Ukraine Policy Framework for Investment

Based on the OECD Policy Framework for Investment (PFI), this chapter analyses the contribution, interaction and coherence of selected policy areas in support of a sound investment environment. It shows that while Ukraine has made progress in several areas covered, notably investment policy transparency and predictability, investment promotion and facilitation and trade policy, more remains to be done in particular with respect to policy implementation, pol icy dialogue and streamlining of administrative procedures to reduce the risks of administrative discretion and hence the possibility of corruption. The recent establishment of the new State Agency for Investments and National Projects and the reorganisation of the Council of Local and Foreign Investors should permit to enhance the country’s investment promotion activities and improve policy dialogue between the government and investors. Public policies promoting principles for responsible business conduct, such as those embodied in the OECD Guidelines for Multinational Enterprises, contribute to attracting investment in support of sustainable development. But in many relevant areas, both public awareness and responsible business practices are still less common in Ukraine than in other emerging economies.