New Program to Help Improve Ukraine’s Investment Climate is Launched

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Local news, 04.04.2016

The Swiss State Secretariat for Economic Affairs (SECO) and IFC, a member of the World Bank Group, have launched a new program to help improve Ukraine’s business environment, reduce the costs of doing business, and unlock new markets for the country’s agri-producers.

The new, three-year advisory project focuses on improving permits, licensing and inspection procedures across the economy. It will also help Ukrainian agribusiness legislation conform to international best practice - including rules on food safety, and plant and animal health - and streamline port and river transport regulations to boost trade and exports.

“Switzerland has stepped up its support to Ukraine in several key areas, including economic sustainability,” said Holger Tausch, Director of the Swiss Cooperation Office in Ukraine. “We believe deregulating and developing entrepreneurship are among the reforms now required to help Ukraine kick-start growth.”

The project builds on the results of previous work focused on Ukraine’s crucial agribusiness sector, which included $159 million saved in direct compliance costs for agribusinesses. IFC also helped implement a major overhaul of the country’s food safety management systems, including the adoption of a new Food Safety Law, and helped open new export markets, like enabling Ukrainian poultry exports to the European Union. The project has also helped increase the use of renewable energy in the sector.

“Our new advisory program in Ukraine is focused on helping to create a more favorable, fair and competitive business environment and reduce the costs of doing business here,” said Rufat Alimardanov, IFC’s Regional Manager for Ukraine and Belarus. “This will help generate more investments in key sectors, including agribusiness and logistics, and boost job creation and long-term economic growth.”

The project is being implemented by the World Bank Group’s Trade and Competitiveness Global Practice and is funded by SECO.