Dnipropetrovsk, April 25 (Interfax-Ukraine) – The rating of Ukraine’s investment attractiveness is low, U.S. Ambassador John Tefft said during a lecture at Dnipropetrovsk National University on April 24.
“In spite of its potential Ukraine continues holding the lowest positions in international ratings of investment climate and business friendliness. This is the sphere on which the government should be working right now. Considering the promises of [Ukrainian President Viktor] Yanukovych to implement real reforms and assist to drawing of international investments,” the ambassador said.
The diplomat added that the U.S. and other businessmen are eager to invest in Ukraine, but they are facing the same problems as Ukrainian businessmen do, in particular taxation and customs registration problems, “they are afraid of unfair justice and corporate raids.”
According to Tefft, introduction of the laws, which have been adopted recently, is far from perfect. He expressed hope that the approval of new amendments to the Customs Code by President Yanukovych “is a new step in the right direction.”
The U.S. ambassador also said that Ukraine should gradually change its way of doing business. In the context of financing, it should reform its budgeting and pay attention to the problems with transparency of reform of public expenditures, as well as improve its relations with international donors and the International Monetary Fund.
Tefft added that the Ukrainian economy has become less open for imports.
At the same time, mutual trade between the United States and Ukraine increased significantly from $629 million in 1995 to $3.6 billion in 2011, the ambassador noted.
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