Yushchenko urges investors to seize the moment, as World Economic Forum Roundtable convenes (06/19/05)

Yushchenko urges investors to seize the moment, as World Economic Forum Roundtable convenes

by Mark Adams
World Economic Forum

KYIV - Speaking on the eve of the World Economic Forum Roundtable that will take place in the Ukrainian capital on June 16-17, President Viktor Yushchenko said he will deliver an upbeat and optimistic message to leaders from business and politics and will tell them that "Ukraine has a unique potential for foreign investors." He will also bring them up to date on the actions taken so far to build a "law-abiding state and market economy."

Among the 250 participants from 32 countries taking part in the roundtable, being held under the theme "The Opening of Ukraine," will be seven heads of state and government and nearly 150 senior business leaders.

Speaking before the start of the roundtable, Mr. Yushchenko said: "The time has come to tell investors that Ukraine, with its companies, provides the best opportunities for investment."

But the president also emphasized that investment must go hand in hand with good governance. "It is not a smart thing to build a house on a bog," he said. "If we do not drain the bog of corruption, if we do not free every Ukrainian (not just government officials) of this rottenness, which has been stored for years in our subconscious ... we will not be able to build a law-abiding state and market economy.

"This is why we started fighting corruption on Day 1," he continued. "One of our first initiatives aimed at eradicating corruption was the program 'Stop Smuggling.' Along with introducing special anti-corruption groups that checked the work of customs officers and staff, Ukraine reduced duties on many imported goods. As a result, within the first few months, revenues from customs duties increased by 40 percent."

Speaking at the opening press conference on June 16, Peter Torreele, managing director of the World Economic Forum, said, "An action plan formulated during the two-day meeting by participants will serve as a concrete recommendation to President Viktor Yushchenko of Ukraine to improve the business environment and contribute to increased prosperity."

The objective of the roundtable is to "build mutual trust and understanding in order for international and local business - together with the Ukrainian government - to understand what has to be done to make reforms happen," said Mr. Torreele.

Oleh Rybachuk, Ukraine's vice prime minister for European integration, responded later by welcoming the initiative, saying, "we encourage a frank discussion and we do mean to implement your recommendations."

The two-day meeting will focus on the challenges facing Ukraine regarding the reform of its economy and business environment; relations with Europe, Russia and the rest of the world; and corruption and transparency.

Taking part in the roundtable along with the President Yushchenko and Prime Minister Yulia Tymoshenko of Ukraine are President Aleksander Kwasniewski of Poland, President Ilham Aliyev of Azerbaijan, President Arnold Rüütel of Estonia, President Mikheil Saakashvili of Georgia and President Vladimir Voronin of Moldova.

Joaquín Almunia, commissioner for economic and monetary affairs, will represent the European Commission.

Among the companies represented by senior executives are Microsoft, Shell, Nestlé, Oracle, Coca-Cola, Nike and Deutsche Bank.

A number of Ukrainian companies are also among the participants: NJSC Naftogaz of Ukraine, the State Export-Import Bank of Ukraine (Ukreximbank), Kyivstar GSM JSC, Interpipe Group and Kvazar-Micro Corp.

Speaking prior to the start of the roundtable, Felix Howald, associate director of Europe, explained, "The meeting has attracted a high calibre of participants both from business and politics, and from both Ukraine and the wider international community. There is a real sense that Ukraine is on the move, and these are the people who want to be in at the beginning of a very special journey. Ukraine is a country of huge potential ..."

Less than five months ago, President Yushchenko addressed participants at the 2005 annual meeting of the World Economic Forum in Davos, Switzerland. "I am here in Davos to ask for your help. Ukraine needs you to visit, to invest, to help us to become a strong country," he said.

The World Economic Forum is an independent international organization committed to improving the state of the world by engaging leaders in partnerships to shape global, regional and industry agendas.

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