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OECD Investment Policy Reviews: Ukraine 2016

image of OECD Investment Policy Reviews: Ukraine 2016

Ukraine’s post-Maidan authorities have embarked upon an ambitious reform programme to improve the country’s framework for investment and strengthen the country as an attractive investment destination. This review, which was prepared in close cooperation with the Ukrainian authorities in response to their 2011 request to adhere to the Declaration on International Investment and Multinational Enterprises (OECD Declaration), analyses the general investment framework as well as recent reform, and shows where further efforts are necessary. It assesses Ukraine’s ability to comply with the principles of openness, transparency and non-discrimination and its policy convergence with international investment standards such as the OECD Declaration. In light of the recently updated OECD Policy Framework for Investment, it also studies other areas such as investment promotion and facilitation, infrastructure development; financial sector development and responsible business conduct practices. In the scarcely two years since a new attempt at economic reforms was launched in earnest, Ukraine has made quite important progress in introducing a modern legal framework for investment. But additional efforts are required in some policy areas to reaffirm Ukraine’s attractiveness for investors.

 

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Ukraine and the OECD National Treatment instrument

Ukraine’s legislation embodies the principle of non-discrimination of foreign investment. Ukraine has no institutionalised general screening mechanism for foreign investment but still applies several transectoral and sectoral restrictions on foreign investment which qualify for the list of exceptions to national treatment and measures reported for transparency in the meaning of the OECD Declaration on International Investment and Multinational Enterprises. In particular, Ukraine maintains exceptions to national treatment for established foreign-owned enterprises for access to land and forests and in sectors such as news information agencies, television and radio broadcasting, maritime and air transport, as well as for certain types of investment in privatisations.

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