The investment attractiveness index of Ukraine drawn up by the European Business association (EBA) in the fourth quarter of 2012 came to 2.12 notches out of a possible five, which is evidence of the slight worsening of investors' confidence (by 0.02 notches), despite the improvement of Ukraine's positions in the global ratings which reflect the doing business conditions.

"This year Ukraine improved doing business conditions, being 137th, and Ukraine's position in the World Economic Forum's rating came to 73rd. However, investors' sentiments are stably moderate… they were not improved compared to the previous year," Hanna Derevyanko, the EBA's executive director, said, commenting on the results of a poll of top managers at companies - EBA members.

She said that 2012 was a complicated year for the association, and over 200 initiatives, which were discussed jointly with the government, were raised within the association.

"Thanks to the constructive work with the government each third initiative was implemented and settled. We're speaking about the collective lobbying when the companies gathered and raised problems they had faced and send them to the government," Derevyanko said.

She said that in the present conditions the realization of each third initiative is a rather positive result.

Among positive changes which were achieved were the settling of the issue of a transfer of losses for the previous years, the cancelation of the obligatory registration of declarations of correspondence and the registration of foreign economic contracts on the Agrarian Exchange, she said.

"Amendments, which settled the purchase of non-farmland by foreign investors, were made to the Land Code, the new Customs Code, which relaxed a procedure for customs clearance and regulation, was passed, the VAT automatic refunding system was introduced in full, and some issues, which could have worsen the situation for business, were prevented," Derevyanko said.

However, she said that this year showed a fever in the pharmaceutical sector.

"There were many initiatives from the government on the reformation of healthcare… Now, technical regulations for medical products should be introduced, order in the licensing of imports of medicine should be made, and a clear procedure for correspondence of medicine production to GMP [Good Manufacturing Practice] should be introduced," Derevyanko said.