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Chamber Business Luncheon with Mr.Viktor Ivchenko, Head of the State Agency for Investments and Innovations

The chamber was pleased to host Mr.Viktor Ivchenko, Head of the State Agency for Investments and Innovations, during a recent Chamber Business Luncheon. The President of the American Chamber of Commerce, Mr. Jorge Zukoski, opened the Luncheon by welcoming all participants and providing a brief biography of the distinguished speaker.

Mr. Zukoski touched on the new expanded role of the Agency in Ukraine and stated that "the interest among potential investors towards Ukraine is growing and a well organized governmental agency that can effectively assist investors as well as present innovative projects while working with the business community to improve the investment climate is key to the future success of Ukraine as an investment destination."

Mr. Ivchenko began his presentation by stating that the main priority of the Agency is optimization of the system of government regulation and management in the sphere of investments and innovations. He said he saw two main problems in this area is the inadequacy of the activity of State bodies and the large number of such institutions.

He said that the system of State management of investments has been created. The system is fashioned after a pyramid that is headed by the Ministry of Economy of Ukraine. The Ministry is in charge of creating the social and economic development policy of the State, budget programs as well as coordination of trade and economic missions. The second layer is State Agency of Ukraine for Investments and Innovations. The agency is in charge of resolving problems that investors may experience in their relations with government authorities. And the third layer is the group of science, experimental and exploratory institutions.  Mr. Ivchenko also discussed the goals and operations of the State Innovation Company and stated that he has requested that the Cabinet of Ministers place that organization under his direct supervision.

In his presentation, Mr. Ivchenko also mentioned that a Green book has been developed that is entitled "Problems of attracting foreign investments into the economy of Ukraine". The agency is also developing a White Book that will contain specific measures that are needed for the improvement of the State in attracting investments into the economy of Ukraine.

The Joint Stock Company Draft Law has been debated for many years and has not yet been adopted due to the lack of political will and strong opposition in the parliament. Mr. Ivchenko believes that is the Draft Law is not adopted in its entirely it could come into force as amendments to current legislation. Chamber president, Jorge Zukoski, mentioned that the Chamber is opposed to passing amendments to current legislation and instead sees the necessity of passing a solid Joint Stock Company law in the near future and pledged the continued engagement of the Chamber towards that goal.

Commerce

July / August

Page 50

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