Administration of Ukraine, which will meet twice a year. “We have a very large package of innovations. This is our State in Smartphone project, which will ensure a reduction in red tape pressure on people. It is the presidential administration that is restoring the investment council. We would like to hold it twice a year. And we invite you, because the more this council has foreign business, the more transparent it will be,” Zelensky said at a meeting with German businessmen, the press service of the presidential administration of Ukraine said on Tuesday.
The president of Ukraine noted the need to eliminate the pressure of law enforcement on business. Future plans include ensuring the independence of courts and law enforcement agencies, the creation of “electronic customs” and the fight against smuggling.
“The investment climate is a priority for us. I understand what foreign business is afraid of: our law enforcement agencies, which put pressure on businessmen, our courts, which do not protect it,” the head of the Ukrainian state said.
Representatives of the German business said they hoped for the development of cooperation, but this requires an improvement in the investment climate and the adaptation of European standards in Ukraine.
The event was attended by representatives of companies which total portfolio is EUR 220 billion.
“This is more than two GDPs of Ukraine, and these are about 450,000 jobs,” President of the German-Ukrainian Chamber of Commerce and Industry Andreas Lear said.
The president of Ukraine and business representatives also discussed the investment attractiveness of Ukraine.
Over 2,000 participants of the fifth Kyiv International Economic Forum (KIEF) were exchanging ideas and experience, finding partners, clients, and investors on October 18–19, 2018 in Kyiv. KIEF has confirmed its reputation as a world-class business event and a powerful platform for dialogue between Ukrainian and foreign business, which plays the role of a generator of new investment projects.
More than 100 speakers—well-known entrepreneurs, economists, investors, representatives of financial organizations and authorities from more than 30 countries have participated in this Forum. More than 150 representatives of both Ukrainian and foreign media—from the USA, Great Britain, Germany, Poland, and France—have covered the Forum.
The Forum was opened by the Prime Minister of Ukraine Volodymyr Groysman. He drew attention to the growth of Ukraine’s GDP for ten quarters in a row and the country’s rise in most global ratings, but he also noted that we can and must achieve even greater growth because Ukraine has a large unrealized potential. Mr. Prime Minister is confident that human capital can help the Ukrainian economy to grow by more than 5% a year. Therefore, one of the Government’s priorities is investment in education and training of professional personnel.
The future of countries, businesses, and communities in the high-tech world, where breakthrough technologies and rapid transformations change the rules of the game on the conventional markets, was the key topic of this year’s KIEF. World-renowned experts from various fields gave their insights and predictions about key changes that will influence the humankind in the coming years, and what countries and businesses need to do to use the challenges of the new era for the better. During the discussions, the issue of human capital was of top priority because innovation requires talents and developed ecosystems, not cheap labor and raw materials.
“Five years ago, when I was inviting foreign investors to Ukraine, I told them about cheap labor and smart people. But today these advantages do not work—technology is more important. There are two challenges facing the manufacturing—robotization and artificial intelligence. To effectively use these innovations and beat the competition, companies need talented professionals. Therefore, it is important to ensure all possible conditions for talents to stay in the country and create successful teams here,” comments the initiator of KIEF and founder of the UFuture Investment Group Vasyl Khmelnytsky.
Foreign investors also pointed out the rich human potential of our country. In particular, José Manuel Entrecanales, CEO of Acciona, which entered Ukraine with large investments in renewable energy this year, noted that “Ukraine has more talent that you would normally find at an emerging market.”
Vasyl Khmelnytsky brought into focus another aspect of the new era: “Today many large companies in Ukraine are introducing innovations. As a result, there will be job cuts. Therefore, the state needs to support small and medium businesses, as they can create millions of jobs and balance the situation in the labor market.”
KIEF also plays an important reputation role—it represents Ukraine to foreign business. The Forum helps Ukrainian and foreign entrepreneurs meet in person, find common language and interests, as well as agree on the development of joint projects. Like in previous years, KIEF was attended by numerous delegations of potential investors, this time from Italy, Spain, and others.
Participants of the panel discussions of KIEF 2018 paid much attention to the global competition and transformations businesses need to undergo in various areas in order to survive in modern conditions. During the Forum, industry specialists and entrepreneurs also searched for answers to current issues of the local economy. Among them were: creating innovation ecosystems to retain qualified personnel inside the country, search for resources to develop transport infrastructure, interaction of small, medium and large businesses, introduction of new technologies in the agricultural sector, etc.
Kyiv International Economic Forum (KIEF) is a permanent platform for the formation of Ukraine’s economic development strategy. It is aimed at organizing a dialogue between experts, business and government, adopting the best international experience, creating a roadmap for development and facilitating the conversion of ideas into real actions. www.forumkyiv.org.
