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Minister of Economy prepares changes to laws on investment

November 22, 2007

The Ministry of Economy of Ukraine is preparing changes to the main laws on investment in Ukraine. In particular, these are the laws “On investment activity” and “On regulations of foreign investments” as informed by Minister of Economy of Ukraine Anatoliy Kinakh.

As informed by Mr. Kinakh and by LIGABusinessInform in the press center of the Ministry of Economy, the most important legal documents regulating relations between subjects of investment activity are interstate agreements “On assistance and mutual protection of investments”. “These agreements guarantee impartial status of investments and protect them on the territory of another country. Ukraine has signed them with 70 countries of the world” – emphasized Anatoliy Kinakh.

“We are ready to start discussing and negotiating in order to find the most feasible solutions concerning supporting macro economical stability in the country and improving the investment climate. This will allow to increase foreign investments in Ukraine as well as in the regions. Ukraine is open for investors and is ready to consider implementation conditions not only for mega projects within the framework of financing from the International finance organizations or countries, but also for individual investment projects that need state support.” – Minister of Economy of Ukraine Mr. Kinakh summed up.

It should be reminded that according to the Federal State Statistics Committee the growth of total foreign capital flow into country’s economy taking into consideration its overestimation, losses, exchange rates discrepancies, amounted to US $5238.8 mn for the period from January to September 2007, which is by 70.5% more than the very same growth of total foreign capital flow in 2006. During this period the capital of non-residents from Cyprus (by US $1774.9 mn) Sweden (by US $739.4 mn), the Netherlands (by US $639.9 mn), Austria (by US $376.8 mn, Russia (by US $341.2 mn), the UK (by US $248.0 mn) and Poland (by US $245.3 mn) increased significantly.

Tags: investment