The FINANCIAL -- WASHINGTON,
DC -- “Ukraine has all preconditions to become an economic leader in
Eastern Europe using its rich natural resources, educated workforce and
advantageous geographic location at the crossroads of major trade routes
between Europe and Eurasia,” Olexander Motsyk, Ambassador of Ukraine to
the United States, Olexander Motsyk, said in his presentation at a
recent international business conference organized by The Heritage
Foundation and U.S.-Ukraine Business Council (USUBC) in Washington,
D.C.. Over 150 participants attended the conference.
The conference’s speakers emphasized that Ukraine ’s global economic integration and taking its rightful place among free, democratic, and prosperous nations should be an important American foreign policy priority. The rebirth and advancement of economic freedom in Ukraine could have a positive impact not only on Eastern Europe but also in Russia and other post-Soviet states.
Achieving this desirable outcome, however, will require the government of Ukraine to implement major structural, legal and regulatory reforms aimed at establishing a stronger free market democracy, setting up a level playing field for business working under the rule of law and getting Ukraine fully open for business.
Opening the international conference, "Reviving Economic Growth and Freedom in Ukraine ," the president of U.S.-Ukraine Business Council (USUBC) Morgan Williams stated: “On the 20th Anniversary of Ukraine ’s Independence, Ukraine is faced with one of the most important tasks which is moving the country forward to a much higher level of economic freedom because without such economic freedoms, Ukraine is not going to have an adequate level of international and domestic business investment, experience higher levels of economic growth, create the number of jobs needed by its people, and build a strong and prosperous middle class.” Williams is the Washington government affairs representative of the SigmaBleyzer private equity investment firm.
Former Prime Minister of Ukraine , Anatoliy Kinakh, one of the leading private sector advocates for economic freedom in Ukraine who currently serves as President of Ukrainian League of Industrialists & Entrepreneurs made a presentation entitled: “Moving Ukraine Forward through Needed Economic Reforms.”
“Despite all complications that Ukraine is currently experiencing, the historical direction of the transition has been toward free market system and away from centrally planned economy. We know that progress for economic growth and progress for democracy go hand in hand. Ukraine has chosen an irreversible path toward democratic, modern, and free market state,” said Kinakh, who is a member of the Ukrainian parliament.
“For the Ukrainian economy to develop more efficiently, the government must adopt a strategic approach to implementing the free market economic reforms such that would gradually encourage international trade and attract more FDI. Currently, flows of trade and FDI are far below their potential level given Ukraine ’s dynamic, well-educated population, proximity to the European Union markets, and abundant natural resources,” Kinakh told the conference.
Given Ukraine ’s large amounts of fertile land, Ukraine has a potential to become one of the world’s largest food providers if the government moves forward with the legal and regulatory reform necessary to allow Ukraine ’s agricultural sector to freely operate according to international private market standards, be competitive, attract more domestic and international investment and improve its productivity,” said Leonid Kozachenko, President, Ukrainian Agrarian Confederation, and former Deputy Prime Minister for Agrarian Policy.
Kozachenko and other speakers at the conference stressed that to increase private investment the protection of private property rights must be significantly improved in Ukraine through the legal system and the government taking stronger measures against corporate raidership.
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