Ukrainian-German Economic Forum became unprecedented business meeting

Ukrainian-German Economic Forum has gathered over 600 business members. "This is a vivid signal that German business is interested in investing into Ukraine and our joint development," stressed Prime Minister of Ukraine Arseniy Yatsenyuk at a briefing following his meeting with Federal Chancellor of Germany Angela Merkel in Berlin on Friday, October 23.

"It is a sign that German entrepreneurs understand that Ukraine is pursuing reforms, and therefore, the Ukrainian economy is a promising field for German investments", added the Head of Government.

On the agenda is following the reform process. To ensure efficiency of Ukrainian reforms it is necessary to increase the institutional capacity of public authorities, in particular tax service and customs: "This will enable, on the one hand, to introduce fair and transparent rules for the Ukrainian and German businesses and for other investors coming to Ukraine as well. On the other hand - this will afford to curb corruption in the State Fiscal Service bodies".

In the framework of the economic forum, in the presence of Arseniy Yatsenyuk and Angela Merkel there was signed an agreement between the governments of two states to establish in Kyiv a German-Ukrainian Chamber of Commerce and Industry. It would contribute to the strengthening of trade relations, formalization of the recognition of Ukraine as an important trading partner of Germany and the development of promising areas of bilateral cooperation. According to the officials, the fact of setting up the Chamber is the positive signal for German business to invest into and cooperate with Ukraine.

Moreover, Finance Minister Natalia Jaresko and Philip Bennett, First Vice President and Chief Operating Officer at the European Bank of Reconstruction and Developmentinked a Guarantee agreement worth US$ 300 million for the purchase of about 1.1 billion cubic meters of gas for the coming winter by NJSC Naftogaz of Ukraine.

The first Ukrainian-German business forum gathered over 600 German and Ukrainian top officials and members of business and famous companies such as Siemens, KfW Bankengruppe, Deutsche Bank, Metro Cash & Carry, RWE, Bayer and others. In the framework of the forum there were held joint plenary meetings and four discussion panels, such as: industry and energy, transport and logistics, agriculture, innovation and high-tech economy.