Ukraine woos investments with improved business environment

Ukrainian President Petro Poroshenko on Monday reported progress in improving his country's business environment over the past two years in a bid to attract investment.

"Attraction of investments and deregulation are crucial. Creating the favorable business climate is a vitally important issue for the economic development of the state," Poroshenko was quoted as saying by his press service during the meeting of the National Reform Council.

Speaking of the progress in improving Ukraine's business environment, Poroshenko said that since 2014, the government has significantly simplified the procedure for business registration and trimmed the number of permits for doing business by 40 percent.

Besides, the number of inspections of the small and medium-sized business by the tax authorities has dropped by three times in the past two years, Poroshenko said.

The Ukrainian authorities are working to further expand the business opportunities in the country, the president said, noting that the parliament would consider 39 laws on simplifying the business environment during its next session starting next month.

In a bid to attract investment into Ukraine, Kiev also is considering a possibility to allow selling stakes in state-controlled enterprises working in agriculture, transport and energy sectors, Poroshenko said.

Last year, Ukraine climbed from the 87th to the 83rd place in a World Bank business ranking, mainly due to positive changes in terms of business start-up, getting electricity and registering property. Endit