Agro Perspectiva

President at XVI International Economic Forum “Lviv Region – Factory of Europe”: Today is right time and place to invest into Ukraine

04.11.2016 09:17 "Agro Perspectiva" (Kyiv) — As of yesterday, within his working trip to Lviv region, Ukrainian President Petro Poroshenko took part in the XVI International Economic Forum «Lviv Region — Factory of Europe», President Petro Poroshenko Press Office reports. As to the report, the President emphasized that investment forums were being held and thousands of new jobs were being created all over Ukraine in 2016. Also, he noted that Galicia was among leaders in Ukraine as for foreign direct investment. As to the report, the President called 2016 a tipping point: «It is the first year when after 14 quarters of economic decline the economy demonstrated intense growth». Reportedly, within his speech the President stressed the importance of decentralization reform, which provided real financial resource to local communities. «Budgets of the cities have been doubled in two years. Budgets for development have been increased 5 times. Finally, investment capacities of Ukrainian cities and regions have emerged. There is no need to coordinate actions with Kyiv anymore,» Poroshenko admitted. The President also drew attention to the reform of deregulation and emphasized that «we must further advance on that track». He also informed that he would sign the law eliminating administrative barriers for exports of services. «You will no longer have to conclude contracts on export services, hire translators and embark on paperwork. Just sign an electronic invoice, send it and provide services,» Poroshenko emphasized. Besides, the President also noted that Ukraine had significantly improved standing in the World Bank’s Doing Business rankings. Preconditions for legalization of wages have been created. As to him, the boost of Ukrainian minimum wage up to UAH3,200 will bring about UAH7 milliard to local budgets. «This demonstrates our resolute struggle against poverty and protection of employed people,» Poroshenko stressed. The Head of State also noted the improvement of Ukraine’s standing in the Tax Paying Rank. Over the past years, the number of hours Ukrainian enterprises spend to pay taxes has been reduced almost twice. The UST has been also reduced almost twice since 2016. «Today is the right time and place to invest into Ukraine,» the President summed up. As to the report, the Forum was attended by over 700 representatives of Ukrainian companies, companies with foreign investments, future investors, representatives of business associations, diplomatic and financial institutions.