Ukraine Fights Corruption and Improves Business Environment - President Yanukovych

Nov 07, 2013, 14:25 ET from Worldwide News Ukraine

KYIV, Ukraine, November 7, 2013 /PRNewswire/ --

Ukrainian government is set to continue conducting strict anti-corruption policy, protect investors and create comfortable conditions for business development. This was stated by the President of Ukraine Viktor Yanukovych during his speech at the regional meeting of the World Economic Forum (WEF) in Kyiv.

Corruption is a major obstacle to the development of the country, said President Yanukovych, therefore, since 2011, a series of steps had been made in order to establish modern preventive legislation. Notably, just in 2013, Ukraine has adopted four anti-corruption laws that fully meet European standards, acknowledged the Head of State.

These include the law that strengthens judicial independence, law on combating illegal acquisitions and takeovers, the amending law that introduces liability for corruption offences including those by the government officials and the company liability law.

In the meantime, the government is trying to reform the process of public procurement in order to bring transparency, integrity and promote access of foreign partners to the market, said President Yanukovych.

It's been also announced that the protection of the rights of investors and establishing comfortable conditions for businesses will remain under the personal control of the President. The involvement of foreign investments is an important backbone of economic modernization; therefore, encouraging investments is one of the priorities for the country, according to the Ukrainian leader. He recalled that the key objective of the program of economic reforms, adopted in 2010, was to create the most favorable business climate for investors.

Notably, Ukraine has already established business relations with some of the leading gas producing companies in the world including Shell, Chevron, Eni and EDF with an objective to develop shale gas production, so that Ukraine, in the long run, could diversify energy resources and reduce dependence on imported energy supplies.

In addition, just in October 2013, the World Bank and the IFC experts have acknowledged tremendous progress of Ukraine in simplifying conditions for doing business. Having leaped 25 positions since last year, the country is now ranked 112 among 189 economies in the Doing Business 2014 report. Ukraine has implemented regulatory reforms for local entrepreneurs in eight areas out of 10 between June 2012 and June 2013.

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SOURCE Worldwide News Ukraine