: Ukraine to soar up in Doing Business-2017

18:07 Jun. 1, 2016

Ukraine to soar up in Doing Business-2017

A Ukrainian national flag flies beneath chimneys at the Luhansk thermal power station, operated by DTEK Holdings BV, in Shchastia, Ukraine, on March 5, 2015 (Getty Images)

The Justice Minister aims to rank TOP-50 in upcoming years  

Ukraine's Justice Minister Pavlo Petrenko predicts that the country may reach 65-69th position in Doing Business-2017 annual report measuring the regulations that enhance and constrain business activity.

He expressed his vision about the ranking during the roundtable "Dynamics of Ukraine in Doing Business global reports". 

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"We expect Ukraine will go up in the rating from the 83rd to 69-65th position [this year]. It depends on how they will measure the reforming progress", Petrenko said.

In particular, "starting a business" indicator may show a rise for Ukraine from the 30th to 16th position, "registering property" – from the 61st to 34th, "protecting minority investors" – from the 88th to 7th.

The Justice Ministry will also initiate the action plan for the government in order to rank Top-50 in Doing Business. But all reforms can be diminished if the judicial reform doesn't take place, the Minister stated. As long as Ukrainian courts don't protect business, nobody will invest the country. 

Read also Ratings agency Moody's upgrades Ukraine's sovereign rating to Caa3

"I am calling on MPs who have the chance to finalize the reform of courts, to make the system transparent", Pavlo Petrenko added.

Easy Business organization estimates that one point up the ranking means 12 billion UAH (nearly 500 million USD) investments to the country a year.

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