KYIV, Ukraine, February 7, 2012 /PRNewswire/ --

The representatives of German businesses recognized recent improvements in Ukraine's investment climate, stated President of Ukraine Viktor Yanukovych after meeting with German entrepreneurs in Munich. According to the president, foreign investors operating in Ukraine also praised betterment of working conditions for the entrepreneurs.

President Yanukovych emphasized the importance of keeping German investors updated about recent developments in Ukrainian legislation and the upcoming changes in doing business conditions. During the meeting German entrepreneurs noted progress in business environment of Ukraine. In order to enhance bilateral cooperation, the sides also regarded practical collaboration in the framework of the Domestic and Foreign Investors council. In the light of ongoing reforms in Ukraine, the expertise of foreign businessmen would be beneficial for the changes in the country, said President Yanukovych. Such expertise would provide Ukrainian economy with practical tools for securing favorable business conditions, he said.

Germany is one of Ukraine's key economic partners, for the volume of the country's foreign trade transactions with Germany ranks second in the world (after Russia) and number one within the European Union. As of 2011, Germany contributed 16 percent of FDI in Ukraine, stated theGerman Ambassador to Ukraine Hans-Jurgen Heimsoeth in his recent interview. He also added that the potential was much higher and it was by no means exhausted.

As of 2010, Germany has had up to EUR 6 billion euros in trade turnover and EUR 5.4 billion in cumulative FDI in Ukraine. The investments, however, still have not recovered to the pre-crisis level of 2007 (EUR 7.4 billion).The parties expect that signing of the EU-Ukraine Association Agreement (including agreement on Deep and Comprehensive Free Trade Zone) would boost cooperation between German and Ukrainian businessmen

According to the Ukrainian President, German bankers, who also attended the Munich meeting with Ukrainian President, have already stated their interest in the gas consortium projects, based on Ukrainian gas transporting system. The Ukrainian side expects the banks to assume the role of mediators between the gas companies, participating in the future consortium, which is likely to include themain transit agent (Ukraine), provider (Russia), and consumer (Europe).

 

SOURCE Worldwide News Ukraine

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