Prime minister offers foreign investors an advisory body in ukraine
25 January 2008
Published in Global Insight
By: Natalia Leshchenko
Prime Minister Yulia Tymoshenko and all economy-related ministers in her government have attended a meeting with top managers of foreign companies and representatives of international organisations. Tymoshenko suggested establishing an advisory council for foreign investment at the cabinet of ministers to help it create a favourable investment climate in the country. She also announced the intention of the cabinet to introduce a programme on "transparency initiatives". In particular, Tymoshenko wants to target judicial corruption and do so by putting court chairman positions on a rotating or elected basis, and introducing a system of automated allocation of cases to avoid bribery. Tymoshenko reiterated her commitment to making privatisation and procurement auctions fully open and transparent. As another anti-corruption measure, the government is opening a telephone line where businessmen can report extortion by officials they have faced,Kommersant Ukrainereports.
By: Natalia Leshchenko
Prime Minister Yulia Tymoshenko and all economy-related ministers in her government have attended a meeting with top managers of foreign companies and representatives of international organisations. Tymoshenko suggested establishing an advisory council for foreign investment at the cabinet of ministers to help it create a favourable investment climate in the country. She also announced the intention of the cabinet to introduce a programme on "transparency initiatives". In particular, Tymoshenko wants to target judicial corruption and do so by putting court chairman positions on a rotating or elected basis, and introducing a system of automated allocation of cases to avoid bribery. Tymoshenko reiterated her commitment to making privatisation and procurement auctions fully open and transparent. As another anti-corruption measure, the government is opening a telephone line where businessmen can report extortion by officials they have faced,Kommersant Ukrainereports.
Significance: Foreign investors have already
submitted some 240 proposals to the government, which
it put on the website as a demonstration of listening
to investor concerns. Tymoshenko is indeed committed
to creating a level playing field for businesses, the
ostensible goal of her crusade against corruption and
organised crime. She faces an uphill battle fighting
graft and bribery and introducing the rule of law in
a country that is notorious for its bureaucratic
procedures. Foreign investors should not doubt her
commitment, though and may find it worth cooperating
with the Investment Council when it is created.