This article deals with the plans of the Cabinet of Ministers of Ukraine to establish investment and export departments with the aim to facilitate and assist potential investors and exporters in Ukraine.
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The Prime Minister of Ukraine, Mr. Volodymyr Groysman, announced that the government plans to establish a separate department which will deal with attraction of investment to Ukraine. Such department will assist foreign investors in any matters related to investment procedure in Ukraine. In addition, the Prime Minister stated that the long term aim of the government is to release foreign investors from any bureaucratic procedures on the part of state and municipal authorities.
The other new establishment within the government will be export department. The export department will help Ukrainian producers to promote their production on international markets, including assistance with any customs and export procedures.
We note that according to the State Statistics Service of Ukraine, foreign investors invested USD 3.763 billion to the economy of Ukraine in 2015. At the same time, outflow of direct foreign investment (share capital) from Ukraine amounted to USD 891.3 million. The State Statistics Service of Ukraine concluded that decrease of direct foreign investment in 2015 was due to weakening of UAH against USD.
According to the available data, parties from 134 countries contributed to direct foreign investment to Ukraine. Interestingly, investment from the Russian Federation increased from USD 2.7 billion to USD 3.4 billion (or from 5.9% to 7.8%). Overall, since the date of its independence, Ukraine has managed to attract USD 43.371 billion of direct foreign investment. Notably, 76.2% of all foreign investment came from the EU Member States. This amounts to over USD 33 billion.
In addition, the State Statistics Service of Ukraine announced that Ukraine’s trade balance was positive and amounted to USD 632 million in 2015.