Olga Magaletska took part in the Large Online Conference of Ukrainian Ambassadors

On December 21, 2020, Olga Magaletska, the Head of the Office of the National Investment Council, took part in the conference of the Heads of Ukrainian Foreign Diplomatic Missions, in the subsection "Attracting Investments", organized by the Ministry of Foreign Affairs of Ukraine.

Ambassadors, permanent representatives and consuls general of Ukraine abroad attended the event.

The conference was held on 17-22 December 2020, under the slogan “Think BIG”. The goal of the conference is to determine the priorities and tasks of Ukraine's foreign policy for the near future.

Participants outlined Ukraine’s positions and ambitions in the world whilst, identifying ways to improve the diplomatic service to protect and promote the national interests of Ukraine. Participants also discussed the strategy of promoting Ukrainian exports into foreign markets and attracting foreign investment to Ukraine as priorities of Ukrainian foreign policy.

Olga Magaletska told the honorable participants of the conference about the legislative initiatives that are now being developed to improve the investment climate in Ukraine, in particular, the recently voted draft law No. 3760 "On state support for investment projects with significant investments."

"This bill is intended to increase the competitiveness of our country on the global market by providing a package of government incentives to Ukrainian and foreign investors with significant investments. It was developed on the basis of the best practices of the EU countries, and our neighboring countries, with which Ukraine competes for the investor," the Head of the Office emphasized.

Olga Magaletska noted that according to the draft law state support will be provided for investors who are going to invest more than 20 million euros as well as to create at least 80 new workplaces. In particular, the following incentives will be providing: tax incentives (exemption from the income tax, from customs duties and VAT when importing new equipment into Ukraine); simplified provision of land necessary for investment project; construction & reconstruction of related infrastructure at the expense of the state (highways, electricity and gas, heating, water networks, utilities, etc.); and consolidation of investor guarantees through the conclusion of a direct agreement with the Government of Ukraine for 15 years.

She noted that state support will be provided to Ukrainian and foreign investors who intend to invest more than 20 million euros: “The total amount of state support will not exceed 30% of the investment in the project. The project implementation period should not exceed 5 years, and the direct special investment Agreement with the Government is concluded for 15 years. This bill should encourage potential investors to invest in Ukraine. "

Olga Magaletska also said that the Office of the National Investment Council is currently involved in the development of the bill "On stimulating the development of the digital economy in Ukraine": "This bill provides a number of tax preferences for the IT industry. IT-companies will receive a special taxation model, flexible employment conditions introducing GIG-workers concept, and also a separate procedure for interaction with state regulatory authorities. Diia City is a special legal framework for the IT industry that will create the most powerful IT hub in Ukraine, and Central and Eastern Europe."

Olga Magaletska also stressed that the Office of the National Investment Council is ready to assist in attracting new investments in Ukraine, and is open to cooperation.

 

© 2020 Office of the National Investment Council of Ukraine