During the next 3 years it is planned to set up an integrated center of capital markets and product markets - the National Exchange Trading in Capital and Organised Commodity Markets in Ukraine (NEXT-UA).
On June 8, Prime Minister of Ukraine Denys Shmyhal took part in the signing of a Memorandum of Understanding (MoU) between the Government of Ukraine, the European Bank for Reconstruction and Development (EBRD), the American Chamber of Commerce in Ukraine (AmCham Ukraine) and the United States Agency for International Development (USAID) in the sphere of the national stock exchange capital trade and organized commodity markets.
The Head of Government stressed that the signing of the memorandum is the first step towards creating a full-fledged stock market.
"This is literally a historic event that will give a new impetus to the development of the capital market in Ukraine integrated into the international financial system. The stock market is one of the best tools for leveraging domestic and foreign investment in the real sector of the economy. These are new opportunities for business and investors," Denys Shmyhal said.
According to the Prime Minister, the main structural units of NEXT-UA will be the Universal Trading Exchange, a financial infrastructure company (depository, clearing and settlement repository), the Arbitration Center, the Advisory Board and the Investor Relations Bureau. It is also planned to attract strategic commercial investors into the project.
"It is important that along with the capital market, we also launch commodity markets. We have ambitious goals to become one of the leaders in Europe in the trade of goods. The development of the capital market and the commodity markets will allow to establish transparent rules of operation, to eradicate corruption, to improve the pricing of goods, and to prevent market abuse, which will help protect investors' rights " the PM stressed.
As the Head of Government noted, the parties outlined a road map for the next two years in the MoU.
"Today's memorandum is a new page in the economic history of our country, which creates new opportunities for Ukraine and Ukrainians. Our citizens will receive new opportunities in the form of financial instruments for saving and investing. Businesses will receive a long-term and cheaper resource for developing their own enterprises. The state will receive increased investments, new jobs, economic development," the Prime Minister stressed.
The Head of Government thanked the EBRD, AmCham Ukraine and USAID for their support, mutual understanding and cooperation.
"The stock market, the cumulative pension system, preferential lending programs are projects that will have an effect in the next 5-10 years. As well as land and energy market reforms. These are strategic things that will help expand investment opportunities and transparent rules of the game. And most importantly - these are projects that will give Ukraine the opportunity to become a successful country with wealthy citizens, " Denys Shmyhal emphasized.
The signing ceremony was attended by EBRD Managing Director for Eastern Europe and the Caucasus Matteo Patrone, AmCham Ukraine Chair of the Board of Directors Lenna Koszarny, Acting USAID Mission Director Susan Kutor, Chargé d'Affaires, a.i. Kristina A. Kvien, Director of USAID Office of Economic Growth Farhad Ghaussy, First Deputy Prime Minister of Ukraine - Minister of Economy of Ukraine Oleksiy Lyubchenko, Minister of Finance of Ukraine Serhii Marchenko, Governor of the National Bank of Ukraine Kyrylo Shevchenko and Chairman of the National Securities and Stock Market Commission Ruslan Magomedov.