Ukraine has not still fully made use of its major resource for economic development – the confidence of investors - and the government has to resolve this issue, Prime Minister Mykola Azarov has said.

"I want all heads of state and local government agencies to realize that we have a major, still not fully tapped resource for economic development - the confidence of investors. If you gain the confidence of investors, the country will gain economic progress," he said, while opening a government meeting on Wednesday.

Azarov said that the Ukrainian government should continue deregulation and create the most favorable investment climate in the country. To do this, the government first needs to focus on the adoption of laws that effectively protect property rights, he said.

"Unfortunately, individual cases of brazen illegal takeovers are still possible in Ukraine today. Tomorrow Ukraine should be recognized as a country in which it will be impossible to even think about taking away someone else's property under any circumstances. It should also be as impossible to step over someone's ownership as to arbitrarily change the constitution. It should be as dangerous to infringe on someone else's property as to jump without a parachute," Azarov said.

He said there was a need to develop the legal framework and introduce the practice of free and equal access to funds, in particular, to credit, energy and material assets. In addition, it is necessary to continue improving tax and customs procedures, permit procedures and licensing, Azarov said.

He also instructed the Economic Development and Trade Ministry, the Income and Tax Ministry and the Interior Ministry to conduct systematic and continuous work in these areas.