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Ukrainian-American Economic Forum

MAYGER participated in Ukrainian-American Economic Forum which was held on the fourteenth of October, 2010.

Business forum was held with support of the United States-Ukraine Trade and Investment Council. The key issues were tax reform, vat tax refunds, customs clearances, investments, reforms to allow private land purchases, and other issues. Minister of Economy of Ukraine Vasiliy Tsushko and Deputy U.S. Trade Representative (USTR) Ambassador Miriam Sapiro, President of the American Chamber of Commerce Jorge Zukoski; President of the American-Ukrainian Business Council Morgan Williams and others participated in the Forum.

Minister of Economy expects that American business circles duly appreciate the opportunities presented for business in Ukraine. Now the Government of Ukraine takes steps for facilitation of work of foreign investors in Ukraine. As Minister Vasiliy Tsushko stated “According to the volume of direct foreign investment in Ukraine the United States of America take the first place”. Moreover, the Minister mentioned that the key agreements for strong cooperation between Ukraine and the USA are concluded. The negotiations between The European Union and Ukraine concerning the free trade zone creation are held. It proves that liberalization of Ukrainian trade policy.

According to the Trade Representative of the USA, Miriam Sapiro, America aims to development of “continued collaboration” and is ready to “support and stimulate” systemic reforms of the Government. Miriam Sapiro claims that “Ukraine should support the rule of law, advance predictability and enhance transparency in the process of decision making. It is imperative for the Ukrainian government, and Ukrainian businesses, to convince investors that they should invest here.” The first step to economic recovery is “improvement of the Tax Code”. Deputy Trade Representative is ready to continue collaboration with Ukraine.

In his turn President of the American-Ukrainian Business Council Morgan Williams stated that currently about 25 companies are interested in investment in Ukraine. According to him, Ukrainian market is very attractive and is one of the key markets. The only thing that stops the investors is lack of correspondence of Ukrainian economy with international standards. Stabilization of economy is precondition for prosperity. Morgan Williams aims for further fruitful cooperation with the government of Ukraine.

Currently, there remain many questions, which should be solved by the authorities. One of the key missions of the government should become facilitating of attraction of foreign investment in the economy of Ukraine. Hopefully, the first steps of Ukrainian government towards stabilization of the economy and correspondence to international standards were taken, and future reforms should convince foreign investors to work in Ukraine.