PRESIDENTIAL DECREE OF UKRAINE

of July 7, 2003 No. 580/2003

About additional measures for attraction of foreign investments in economy of Ukraine

For the purpose of creating favorable conditions for growth in volumes of foreign investments in economy of Ukraine and activities of foreign investors, I decide accelerations of social and economic development of regions and priority industries of production:

1. To the Cabinet of Ministers of Ukraine:

1) in three-months time:

a) prepare and submit for consideration of the Verkhovna Rada of Ukraine the bill on the state support and stimulation of investing activities in Ukraine in which, in particular, to provide:

determination of the priority directions of investing activities to which the state support, mechanisms of stimulation of investment attraction, increase in guarantees of the rights of investors is provided;

simplification of procedure for receipt of allowing nature by investors of the documents necessary for implementation of investment projects, procedure for state registration of foreign investments, certifications of products;

establishment of the administrative responsibility of officials for actions or failure to act which consequence creation of obstacles and deterioration in conditions of implementation in Ukraine of investing activities is;

b) enter system of estimation of work central and local executive bodies on investment attraction, and also the performed measures for improvement of the investment climate in the corresponding industries of economy and regions;

c) enter permanent monitoring of activities of executive bodies for provision of explanations of provisions of regulatory legal acts, provide non-admission of discrepancy of these explanations to the legislation of Ukraine, and also rapid response to the facts of deterioration in conditions of investing activities;

d) develop and provide introduction of the mechanism of assistance to creation of joint businesses with participation of foreign investors based on state-owned property, having provided measures for non-admission of violation of the principle of equality of all patterns of ownership;

e) take measures for the termination of practice of implementation by executive bodies and local government bodies of the functions and powers on condition of payment by investors of means whose collection according to the legislation is not obligatory;

2) to take in the procedure established by the legislation measures for creation till January 1, 2004 of "The Agency concerning Foreign Investments" joint-stock company, having provided that shall be its main objectives:

assistance to attraction of foreign investments, to forming of attractive investment image of Ukraine and its regions;

provision of consultations of economic and legal nature about opportunities of entering of foreign investments into economy of Ukraine;

search of potential investors for domestic subjects of business activity;

assistance to foreign investors in questions of interaction with executive bodies, local government bodies;

support of investment projects, assistance to protection of the rights of investors;

preparation of offers on stimulation of investing activities, in particular taking into account experience of other states in the sphere of attraction of foreign investments, and about removal of obstacles, negatively influencing the investment climate in Ukraine;

the organization of training of specialists in the sphere of investing activities;

the edition of information and analytical materials concerning social and economic development and investment opportunities of Ukraine and its regions;

3) to take in two-month time complex measures on:

to enhancement of procedure for compensation of bags of the value added tax to subjects of business activity, in particular on export transactions;

to enhancement of mechanisms of financial improvement of domestic enterprises, increase in level of their capitalization, including by attraction to this work of the foreign companies specializing in investment management;

to ensuring transparency of procedures of selection of potential buyers of strategically important companies, having provided equal conditions of participation in this selection of domestic and foreign investors;

4) for 2003:

a) consider question of feasibility of development of the Investment code of Ukraine with participation of the leading lawyers, domestic and foreign investors, the relevant public organizations;

b) handle issue of realization based on the National complex "Expocentre of Ukraine" and other exhibition centers of the investment projects aimed at the development of trade, transport, engineering, telecommunication infrastructure, introduction of the latest exhibition technologies, creation of business incubators, institutions of public catering, entertaining institutions, the companies of hotel economy;

c) perform complex measures on:

to encouragement of foreign investors to introduction of investments into development of the international transport corridors, exploration and production of minerals, including by the conclusion of agreements of concession and agreements on distribution of products;

to forming of positive investment image of Ukraine, having provided, in particular, acceleration of the organization of permanent exhibition of the best investment projects and extended coverage in foreign business community of positive changes in social and economic development of Ukraine and its investment climate, and also the prospects of investment into its economy;

to increase in appeal and transparency of the domestic stock market, including by simplification of the procedure of import to Ukraine and export out of its limits of the capital in the course of implementation of investing activities in the stock market, and also creating favorable conditions for participation in this market of physical persons, increases in level of transparency and accuracy of the information about activities of issuers of securities;

to providing for citizens of foreign states of conditions of receipt of services, equal with citizens of Ukraine, in the territory of Ukraine and to non-admission of differentiation of the sizes of service fee depending on nationality of consumers of services.

2. To the Cabinet of Ministers of Ukraine, Council of Ministers of the Autonomous Republic of Crimea, regional, Kiev and Sevastopol city public administrations:

1) in three-months time:

enter monitoring system of appeals of investors to executive bodies and local government bodies, to provide their timely consideration and the corresponding response to them;

develop taking into account experience of Kiyevgorstroy holding company and take measures to expansion of network of the investment and construction organizations, attraction of financial resources of the population in housing construction, enhancing cooperation with foreign investors concerning projects implementation on housing construction, and also shopping centers and other objects of market infrastructure;

2) for 2003:

provide distribution among potential investors of information on investment appeal of industries of economy, perspective investment projects, in particular in the field of mechanical engineering, power, metallurgy, in the chemical and petrochemical industry, space industry, agro-industrial complex, in the sphere of development of the international transport corridors, construction of roads, etc.;

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