PM working on Ukraine to join Top 30 in Doing Business index

Prime Minister Denys Shmyhal said on Dec. 18 he is
aiming to improve Ukraine’s rating in the World Bank’s Doing Business index to
reach the Top 30. To achieve that, he said he is targeting three categories
where Ukraine is performing poorly: access to electricity, access to financial
resources and bankruptcy legislation. A revised bankruptcy code has already
been drafted, he said, as well as legislative changes are to improve
electricity connection. These include the introduction of the RAB regulation,
which compensates the owners of electricity networks in order that they
reinvest the funds for developing their networks and reducing the cost of
activating power.

Ukraine ranked 64th on the Doing Business index in
2020, compared to 71st place in 2019. Shmyhal made his comments during a
“Ukraine and the World 2021” online event. He said he is also aiming for Ukraine
to join the Top 50 countries in the Global Competitiveness Index of the World
Economic Forum.

Zenon Zawada: Even if Shmyhal is successful in improving Ukraine’s standing in these
three categories (electricity, lending and bankruptcy), the corrupt law
enforcement system, and particularly the courts, will continue to deter
potential investors. There is no greater hindrance to investment than Ukraine’s
unreliable courts, in our view, which is shared by many. And the Zelensky
administration hasn’t done enough to address this problem.