Ukraine Listens to Foreign Investors

KYIV, Ukraine, June 24, 2011 /PRNewswire/ --

Ukrainian government will listen to all suggestions and recommendations provided by the foreign and local investors. Such statement was issued on Thursday, June 23 during the plenary meeting of the Council of domestic and foreign investors under the chairmanship of the President of Ukraine Viktor Yanukovych.

"We receive from you very serious and useful signals as to what needs to be done. And this mechanism works", said Viktor Yanukovych during the meeting with investors. Ukrainian president also highlighted the importance of future state-private partnership. "I am convinced that we [state administration and investors - Ed.] need to cooperate", stressed Yanukovych. He also mentioned that all suggestions and recommendations provided by the foreign and local investors will be included into the protocol of the special mandate to be closely considered by the government and encouraged businesses to actively participate in the national reforms.

In the course of the meeting the Ukrainian leader stressed the importance of social responsibility activities and thanked businesses for supporting and promoting such efforts.

Tomas Fiala, President of the European Business Association, the largest community of foreign businesses in Ukraine, voiced his opinion that pension and land reforms are the main factors that can push further economic growth and give Ukraine a chance at a better future on the world market. EBA president also believes that renewing cooperation with the IMF is essential to provide financing for the pending reforms.

It should be noted that on June 16, 2011 Ukraine adopted an introductory pension reform bill which stipulates introduction of the three-tier system creating alternative pension funds and bringing pension system in compliance with the European standards while increasing minimum time in employment by 10 years and gradually raising the retirement age for women.

The Law of Ukraine on the Council of domestic and foreign investors was adopted in late 2010 with the President issuing a decree enlisting the Council's 30 members in January 2011. The Council of domestic and foreign investors includes top Ukrainian and foreign investors from Austria, the EU, Japan, Poland, Russia, Switzerland, Turkey, the UK, and the USA representing such top companies as Microsoft, Nestle, Ernst & Young, et al. The primary purpose of the Council is to attract, enable, and use the investments.