UkraineInvest

The Cabinet of Ministers today announced the repeal of almost 400 out-dated, inconsistent and often conflicting regulations that were deemed to facilitate corruption and to seriously impede the business environment, as well as adopting certain regulations to improve the investment climate in Ukraine. In presenting the changes, First Deputy Minister of Economy Maksym Nefyodov explained that this decision will remove significant barriers to doing business in Ukraine and will open up Ukraine's market to new investment.

The repealed regulations include impediments in the food and logistics/transport sectors, as well as the exploitation of natural resources and energy area and dual purpose goods, among others. The regulations adopted to improve the business climate included easing licensing and market access for businesses in the IT, logistics, legal services, pharma and agribusiness sectors. Mr. Nefyodov announced that a full list of the regulations will be published in the next few days.

Prime Minister Volodymyr Groysman commented that this was not the end of the Ukrainian government's deregulation efforts. He emphasized that these changes were designed to streamline licensing and regulatory procedures and to reduce the administrative burden on business in the country and to make new regulations coherent, transparent and understandable to business.

The Prime Minister also reached out to the business community to continue to engage with the government on continuing to fight administrative corruption by removing their instruments. "We need to continue to teach the state apparatus that it can no longer create nightmares for business," he concluded.

According to Prime Minister, the Government is determined to remove all barriers and obstacles for businesses development in Ukraine.

"We need to create conditions so that no one can intentionally impede business. We are working to remove all barriers, all obstacles to stimulate business quickly," Volodymyr Groysman said.