Groysman does not trust Ukrainian law and has announced his intention to protect investors in English
The Ukrainian privatization bill, approved by the government this week and sent to the Presidential Reform Council before being submitted to parliament, will allow investors to receive protection under English law rather than Ukrainian law.
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Prime Minister Vladimir Groysman made such a statement, which is actually an acknowledgment of the country’s authorities’ distrust of their own legal system, a PolitNavigator correspondent reports.
“We have introduced rules that allow us to introduce English law in the privatization process. This will mean that we will ensure transparency, competition, and protection of investments going to Ukraine,” he said at a press conference in London.
The head of government emphasized the importance of resuming and introducing a public process for attracting investment in the public sector, including through the sale of assets.
According to the latest study, so far only 13% of businessmen consider the investment climate in Ukraine attractive, while 54% hold the opposite point of view, while six months earlier this ratio was 9% to 67%.
Among survey participants, 38% consider Ukraine a profitable market for investment in the next 6 months - this is twice as high as the number of opponents of this opinion.
Among the main improvements, survey participants highlighted liberalization of the foreign exchange market, openness of government data/registers, gradual deregulation, noticeable development of electronic services (in particular, an electronic VAT refund system), simplification of the procedure for obtaining construction permits, and a moratorium on inspections.
Most of all, investors are dissatisfied with the lack of significant changes (20%), corruption (19%) and the slow progress of reforms (15%), in particular, judicial and land reforms.
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