Information Statement

On 20 October, 2005 in Kyiv the VI Plenary Meeting of Foreign Investments Advisory Council will take place under the chairmanship of Viktor Yushchenko, the President of Ukraine.
Foreign Investments Advisory Council is a forum where the President of Ukraine and members of Ukrainian Government have the opportunity to carry on direct dialogue with top managers of leading international companies in the context of development of effective cooperation process between Ukrainian government and world business elite.
Top managers of such companies as "Cargill", "Siemens", "JP Morgan", "Barkley's Capital", "Moody's" Rating Agency, "Ernst&Young", "Renaissance Capital Investment Group" as well as international financial institutions, namely World Bank and EBRD, are invited to participate in the Plenary Meeting.
The main topic of the Plenary Meeting - attraction of private foreign investments into Ukraine's economy, which should encourage economic growth in the country and facilitate the creation of new jobs. Sustainable growth of Ukrainian economy, implementation of structural reforms and improvement of living standards are impossible without intensification of investment processes, including those with participation of foreign capital.
President of Ukraine Viktor Yushchenko shortly after his inauguration initiated the dialogue between business and authorities. One of his first visits abroad was to Davos, Switzerland, to participate in World Economic Forum.
In June, the Extraordinary International Round Table on Ukraine was held in Kyiv. Its main purpose was conceptual determination of the program for encouragement of business and investment activities in Ukraine. Participants of the Round Table elaborated and presented to the Ukrainian President so-called "10 steps", which, in their opinion, should be made in this direction. Among them, there are a number of measures, which envisage adoption of legal acts targeted to Ukraine's WTO accession, to simplify procedures of starting new business and improve the national regulatory environment, tax system reform, introduction of international accounting standards, laws on financial securities etc. For the time passed, several measures were taken to implement the above-mentioned recommendations.
Ukrainian authorities want to initiate a permanent mechanism of interaction with foreign investors for implementation of their proposals on Ukraine's investment climate improvement, increase of Ukraine's economy competitiveness, improvement of its international image.
Proposals elaborated during the VI Plenary Meeting of International Investments Advisory Council will form "road map" for attracting foreign direct investments into the Ukrainian economy. They will be implemented as legislative acts, governmental decisions and other measures taken by working groups, which are to be formed by the Advisory Council and co-chaired by Ukrainian Government members and companies' top managers.