Ukraine will not become a developed economy until a favorable investment climate has created there, Member of Parliament MP Serhiy Taruta.

"There could be no substantial economic growth without a favorable investment climate. Businesses should trust authorities. If there is trust, there will be innovation and new modern technologies without which one cannot make a fortune today," Taruta said at the Kyiv International Economic Forum.

He says Ukraine suffers from a lack of foreign direct investment, while there are countries that are willing to invest their money in this country and share new technologies.

"South Korea announces that is interested to invest in the Ukrainian economy. The country has good potential as an investor, for example, it has already invested more than $32 billion in neighboring Vietnam," Taruta said.

The MP noted that closer economic cooperation with the "Four Asian Tigers" (South Korea, Hong Kong, Singapore and Taiwan) can be a driving force for the growth of the Ukrainian economy.