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10:05 18 Dec 2020

Shmyhal explains what three parameters we need to improve to raise Ukraine in Doing Business rating

The government aims to reach the top 50 in the Global Competitiveness Index and the top 30 in the Doing Business rankings.

Prime Minister Denys Shmyhal stated this during an online conversation with leading entrepreneurs on "Ukraine and the World 2021."

"We are currently in the 60th place in the Doing Business ranking. There are three parameters that keep us down. This includes the connection to the power grid, bankruptcy legislation, and access to financial resources," Prime Minister said.

According to him, domestic and external investors perceive these risks as a constraint on business development.

Prime Minister noted that the Bankruptcy Code of Ukraine had already been adopted. Further work in the legislative field and by-laws in this sphere will allow Ukraine to rise in the Doing Business rating.

"We also need legislative changes regarding the connection to the power grid. We have already taken the first steps. The so-called RAB tariff has been introduced in Ukraine. This is part of the tariff, reimbursed to the owners of power grids and directed by them, in fact, to reinvest in the development of networks, and, most importantly, to reduce the cost of connections," Shmyhal said.

He added that it's also important to regulate the procedure of connection to the grid.

"We also deal with this. This is one of the key priorities for business and investors," the head of the Cabinet of Ministers stressed.

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