Position of the American Chamber of Commerce in Ukraine on privatization
Reform of the state-owned enterprises' sector is one of the priorities of the American Chamber of Commerce in Ukraine (the Chamber) as stated in 5 Steps for Ukraine’s Sustainable Economic Recovery developed by Chamber experts. In particular, among them are the following steps: continue cooperation with the International Monetary Fund (IMF) within the Memorandum of Understanding, allow repatriation of unrestricted dividends by foreign investors and continue relaxing foreign currency control, reform the state-owned enterprises’ sector, improve IPR protection and ban trading and distribution of illegally imported and counterfeit goods and services, and ensure the rule of law through implementation of judicial reform and amendments of the procedural legislation.
The importance of privatization and related aspects is also determined by the obligations of Ukraine under the Memorandum with the International Monetary Fund. The key elements of the IMF privatization strategy are improvement of the legal framework, creation of a larger pipeline of enterprises for privatization, privatization of small state-owned enterprises and assets, as well as privatization of large state-owned enterprises.
Chamber Member Companies’ Experts believe that the three-dimensional transparency of privatization –transparency of the privatization object, transparency of the privatization subject, and transparency of the privatization process itself – are the key to its successful implementation.
Member Companies of the American Chamber of Commerce in Ukraine support fair and transparent reform of the state-owned enterprises’ sector. Accelerating this process is crucial for Ukraine's economic growth and investment attraction. This, in turn, will help to increase the efficiency of state-owned enterprises, create new jobs, increase revenues to the State Budget, and help to combat corruption.