The Cabinet of Ministers initiated changes to legislation aimed at creating a favorable investment climate

The Cabinet of Ministers approved a draft of amendments to the legislation aimed at increasing  the flow of significant investment into the economy.

The Government adopted the relevant draft amendments to the Law of Ukraine "On State Support of Investment Projects with Significant Investments in Ukraine" at a meeting on October 18. The document will be sent for consideration and adoption by the Verkhovna Rada of Ukraine.

In particular, the draft law proposes to expand the areas in which an investment project with significant investments can be implemented. The following was added:

  • activities in the field of information and electronic communications,
  • real estate transactions,
  • operations in the sphere of production of energy-efficient building materials, climate equipment and equipment for heating, ventilation, air conditioning, and hot water supply systems.

In order to expand the circle of those involved in the investment process, it is proposed to reduce the amount of investments in the investment project, for the implementation of which state support can be provided. If, according to the current regulations of the law, the amount of investment should exceed the amount equivalent to 20 million euros, so the draft amendments offer to reduce it to 12 million euros.

Investors will also be given the opportunity to start the implementation of the project before concluding a special investment contract and make investment for pre-project works (preparation of documentation, purchase of land, etc.) in the amount of 25% of the total amount of significant investments. 

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