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 Multinational Enterprises.
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 companies.
“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.