UkraineInvest and the Italian Embassy in Ukraine agree on strategic cooperation in investment development 

Italian companies are exploring sectors for investment in Ukraine without waiting for the end of the war. In particular, Italian investors are interested in the investment climate and opportunities in Ukraine.

This was discussed during a working meeting of the UkraineInvest team with the newly appointed Ambassador Extraordinary and Plenipotentiary of Italy to Ukraine, Carlo Formosa.

Oleksandr Melnychenko, Acting Executive Director of UkraineInvest, presented to the Italian side:

• Ukrainian investment legislation and practice
• the role and place of UkraineInvest in the implementation of investment legislation;
• investment incentives created by Ukraine for large investors;
• conditions and means of support and assistance to a major investor in the preparation and implementation of an investment project.

“Investment legislation in Ukraine is proving to be effective. Thanks to this mechanism, investors have the opportunity to implement a significant project for less money – in fact, they receive a ‘discount’ of up to 30% for implementing projects in Ukraine. This will give interested Italian investors a significant competitive advantage over other market players,” said Oleksandr Melnychenko.

The parties agreed on the mediation of the Italian Embassy in Ukraine to establish cooperation between UkraineInvest and the Italian business community, and discussed a number of initiatives for further cooperation. These include:

• the preparation of an investment request, including feedback from Italian businessmen on priority sectors of the economy;

• providing the Italian side with comprehensive analytical information on investment opportunities in Ukraine; 

• organising UkraineInvest briefings for Italian investors, explaining the provisions of Ukrainian investment legislation and practice;

• establishment of a permanent joint working group for the development of investment relations between Ukraine and Italy, exchange of analytical information on the investment climate, promising sectors and possible obstacles to investment;

• organisation of a joint business forum to present Ukraine’s investment opportunities to the Italian business community;

• establishment of the UkraineInvest investment zone at the Embassy to promote the investment climate among Italian businesses.

“We are ready to collaborate with UkraineInvest in attracting and advancing significant Italian investments into Ukraine’s economy,” said Carlo Formosa, Ambassador Extraordinary and Plenipotentiary of Italy to Ukraine. 

Italy’s economy is one of the largest in the EU and the eighth largest in the world. In 2023, the volume of Italian foreign direct investment in Ukraine will increase by 11%.

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