Volodymyr Groysman announces about the beginning of establishment of an Investment Promotion Office and appoints a Commissioner for investment

During a meeting of the Cabinet of Ministers of Ukraine on Monday, Prime Minister Volodymyr Groysman announced the launch of implementation of his initiative to set up an Investment Promotion Office.

The office will engage in development of the investment potential of Ukraine, in promoting the country in the world, attracting top international investors and supporting their investment, said Volodymyr Groysman.

"The office that we are launching follows the best practices of the world countries, including America. Similar program is in effect these days in the United States of America. We studied the experience of Lithuania and Poland, and Georgia, and the Czech Republic, and Germany, applied the best and we're going to trigger this activity. Our goals are as follows: we should create an inflow point for investment. That is, someone who wants to invest, or where we see the potential of any country, that it is ready to invest in Ukraine, we have to support this investment, we must accompany it, to create normal climate in order to implement any manufacture, any business project “turnkey” and implement successfully. As it is extremely important for us", said the Prime Minister during a session of the Cabinet of Ministers. "We should not just draw your investment, but to ensure investment being successful”, said the Head of Government, referring to the business.

"The most important thing is [the Investment Promotion Office] must not be some separate, one more institution that will do none knows what. We must come for those who want to invest and help them to invest. We should provide flawless execution of all tasks that are connected with bureaucratic processes and licensing procedures, and in the end, we must ensure that every business in Ukraine could become successful", stressed Volodymyr Groysman.

The Investment Promotion Office will be established before 1 September 2016 as an advisory body to the Prime Minister of Ukraine. Also by September 1 a Director of the Officewill be submitted to the Government for approval.

American Western NIS Enterprise Fund has agreed to provide organizational and financial support for the establishment of the Office, added Volodymyr Groysman.

Moreover, on Monday, the Cabinet of Ministers approved the introduction of a Government Commissioner for investment, who will coordinate the activities of the future Office and be responsible in the Government for the issues related to investment support. The duties of the Government Commissioner are entrusted to First Deputy Finance Minister Oksana Markarova, who has been working in the Ministry since March 2015, has a master's degree in Public Finance from Indiana State University and 17 years of experience in the investment industry, both Ukrainian and international.

The Office will cooperate with the Ministry of Economic Development and Trade, Ministry of Finance, Ministry of Foreign Affairs, trade missions, business-ombudsmen - "with all organizations involved in the economic life of our country", as well as business associations, including international ones such as the American Chamber of Commerce, the European Business Association and embassies, noted Volodymyr Groysman.

Within a few months after starting the Office’s work, the Government will consider the feasibility of establishing such an Office in regions jointly with the regional state administrations, municipalities "in order to speed up the work with the real sector, investment projects", accentuated the Prime Minister. In this context, Volodymyr Groysman stressed the importance of establishing a cooperation mechanism with the local authorities.