Dmytro Sennychenko, Head of the State Property Fund of Ukraine, has presented the Program to Attract Investment in Ukraine on the Davos World Economic Forum

On January 22, on the Davos World Economic Forum Dmytro Sennychenko, Head of the State Property Fund of Ukraine (further – the Fund), presented the Program to Attract Investment in Ukraine and the Privatization Plans during the Panel “Ukraine as Europe’s Next Industrial Powerhouse” that was held in the Ukrainian House in Davos.

During the presentation Dmytro Sennychenko noted that the Davos–2020 is the start road-show to attract foreign investors to the Ukrainian economy. Sennychenko named labour and land resources, availability of large amount of mineral resources, geographical location of the country, transport and infrastructure, technologically-innovative and reform potentials as competitive advantages of national economy.

According to the Head of the Fund, for the first time in the last 10 years Ukraine has conducted a large-scale audit of the state property and prepared a program to attract investment by means of privatization. The corresponding work was carried out with the support of the President of Ukraine and all executive branches, the level of trust which increased significantly according to the results of election campaigns – 2019.

Sennychenko emphasized that the Fund and the Cabinet of Ministers of Ukraine in the second half of 2019 initiated a number of legislative changes that unlocked the possibility of conducting the Large-Scale Privatization, eliminated the impact of financial and political groups on state property objects and improved information disclosure system for enterprises.

Investment advisers, whose competence includes the improvement of the financial and personnel situation at the related enterprises, started work on objects of the Large-Scale privatization, including mining, chemical, engineering, agro-industrial enterprises, hotels and enterprise of services.

According to the Law on the State Budget of Ukraine, revenues from privatization in 2020 should be $500 million (UAH 12 billion).

The SPFU considers that its most important task is eradication of corrupt schemes off privatization processes and attracting exactly those investors who are ready to invest in modernization of enterprises and to expand social package for workers.

The Fund developed the Investment Menu, which includes full informtion about objects of privatization and conditions of its implementation. “The era of corruption is over, the age of investment begins”, Sennychenko emphasized.

During the Davos World Economic Forum, Sennychenko held a number of bilateral meetings with foreign capital representatives interested in the work on the Ukrainian market. Conducting first competitions as part of the Large-Scale Privatization is scheduled for late Spring 2020.