Ford drives hike in car production in Romania
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Foreign direct investment (FDI) into Ukraine is currently lower than it was prior to the Maidan protests in 2014 under ousted president Viktor Yanukovych, but has started to grow over the first nine months of this year.
Foreign investments have fallen steadily in the last three years from $4.6bn invested into 82 new projects in 2013, then $858.2mn in 25 projects in 2014, and $484mn in 19 projects in 2015, according to fDi Markets. However, this year investment picked up again with the announcements of $536.6mn in 20 greenfield projects in the first nine months of 2016. The government estimates that to achieve the target values of economic growth, the country needed FDI of $6bn-$7bn per year.
Despite the economic collapse and ongoing military conflict in the east of the country, the new government has managed to make progress with reforms and a start on building a new investment climate.
The World Bank report Doing Business 2016 noted significant progress in the area of the opening of new businesses: Ukraine rose 40 places in the recent ranking to 30th place by reducing the time for registration of VAT taxpayers and the abolition of fees for business registration. And its electronic system of public procurement ProZorro, designed to improve their transparency and the fight against corruption, has earned the praise of experts. Fitch also recently improved its forecast for Ukraine’s GDP growth in 2016. Against this positive news, Ukraine was named the most corrupt country in Europe.
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