Volodymyr Lytvyn, Chairman of the Verkhovna Rada of Ukraine, singled out the Main Prerequisites for the Growth of Investments in Ukraine
Speaking at the First Economic-Investment Forum "Investment Zviahil" in the town of Novohrad-Volynskyi, Volodymyr Lytvyn, Chairman of the Verkhovna Rada of Ukraine, stated that corruption is the key issue which influences investment attractiveness of Ukraine. He reminded that the corruption counteraction law comes into force on July 1. "As far as this problem is concerned, it is actually associated with the issues of statehood and national security," the Head of the Parliament stressed.
Still, V.Lytvyn drew attention to the fact that although the opposition heavily critisized the corruption counteraction law, the act "is really tough in part of penalties for corruptive actions of government officials." However, the Chairman of the Verkhovna Rada of Ukraine believes that one law will not suffice to eradicate corruption, as a general atmosphere in the society should be created. "Everyone should assume responsibility for observance of anti-corruption regulations," V.Lytvyn stated. "Officials of all levels should realize their responsibility for infringing the law."
According to the Head of the Ukrainian Parliament, independent responsible judicial system and transparent legal proceedings is another prerequisite for attracting investment into Ukraine. V.Lytvyn admitted that deficiencies of the recent judicial reform are obvious. He reminded of the respective recommendations of the Venice Commission. He also expects the Ukrainian Parliament to amend the laws to guarantee independent and responsible legal proceedings in Ukraine.
The land issue is another essential condition for improving investment attractiveness of Ukraine. V.Lytvyn informed that the bill on land register is being adjusted for the second reading. After the Cabinet of Ministers of Ukraine brings forward the bill on land market, the Parliament will scrutinize it. "To ensure complete understanding and prevent political turmoil, I would like to assure you that the possibility of long-term land lease is a matter of primary concern. In this case, foreign businessmen working in Ukraine could plan their dealings for a long term, attracting the necessary investment," V.Lytvyn stressed.
The Head of the Parliament supposes that it will guarantee capitalization of land in Ukraine. He dismissed the talks about immediate sale and purchase of land as groundless. "A balanced law will be adopted to create favourable conditions for business in Ukraine," V.Lytvyn stressed.
The Chairman of the Verkhovna Rada of Ukraine believes that organization of local power also influences investment climate in Ukraine. He is convinced that the country will move towards unitary decentralization, finance and power delegated to the local authorities. "Life standard depends on the quality work of the local authorities. It will also settle the issue of public responsibility for the formation of authorities," V.Lytvyn stated.
The Head of the Parliament believes that authorities will be responsible and accountable to the public, provided the local power employs the necessary economic and strategic tools. "The required resolutions are being drafted and will be adopted," V.Lytvyn stressed.