The potential for the development of Ukrainian-Canadian economic cooperation is huge and we at the Office of the National Investment Council are trying to create favorable legal conditions for attracting new investments to Ukraine, - Olga Magaletska

On November 10, 2020, Olga Magaletska the Head of the Office of the National Investment Council took part in the online business conference "Prospects for Cooperation: Ukraine-Canada", organized by the Chamber of Commerce in Ukraine, Consulate General of Ukraine in Edmonton, Embassy of Ukraine in Canada, Alberta Ukraine Chamber of Commerce and other partner organizations.

The event was attended by representatives of the Chamber of Commerce in Ukraine, the Ministry of Foreign Affairs of Ukraine, the Embassy of Ukraine in Canada, the Embassy of Canada in Ukraine, the Consulate General of Ukraine in Edmonton, the Ministry of Economic Development, Trade and Agriculture of Ukraine, Alberta Ukraine Chamber of Commerce, the Canadian-Ukrainian Chamber of Commerce, the State Property Fund of Ukraine, Ukraine Invest and others.

The conference participants discussed the prospects and priorities of Ukrainian-Canadian economic cooperation, Ukraine's investment potential, areas of mutually beneficial cooperation, as well as the benefits of the Free Trade Agreement between Ukraine and Canada (CUFTA).

Today, Ukraine and Canada have a strategic partnership based on strong friendship, political dialogue, commitment to democratic values and prospects for joint implementation of projects in the most promising sectors of the economy. Many Canadian companies already operate in Ukraine in sectors such as IT, agriculture, energy, aerospace and mining.

Olga Magaletska told the conference participants about legislative initiatives currently being developed to improve the investment climate, in particular about the bill No. 3760 "On state support of investment projects with significant investments." She stressed that this bill aims to increase the competitiveness of our country on the global market by providing of number of incentives to investors and encourage potential investors to invest in Ukraine.

The Head of the Office said that according to the bill No. 3760 Ukraine will provide a number of incentives for large investment projects, in particular: tax incentives (exemption from the income tax, from customs duties and VAT when importing new equipment into Ukraine); also the simplified provision of land necessary for investment project is proposed; as well as the construction&reconstruction of related infrastructure at the expense of the state. The Bill provides consolidation of investor guarantees through the conclusion of a direct agreement with the Government of Ukraine for 15 years. The total amount of state support will not exceed 30% of the amount of investment in the project.

 “The bill No.3760 was developed on the basis of best practices existing in the EU and our neighboring countries, with which Ukraine competes for the investors, and this bill had been voted in the first reading by the Parliament of Ukraine on July 21, 2020 and it is prepared for the second reading at the Parliament. We expect it to be voted by the end of November 2020”, - said Olga Magaletska.

The Head of the Office also said the after the adoption of the Law "On State Support of Investment Projects with Significant Investments", it is planned to develop legislative initiatives to stimulate projects that provide smaller amount of investment, but would be implemented in certain priority sectors of the economy.

“The potential for the development of Ukrainian-Canadian economic cooperation is huge and we at the Office of the National Investment Council are trying to create favorable legislative conditions for attracting new investments to Ukraine and supporting already implemented projects. We are always open to dialogue and cooperation. This is the only way to achieve positive results”, - summed up Olga Magaletska.

 

© 2020 Office of the National Investment Council of Ukraine