Ukrainian president signs law to support shipbuilding

KIEV, May 23 (Xinhua) -- Ukrainian President Petro Poroshenko on Wednesday signed a law on preserving and developing the country's shipbuilding industry, the presidential press service said.

In particular, the law allows the country's shipbuilding enterprises to purchase from abroad necessary components for ships without imports duties if their processing in Ukraine takes less than 730 days, according to a statement on the presidential website.

Previously, the maximum term of processing duty-free imported shipbuilding products in Ukraine was 365 days, the statement said.

The new law is expected to create additional opportunities for the growth of Ukrainian shipbuilding and help boost its competitiveness on the global market.

Besides, the legislation will contribute to the development of ship repair industry and water transport, the statement said.

Ukraine, one of Europe's leaders in shipbuilding last century, has inherited powerful shipbuilding facilities from the former Soviet Union.

According to local experts, after the curtailment of state support in 2005, the industry has plunged into a severe crisis.

Currently, about a dozen shipbuilding enterprises are functioning in Ukraine. Enditem