Ukrainian President Petro Poroshenko hopes that the signing of the revamped intergovernmental agreement to avoid double taxation would facilitate the development of economic relations between Ukraine and Cyprus.

"Following the negotiations, the parties signed 4 documents, inter alia, those allowing the avoidance of double taxation. The head of state expressed hope that it would facilitate the development of economic relations between the two countries," the press service said, referring to Poroshenko who spoke to reporters after the negotiations with Cypriot President Nicos Anastasiades in Kyiv last week.

He said that in the course of the economic forum, Cypriot businessmen will get to know the new steps of Ukraine on the improvement of investment climate.

"Cypriot businessmen will always be very welcome in Ukraine,” the president said.