The Cabinet of Ministers of Ukraine is planning to sign a memorandum with its foreign partners this August on the creation of the institution of business ombudsman, which can become an arbitrator in relations between government and business, as well as prevent the use of administrative levers in corporate conflicts, First Deputy Prime Minister Serhiy Arbuzov has said.

"The need to create the institution that will resolve disputes between government and business in Ukraine outside the courts is long overdue. Therefore, we're supporting the proposals of our partners, in particular, the European Bank for Reconstruction and Development, on the intensification of work in this direction," he said.

Arbuzov said that domestic investors would also participate in drafting a strategy for the functioning of this institution.

He did not rule out that the creation of the institution of ombudsman would in some way be synchronized with the process on restoring the work of the interdepartmental commission on the protection of investors' rights and the fight against illegal acquisitions and takeovers (the anti-raider commission).

"Government and business should maintain a constructive dialog to make the business ombudsman really effective. We are ready for that. The business environment should unite its efforts and develop consolidated proposals," Arbuzov said.

As reported, in February 2013, the EBRD proposed that Ukraine establish the institution of business ombudsman. The head of the bank's office in Ukraine, Sevki Acuner, said in June that this initiative had been preliminarily discussed with the Ukrainian government and received approval.