PM Shmyhal: This year Ukraine expects foreign investment worth almost $6.5B

PM Shmyhal: This year Ukraine expects foreign investment worth almost $6.5B

Ukrinform
Prime Minister Denys Shmyhal has outlined seven key government priorities in attracting foreign investment.

The statement came during Shmyhal’s address to the second annual forum UkraineInvest MAKE in UA, Ukrinform reports citing a government portal.

According to the head of Ukraine’s Cabinet, "as early as this year, the government expects foreign investment of almost $6.5 billion, including reinvestment. This will be the largest volume in the last 5 years."

"US$15 billion in investment annually starting 2025 – this is the target we’ve approved in the National Economic Strategy. An ambitious goal. But due to our joint work, it is absolutely achievable," said the prime minister.

Read also: PM Shmyhal: First two applications for investment projects worth $96 million filed

Shmyhal also outlined the government’s seven key priorities which are expected to promote economic development and attract investment:

  • Ensuring quality implementation of the law on state support of significant investment projects;
  • Pursuing further digitalization, reducing bureaucratic burdens, and supporting the IT sector;
  • Reducing the government’s role in the economy through the sale of state-owned enterprises, developing public-private partnerships and concessions in various fields: from ports and motorways to gas extraction;
  • Completing land reform. Supporting agriculture through developing the irrigation system and supporting projects with significant added value;
  • Launching industrial parks,
  • Ensuring “cheap and long money” for development; and
  • Crafting a right design of markets.

According to the prime minister, in February 2021, the law on state support of investment projects with significant input in Ukraine came into force, which lays down customs, tax, infrastructure, and land benefits to projects with an investment value of over EUR 20 million.

The head of government stressed that developing the investment climate is impossible without fixing the state property sector. According to Shmyhal, over the past two years, the government has raised about UAH 8.5 billion off of privatization.

In addition, the prime minister noted that the government continues to shift communication between the state and business into electronic form, to make such relations as convenient, transparent, and comfortable as possible. Currently, more than 30 electronic services for businesses and individuals are available through the Diia online portal, while business registration services are one of the world’s fastest, Shmyhal said.

"The Ukrainian government has also launched a major reform to reset the capital market. The Cabinet of Ministers, the EBRD, the American Chamber of Commerce, and USAID have signed a Memorandum of Understanding on establishing organized national capital and commodity markets over the next three years,” said the prime minister.

Read also: Ukraine has favorable environment for attracting investment in infrastructure – World Bank

Ukraine is actively implementing European directives and the best regulations applied in the EU. This will contribute to greater transparency, clear and fair rules of operation and interaction between the state and business, Shmyhal noted.

As Ukrinform reported, the second annual forum UkraineInvest MAKE in UA has kicked off its work in Kyiv, aiming to present the country’s main economic achievements and the program to attract investment in the manufacturing sector.

The forum hosts interactive discussion panels involving nearly 30 speakers, including representatives of the government, international organizations, as well as Ukrainian and international business and investment community. The key topics of this year's event include a program to attract investment into manufacturing, MAKE in UA, as well as a global development of business diplomacy.

The forum is held in a combined, offline and virtual, format  (by prior registration) in compliance with quarantine restrictions set up to prevent further spread of COVID-19 in Ukraine. The forum expects to see more than 5,000 virtual and offline attendees from more than 50 countries.

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