17:58 19.03.2018

Ukraine's investment attractiveness will grow only after selective justice, corruption in law enforcement disappear - opinion

3 min read

KYIV. March 19 (Interfax-Ukraine) - The growth of Ukraine's investment attractiveness is possible only with simultaneous elimination of selective justice, corruption in law enforcement agencies and the adoption of a number of important laws.

This opinion was expressed by founder of the investment company Dragon Capital, the president of the European Business Association (EBA) Tomas Fiala at a press conference on recent raids on the Nova Poshta courier service at Interfax-Ukraine on Monday.

"We've gathered to think about how to solve these problems in a comprehensive way, rather than for certain individual companies" What we are dealing with first of all is selective justice," he said.

Fiala recalled that this term was used very often in relation to business during Ukrainian President Viktor Yanukovych's presidency, and one can state that selective justice is still applicable in the country, and law enforcement agencies remain a big negative factor for Ukraine's investment attractiveness.

"They seem to target transparent businesses where everything is easy to look at and check; they try to resort to such methods as the seizure of computers and documents, then intermediaries appear who are trying to sell these things back to you. Meanwhile, meetings are held on the sidelines or in Amsterdam cafes with those business representatives who have evidently stolen hundreds of billions of hryvnias from the Ukrainian budget, for example, in the banking or gas sector" the expert stated.

The second problem, according to him, is the number of searches conducted in Ukraine. He recalled that according to the statistics announced by Prime Minister Volodymyr Groysman late in 2017, the number of raids on businesses in the past four years grows by at least 10% every year and is at a higher level than when Yanukovych was president, and this is despite the fact that the number of businesses has decreased due to the crisis.

"Thirdly, you hear statistics that there have been a lot of reforms in the country in the past three or four years. Yes, it's true. If one compares Ukraine in the past four years with Ukraine before, there have been a lot of reforms. But this comparison is wrong. To [assess] investment attractiveness, there should be comparison with other countries rather than with the past," Fiala said.

According to him, one of the main indices reflecting the movement of Ukraine towards investment attractiveness is the Doing Business index published by the World Bank annually.

"And here, unfortunately, after the Revolution of Dignity, we've moved only from 83rd to 76th place, and this is a very sad result, because the world does not stand still, everything is in motion and all become more attractive for investment," he said.

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