Investors' message

Medium_photo_5224_en
Thomas Mirow, EBRD

Kyiv Post | 23 June 2011 | excerpts only, full speech here

Editor’s Note: The following is a speech by Thomas Mirow, president of the European Bank for Reconstruction and Development, to the Domestic and Foreign Investors’ Advisory Council on June 23 in Kyiv, chaired by President Viktor Yanukovych.    

by Thomas Mirow

President, Excellencies, Ladies and Gentlemen!

I have the honor to speak on behalf of the foreign investors around this table.

I would like to start by thanking President [Viktor] Yanukovych for establishing this Domestic and Foreign Investors’ Advisory Council. This initiative can play a leading role in helping to unleash Ukraine’s untapped growth potential.

The focus of the activities of this council will be on making Ukraine a competitive and successful country in which to live, work and invest. We are all honored to be part of this endeavor.

The challenges facing Ukraine are immense, and the ambitious goal the president has set for the country - becoming a member of G-20 at the end of the current decade - is only achievable through the adherence to market-based economic principles.

On behalf of foreign investors, I would like to highlight seven key priorities that we believe should be addressed quickly to ensure that Ukraine regains the competitive edge that has been eroded somewhat during the recent global financial turbulence.

The most important element is to create and sustain a favorable investment climate that applies equally to domestic and foreign investors.

Ukraine is a country of huge opportunities, but to innovate its economy it needs to attract investment and expertise.

After the dramatic slump in 2009, Ukraine returned to growth in 2010 largely due to higher commodity prices and stronger external demand. Re-engaging with the IMF [International Monetary Fund] sent a strong message of stability.

This demonstrates the crucial importance of maintaining an open economy and further developing trade partnerships in all directions and in accordance with the WTO rules.

On behalf of foreign investors, I would like to highlight seven key priorities that we believe should be addressed quickly to ensure that Ukraine regains the competitive edge that has been eroded somewhat during the recent global financial turbulence.

[snip]

5. Developing more efficient, competitive agricultural sector

A growing global population is raising a food security problem but also provides an opportunity to Ukraine to double its agricultural production in the next 10 years by attracting investment to introduce new technologies, better equipment and inputs.

The sector needs significant private investment that will only materialize if Ukraine provides a predictable, transparent and market-based environment.

Recent developments towards the monopolization of grain exports have raised serious concerns. These measures seriously threaten Ukraine’s opportunity to become one of the major global food suppliers. Equal treatment is of the essence, irrespective of how well-connected they are or how close to the state.

Furthermore, creating reliable legislation for Ukraine’s land market is of the essence to unlock Ukraine’s agricultural potential. Farmers need to be allowed to own and trade their land in order to access to financing.

An important step would be to cancel the moratorium on the sale of agricultural land and to adopt the laws on land market, on state land cadastre and on land auctions.

This would contribute to the development of an efficient and highly productive agricultural sector that would, in turn, become one of the main engines of Ukraine’s economic development and improved international competitiveness.

[snip]

  • Sign the petition to stop Industria Chiquibul's violence against communities in Guatemala!
  • Who's involved?

    Whos Involved?


  • 13 May 2024 - Washington DC
    World Bank Land Conference 2024
  • Languages



    Special content



    Archives


    Latest posts