About 200 representatives of local authorities from across the country took part in the Regional Economic Forum

Ukraine will become a country where the most ambitious business dreams can be realised.

To do this, it is necessary to create business conditions to encourage regional development. This was discussed at the Regional Economic Forum held with the support of the Cabinet of Ministers of Ukraine, the Ministry of Economy of Ukraine and the USAID Competitive Economy of Ukraine Programme.

The event was attended by about 200 representatives of local authorities from across the country. The participants discussed

– business support under martial law
– attracting investments
– development of industrial parks

“There should be high-quality cooperation between central and local authorities. The Ministry of Economy is implementing many business support programmes. It is important that entrepreneurs in the regions know about these opportunities and know how to use them effectively. Together with the regions, we plan to develop even more business support mechanisms. After all, it is thanks to the work of entrepreneurs and taxes that we can finance our army,” said Yulia Svyrydenko, First Deputy Prime Minister of Ukraine – Minister of Economy of Ukraine.

UkraineInvest was represented at the event by Maksym Bondarenko, Head of Investment Advisory Department, and Anna Pelykh, Legal Expert, Legal Affairs and Regulatory Policy Department. They told the participants about the novelties of the Law of Ukraine No. 8138, aimed at improving the current regulation of state support for large investment projects.

In particular

– reducing the investment requirements from EUR 20 mln to EUR 12 mln;

– providing an opportunity to make up to 30% of investments 18 months before the conclusion of a special investment agreement;

– identification of new investment objects, including non-current assets and fees for connection to heat, gas, water, electricity, and utility networks;

– new forms of state support in the form of compensation for the cost of constructed adjacent infrastructure, costs of connection to engineering and transport networks and exemption from compensation for forestry production losses;

– expanding the scope of project implementation, in particular, in the field of electronic communications and the production of bioethanol, which is intended to be used as a fuel component;

– reducing the number of jobs to be created during the implementation of an investment project.

All of this will increase opportunities for the development of both large and medium-sized businesses in Ukraine.

The current version of the Law was based on proposals developed by the UkraineInvest team and the Ministry of Economy of Ukraine. Thanks to the proposed changes, more companies will be able to take advantage of state support for investors.