Reforming fiscal bodies, accompanying investors with significant investments and digitalization will allow to improve the investment climate in Ukraine. This statement was issued by Prime Minister Denys Shmyhal during the UkraineInvest Talks: Dnipro event as part of a working visit to Dnipropetrovsk region.
The Prime Minister reminded about the establishment of the Bureau of Economic Security in Ukraine, and the reorganization of the work of the tax and customs bodies in the format of two single legal entities.
"The tax service began to demonstrate results. Now is the time for reforming custom service. We are shaping a risk-oriented system designed to enable "white" business to pass customs in a matter of minutes," Denys Shmyhal stressed.
The Head of Government dwelled on the fact that the cross-cutting line of fiscal reform is digitalization, which is currently one of the largest tools in the fight against corruption.
"We eradicate the human factor as much as possible as well as we reduce the functions of officials and controllers. Diia (Action) platform is a product that demonstrates how digital services can improve the performance of public services and eliminate corruption. The President of Ukraine stated at the beginning of his election campaign that a computer cannot demand a bribe. The Ministry of Digital Transformation engages in bringing the vision of the President into life, and today Ukraine is becoming a world leader in terms of digitalization," the Prime Minister said.
According to the Head of the Government, another step towards spurring the investment climate is the law on "investment nannies", which was adopted at the initiative of the President of Ukraine Volodymyr Zelenskyy.
"UkraineInvest has already entered into a cooperation with a number of investment companies. More than 15 companies with profits totalling more than USD 1 billion want to receive investment support in Ukraine," the Prime Minister stressed.
Denys Shmyhal also dwelled on the growth points of Ukraine's investment attractiveness. These points encapsulate public-private partnership (PPP), privatization, industrial parks and the land market. The PM reminded that this week the President of Ukraine had signed a law that allows to fully launch the land market from July 1.
"This is the first stage that we will further develop. But today for investors in the agricultural sector - this is a huge leap forward demonstrated by Ukraine," Denys Shmyhal accentuated.
The Head of Government noted that the budgetary possibilities of any country have limited resources, therefore PPP is an important stage of the country's investment development.
"PPP is what expands investment and financial opportunities for the development of the state, industries and sectors. Today we have positive examples of port concessions, we are working on the first highway concession, on other public-private areas, in particular in the medical field," Denys Shmyhal noted.
In particular, the Prime Minister reminded that 8 production sharing agreements had been signed at the end of last year. The PM added that the Government will develop this area in the field of critical raw materials for the extraction of lithium, cobalt, magnesium, titanium and more.
In addition, the Head of Government noted that one of Ukraine's problems in the investment sector had been the lack of "cheap and guaranteed money".
"We are working on the development of the stock market infrastructure. Just next week, we will ink a memorandum with the European Bank for Reconstruction and Development, the American Chamber of Commerce and USAID on the development of the stock market in Ukraine," the Prime Minister underscored.
According to Denys Shmyhal, the formation of the stock market will be greatly affected, in particular, by the resources accumulated in private pension funds through the introduction of a cumulative pension system. As the Prime Minister stressed, within 10-15 years it should provide an investment resource of up to USD 50 billion.