AmCham Ukraine welcomes the adoption of Draft Law #8138 amending the Law of Ukraine “On State Support of Investment Projects with Significant Investments in Ukraine” (Draft Law) by the Verkhovna Rada of Ukraine.
According to the explanatory note, the purpose of the Draft Law is to improve the legislation on providing state support for investment projects with significant investments in Ukraine.
Adoption of changes foreseen by the Draft Law regulated the activities of the Business Ombudsman Council at the legislative level with the aim of ensuring the transparency of the activities of state authorities, helping to reduce the level of corruption, and preventing unfair behavior towards business entities in Ukraine. They were also in line with provisions of the Memorandum of Understanding for the Ukrainian Anti-Corruption Initiative dated May 12, 2014, concluded between the Cabinet of Ministers of Ukraine, the European Bank for Reconstruction and Development, the Organization for Economic Cooperation and Development, the American Chamber of Commerce in Ukraine, the European Business Association, the Federation of Employers of Ukraine, the Chamber of Commerce and Industry of Ukraine, and Ukrainian League of Industrialists and Entrepreneurs.
Thus, given the importance of the rule of law for the proper functioning and effective regulation of the economy of Ukraine, the business community welcomes the adoption of the Draft Law.
Lastly, the Chamber supports the expansion of the list of spheres proposed by the Draft Law in which an investment project with significant investments can be implemented, in particular: activities in the information and electronic communications spheres, operations with real estate and operations in the production of energy-efficient building materials, climate equipment and equipment of heating and ventilation systems, air conditioning, hot water supply spheres. The expansion of the list of involved parties in the investment process due to the reduction of the size of investments in the investment project is also crucial, as it will allow not only large enterprises to be involved in the investment, but also the medium ones.
