Ukraine investment attractiveness highest in six years

Ukraine has reached its highest ranking in six years
in the European Business Association’s Investment Attractiveness Index, the
organization reported on July 3. The second quarter of 2011 was also the last
time Ukraine had a positive value on the index. The EBA conducted its poll
among the leaders of 142 of the largest international and Ukrainians companies.
Among the positive developments in Ukraine’s investment climate have been
better access to government data, deregulation, simplified permitting and
improved electronically based services. Those spheres demanding the most reform
were corruption, the judicial system and the land market.

Zenon Zawada: This positive
rating indicates that Ukraine could be finally turning the corner economically,
despite three years of warfare on the eastern border with Russia. This improved
sentiment among businessmen coincides with rising economic indicators,
particularly GDP.

However, most Ukrainians will say that the pace of
reforms is still inadequate and far more needs to be done by the Poroshenko
administration, which is resisting structural reforms that will enable business
to flourish.

Indeed, we share this
viewpoint. The Ukrainian economy still lacks a functioning judiciary, adequate
deregulation and transparency that is necessary to attract the needed
investment to remedy the current economic misery.