Ukraine, Italy agree to finalize work on Agreement on Mutual Protection of Investments

Ukraine, Italy agree to finalize work on Agreement on Mutual Protection of Investments

First Vice Prime Minister of Ukraine - Minister of Economy Oleksiy Liubchenko held a meeting with Ambassador Extraordinary and Plenipotentiary of the Italian Republic to Ukraine Pier Francesco Zazo in Kyiv on October 7, Ukrinform reports, referring to the Government portal.

“Ukraine and Italy have strong trade and economic relations. Among the EU countries, Italy ranks third in terms of trade turnover. Last year, it was over $4 billion, according to preliminary forecasts, this year this figure will be higher. However, we have prospects to improve these positions. One of the tools and an important step can be the signing of an Agreement on Mutual Protection of Investments. The text of the document is currently being studied by the Italian side, I’m calling on you to intensify this work," Liubchenko said at the meeting.

The Ukrainian first deputy prime minister also spoke about the main administrative reforms and sectors of the Ukrainian economy that may be of interest to Italian business circles.

"We have launched efficient mechanisms and reforms to improve the investment environment, first of all, these are decentralization, land reform, and now we are restarting the privatization process. We also have powerful programs to support investment projects. As for the sectors of the economy where it is possible to implement joint projects, it is the development of alternative energy sources, gas production, processing of agricultural products, defense industry,” Oleksiy Liubchenko stressed.

In turn, Pier Francesco Zazo noted that promising areas of cooperation for Italian business are the space and defense industries, the introduction of high-speed rail services, and infrastructure projects.

"We are trying to convince Italian investors to invest in Ukraine. We pass on positive information about the activities of the Ukrainian government - the success of decentralization and other reforms,” said the Italian ambassador


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