First Vice Prime Minister of Ukraine/ Minister of Economic Development
and Trade Stepan Kubiv
inked March 15 an Agreement with the Organization for Economic Co-operation and
Development on Joining Ukraine the Declaration on International Investment and
The participation in the Convention of the OECD as well as obtaining
membership of the OECD Investment Committee will leverage international direct
investment. In particular, the country thereby confirms the commitment to adhere
to international standards on the treatment of foreign investments, to liberalize
the competitive environment as well as influence on the adoption and diffusion
of innovations, to realize the standards and principles of social
responsibility of business in compliance with the OECD guidelines for
multinational enterprises as well as to eliminate foreign investment restrictions
in specific sectors and to ensure host state treatment of transnational
“Investment is a basis for the growth of economy, while the signing of
this Agreement highlights the positive assessment of the improved investment climate
in Ukraine by the Organization for Economic Co-operation. The presentation of the
Investment Policy Reviews of Ukraine for 2016 in September has enabled us to ink
this Agreement. It actually proves the progress on reforms in Ukraine and determines
future challenges to be addressed in short term”, commented Stepan
Kubiv on the signing of the Agreement.
Deputy Minister of Economic Development and Trade of Ukraine Mykhailo Titarchuk is responsible
for intellectual property and innovation issues stressed on a paramount
importance of the aforesaid Agreement in terms of capital expenditure expansion.
“The investors of the whole world are well aware of
the significance to apply an innovation approach in the process of
industrialization. Ukraine’s approaching with the Organization for
Economic Co-operation and Development will allow us to upgrade competitiveness development
programmes designed to strengthen the innovation
component in the investment-attractive sectors inter alia agriculture, energy
and industry”, stressed Mykhailo Titarchuk.
The signed Agreement will enter into force after
ratification by the Parliament and signing by the President.