The Ukrainian side called for intensification of work on signing the Agreement on Protection of Mutual Investment. This and other possible points of intersection of economic interests of the countries were discussed during the meeting of the First Vice Prime Minister of Ukraine - Minister of Economy Oleksiy Lyubchenko with the Ambassador Extraordinary and Plenipotentiary of the Italian Republic to Ukraine Pier Francesco Zazo on October 7 in Kyiv.

“Ukraine and Italy have strong trade and economic relations. Among the EU countries, Italy ranks third in terms of trade. Last year it was more than 4 billion US dollars, according to preliminary forecasts, this year this figure will be exceeded. But we have prospects to improve these positions. One of the tools and an important step can be the signing of an Agreement on Mutual Protection of Investment. The text of the document is currently being studied by the Italian side, I urge you to intensify this work,” - Oleksiy Lyubchenko said during the meeting.

The First Deputy Prime Minister also spoke about the main administrative reforms and sectors of the Ukrainian economy that may be of interest to Italian business circles. “We have launched effective mechanisms and reforms to improve the investment environment, first of all decentralization, land reform, we are currently restarting the privatization process. We also have powerful programs to support investment projects. As for the sectors of the economy in which it is possible to implement joint projects, it is the development of alternative energy sources, gas production, processing of agricultural products, defense industry,”- Oleksiy Lyubchenko stressed.

From his side, Pier Francesco Zazo noted that promising spheres of cooperation for Italian business are the space and defense industries, the introduction of high-speed rail, and infrastructure projects.  “We are trying to persuade Italian investors to invest in Ukraine. We pass on positive information about the activities of the Ukrainian Government - the successes of decentralization and other reforms. I would like to mention that Italian companies that have already been working in Ukraine feel quite comfortable here,”- the Ambassador Extraordinary and Plenipotentiary of the Italian Republic to Ukraine emphasized.

The meeting also raised issues of concern to the Italian side, in particular, the fight against counterfeiting of Italian products and smuggling. “The fight against corruption and the rule of law will be a positive signal for business - it is important to give the investor confidence and a sense of protection from the law,” - said Pier Francesco Zazo.

Oleksiy Lyubchenko said that the Government had set up and launched an Interdepartmental Working Group on De-Shading of the Economy: “The main tasks of the working group are to identify gaps in the legislation that make abuses possible and eliminate them. We also work out cases where there are violations. In case of receiving signals about violations - please inform us”.

Also during the meeting, the parties agreed to intensify communication and work to strengthen trade and economic relations between Ukraine and Italy.

Reference source: Ministry of economy of Ukraine