Business news from Ukraine

UKRAINIAN PRESIDENT ZELENSKY INCLUDES CEOS OF GENERAL ELECTRIC, RAKUTEN, CITIGROUP TO NATIONAL INVESTMENT COUNCIL

Ukrainian President Volodymyr Zelensky has reshuffled the National Investment Council, appointing two deputies head of the Office of the President of Ukraine and introducing officials from foreign companies.
In particular, Zelensky’s decree introduces Senior Vice President, CFO of General Electric (the United States) Jamie Miller, Board Chairman and Executive Director of Rakuten Inc. (Japan) Hiroshi Mikitani, as well as CEO at Bank Citigroup Inc. (the United States) for Europe, Middle East & Africa (EMEA) David Livingston (all three by their consent) as members of the National Investment Council.
The President introduced Livingston to the National Investment Council instead of Chief Operating Officer for Europe, Middle East & Africa (EMEA) at Bank Citigroup Inc. James C. Cowles.
In addition, deputies head of the office of the President of Ukraine Oleksiy Honcharuk and Vadym Prystaiko were approved members of the council.

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UKRAINIAN PRESIDENT RESHUFFLES NATIONAL INVESTMENT COUNCIL

Ukrainian President Volodymyr Zelensky has changed composition of the National Investment Council, appointing himself head of the council.
According to a posting on the website of the head of state, decree No. 423/2019 was signed on June 21.
“The Council includes: the Prime Minister of Ukraine; the Governor of the National Bank of Ukraine (by agreement); the First Vice Prime Minister of Ukraine, Minister of Economic Development and Trade of Ukraine; the Minister of Finance of Ukraine; the Minister of Justice of Ukraine; and also representatives of the Ukrainian and foreign organizations and companies, business circles, experts on issues of attracting investments, development of entrepreneurship, specialists in the field of economics, finance (subject to their consent),” the president said in the amended paragraph 5 of the Regulations on the National Investment Council.
The Council consisting of 29 members was approved by the decree. Candidate to people’s deputies from the Servant of the People Party David Arakhamia is appointed Secretary of the Council. Also, the National Investment Council includes deputy heads of the Presidential Administration Oleksiy Honcharuk and Vadym Prystaiko, president’s advisor Andriy Yermak and president’s advisor Oleh Ustenko.
After the change of its composition, Prime Minister of Ukraine Volodymyr Groysman, First Deputy Prime Minister, Minister of Economic Development and Trade of Ukraine Stepan Kubiv, Minister of Finance of Ukraine Oksana Markarova and Minister of Justice Pavlo Petrenko are left members of the Coucil.
The remaining 19 people were introduced to the board by their consent: these are presidents, CEOs and board chairmen of large international companies and banking organizations.

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ZELENSKY INVITES FOREIGN BUSINESS TO PARTICIPATE IN INVESTMENT COUNCIL

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.

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