President signs licensing bill into law

10:27, 26.03.2015 1 min read

Ukrainian President Petro Poroshenko has signed bill No. 222-VIII into law on licensing of economic activity, the presidential press service reported.

The law is designed to simplify the procedure of issuing licenses, reduces the number of economic activities subject to licensing, which will let Ukraine go up in the World Bank's Doing Business rank due to creating more favorable conditions for the development of entrepreneurship and making Ukraine more open to investment, the press service said.

"The adoption of this law is very important to businesses and the economy of Ukraine in general. The law will considerably rein in corruption in the sphere of licensing, will be conducive to Ukraine's climbing in international ratings and facilitate the development of entrepreneurship and investment in the economy," Deputy Head of Ukraine's Presidential Administration and Secretary of the National Council of Reforms Dmitry Shymkiv said.