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Cabinet calls on investors to be more active in coming to Ukraine
26 January 2010
The Ukrainian government is calling on foreign investors to be more active in coming to the country, according to First Vice Premier and Economic Development and Trade Minister Andriy Kliuyev.

"We want to receive as much investment as possible in Ukraine," he said in an interview with the CNN TV channel.

Kliuyev said that Ukraine radically cut the number of permits and licenses for doing business and that the authorities would continue improving the investment climate in the country.

He said that the country is working on the introduction of a mechanism for all companies to obtain all the permits they use using a "single window" system.

"A businessman writes an application and submits it to one instance. He does not have to communicate with anyone any more. After a certain period of time he receives all permits from the 'single window.' We've reduced the time for businesses [to obtain permits] and are minimizing the contacts between state officials and businessmen to cut corruption," he said.

Kliuyev added that the Tax Code stimulated investors to open new production facilities or expand existing ones.

"For example, now we do not tax the profit of those funds that investors invest in development of their own production facilities and increasing their energy efficiency. In addition, we cut VAT and the tax on profit. Some top-priority sectors were freed from paying tax on profit for several years," he said.

He also said that the Ukrainian parliament had amended the country's construction laws in early 2011.

"We reduced the number of procedures for obtaining permits for construction and commissioning. Until recently, a total of 93 permits had to be obtained to realize any construction project. The new law cuts the number of permits to 23," he said. He added that the government has taken steps to relax the whole administrative service provision system.

Kliuyev said that issues of each investor should be discussed to attract investment, and this included large and medium investors, and especially foreign investors who are ready to invest money in Ukraine.

"When people come to our country with an absolutely different mindset and working with absolutely different laws, it's difficult for them. So we have to help investors to take the first steps. We've created a state agency for investment and national projects, which helps all investors in the realization of projects," he said.

Source: Interfax-Ukraine , KyivPost ,

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