Dmytro Sennychenko has informed international business associations on integrated draft law on facilitating investments attraction

Dmytro Sennychenko, the Head of the State Property Fund of Ukraine conducted the working meeting with representatives of the International Council of Business Associations and Chambers in Ukraine (ICBAC), during which he informed on innovations of the integrated package of draft laws on facilitating investments attraction in economy of Ukraine.

Dmytro Sennychenko told participants of the meeting about implemented changes towards transparency and openness in the field of privatization – disclosure of all information on privatization objects in virtual data rooms and conduct of online auctions.

This allowed the State Property Fund of Ukraine to conduct about 1900 privatization auctions in amount near UAH 3 billion in 2020 year, which exceeds last year income plan from privatization in 6 times.

At the same time, attracting of sustainable investments requires changes in legislative field which, currently, includes outdated and contradictory norms that create obstacles on the way of investments attracting.

Implementation of such tasks is goal of the integrated draft law, developed with the involvement of the State Property Fund of Ukraine and MPs, that passed  wide expert discussion and was supported by the National Reforms Council of Ukraine under the President of Ukraine.

“From the one side, there is a demand to determine by law already implemented by the Fund’s team transparent instrumentation of privatization, from the other side, there is a demand for continuing law reforms to simplify privatization process for investors and strengthening the protection of the State interests”, - Dmytro Sennychenko emphasized.

According to the Head of the Fund, the most revolutionary innovation of the integrated draft law is fair income distribution from small privatization objects: the local budgets will obtain 10% of funds from object’s privatization; management bodies that transferred an object to the Fund will obtain another 10%.

He also stressed on importance of support of this initiative by business environment, potential investors who are interested in establishing of transparent and fair legislative norms following the examples of the best world practices.

Participants of the meeting included Emma Turos, managing Director of the Ukrainian Office at Canada-Ukraine Chamber of Commerce; Michael Datsenko, Director, Information and Member Programs, U.S.-Ukraine Business Council (USUBC); Alexander Markus, Chairman of the Board of German-Ukrainian Chamber of Industry and Commerce; Ruslan Osypenko, the CEO of Chinese Commerce Association; Alfred F.Praus, the President of Ukrainian-Austrian Association; Rostyslav Korobka, the Vice President of the Ukrainian Chamber of Commerce and Industry; Anna-Maria Lazarovych, representative of British-Ukrainian Chamber of Commerce.