Investment Promotion Office (UkraineInvest) is a regular advisory body at the Cabinet of Ministers of Ukraine established by the decree of the Government in October 2016 for the promotion of foreign direct investments and improvement of Ukraine’s image as an attractive state for investing. For the coordination of the office’s operations with the government, ministries, and other authorities the Government of Ukraine appointed Government envoy for investment.
Investment Promotion Office is the project created within the framework of the agreement between Western NIS Enterprise Fund and non-governmental union "Foundation for Support of Reforms in Ukraine". The WNISEF is supporting the Government of Ukraine in the development of sound economic policy and leadership and fostering strategic collaboration between and among private and public actors, as envisaged by the Memorandum of Understanding between WNISEF and the Ministry of Economic Development and Trade of Ukraine. WNISEF provides technical assistance for the Investment Promotion Office with a view to assisting the Government of Ukraine in achieving its investment promotion policy objectives.
The operations of the Office are targeted at providing investors with relevant information and recommendations on business doing in Ukraine, including in key sectors of economy: agricultural business, energy, manufacturing, infrastructure, and in the field of innovation technologies. UkraineInvest’s experts coordinate activities of executive authorities in the areas of handling key issues that arise when investing in the Ukrainian economy, preparing proposals on developing and realizing the Ukrainian investment potential, bolstering high-priority investment projects, improving investment climate in Ukraine, and when protecting investor rights. Currently, the Office actively participates in the development of the regulatory system of business conduct in Ukraine, carries out an expertise of investment environment, works out an agenda of main issues that affect business environment in Ukraine.
Investment promotion activities for this initiative can be grouped into three initial areas:
- national image building,
- investor servicing,
- investment generation.
Among the activities realized by the Office are conducting of investment seminars and missions, participation in trade shows and exhibitions, one-to-one direct marketing efforts, facilitating visits of prospective investors, matching prospective investors with local partners, assistance with obtaining permits and approvals, etc. Image building activities and participation in trade-related events are coordinated with the Export Promotion Organization, MEDT’s arm in trade and export promotion.
Key results of the Office's work:
Partnership with government and local authorities:
- Established efficient cooperation with major ministries and agencies;
- Identified regions in Ukraine with particularly attractive investment settings and engaged the active support from local administrations;
- Assisted the Ministry of Economic Development and Trade of Ukraine (MEDT) to cancel more than 500 outdated regulatory acts;
Enhancing dialogue with business:
- Initiated a dialogue between the Prime Minister of Ukraine with the Board of Directors of the European Business Association;
- Organized a formal opportunity for business associations to provide comments to a draft law on Ease of Doing Business;
Legal environment and investor protection:
- In conjunction with the Business Ombudsman UkraineInvest initiated a meeting of the Prime Minister of Ukraine with Ukraine’s key law enforcement agencies (Prosecutor General’s Office, Ministry of Internal Affairs of Ukraine, Ministry of Justice of Ukraine, National Police, State Fiscal Service, Security Service of Ukraine, National Anti-Corruption Bureau of Ukraine (NABU)) to discuss the importance of FDI and measures to introduce transparent rules and investigation guidelines for the enforcement agencies dealing with foreign investors in Ukraine;
- Launched an initiative to evaluate and provide recommendations on improving the process of obtaining work permits and temporary residence permits for foreigners, as well as the development of a “green corridor” pass for foreign experts;
- Contributed to government working groups developing the legislation on techno parks, construction permits, privatization process improvement, creditors’ rights protection, IP rights protection, profit repatriation, fair competition;
Regional office of UkraineInvest in Vinnytsia opened;
Regional office of UkraineInvest in Ivano-Frankivsk opened;
Joint seminar with the World Bank conducted;
Joint business seminar with JETRO in London organized;
Training for the Ministry of foreign affairs of Ukraine organized;
The increase in foreign direct investments in Ukraine facilitated:
- 30+ consultations with embassies and foreign trade missions;
- 80 companies contacted from the target list;
- 150+ meetings with potential and existing investors;
- 500 companies UkraineInvest met and introduced itself to.
More information about UkraineInvest: http://ukraineinvest.com/