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Investment climate in Ukraine consists of many constituencies, with trust of investors in state bodies, stability and predictability of economic and political situation, transparent market and structural reforms, availability of corresponding market infrastructure, and growing economy being the most important factors.
By the moment a single legislative field for investments has been already created. In particular, Laws of Ukraine “On investment activities” and “On regime of foreign investments” provide equal rights of investment activities conducting to all subjects of investment activities regardless of their ownership and business forms, maintaining of conditions which were in force at the time of making investments, and envisage guarantees of investment protection.
Washington convention on the settlement of investment disputes between states and nationals of other states of 1965 was ratified by the Law of Ukraine No.1547-ІІІ as of 16.03.2000 to improve protection of foreign investments.
Intergovernmental agreements “On promotion and mutual protection of investments” have been already signed with 70 states of the world to facilitate intensive economic cooperation between the countries in investing, movement of private capital, economic development, stable investment rules, and increase of economic resources efficient use. A number of agreements are now at the stage of reconciliation.
In 2006 efforts of the Government of Ukraine were directed at improvement of investment climate and overcoming of instability. It emerged due to canceling of legislative benefits to investors, which implemented investment projects in technical parks and free economic zones. At the same time, overextended discussion as to re-privatization of previously privatized companies, toughening of tax press, and liberalization of trade regime also caused instability.
Activation of investors on domestic market and incrementation of direct foreign investments’ drawing proves it.
In general accretion of foreign capital gross volume amounted to USD 4,295.9 mn over 2006 making 54.8% of the increase over 2005.
The gross volume of foreign direct investments into the national economy of Ukraine as of January 1, 2007 totaled USD 21,186.0 mn (125.4% to the investments put as of the beginning of 2006). It amounts to USD 454.6 per capita.
Accomplishment of a number of tasks specified by Decrees of the President of Ukraine on improvement of investment climate and legislative acts of the Cabinet of Ministers of Ukraine, as well as priority tasks of the State program of economic and social development of Ukraine for 2007 essentially influences improvement of investment climate.