New agency in Rivne to promote foreign investment in Ukraine

Organization for Security and Cooperation in Europe

KYIV - Stimulating foreign investment in Ukraine and providing support to businesses and investors is the aim of a new agency that opened on May 11 in the western Ukrainian city of Rivne.

The Rivne Agency for Investment Attraction and Investor Assistance (InvestInRivne Agency) was established jointly by the regional administration, the City Council and the Chamber of Commerce and Industry with assistance from the Organization for Security and Cooperation in Europe (OSCE) project coordinator in Ukraine.

"The agency is a significant addition to one of the fastest growing economies in Europe," said Volker Frobarth, senior project officer for the project coordinator's office.

"InvestInRivne will be a 'one-stop-shop' for investors, expediting investment approval, company registration, and acquisition of licenses and other permits needed to start operating in Ukraine. It represents a step forward in the ongoing co-operation between the project coordinator and Ukraine in the field of economic development."

InvestInRivne will promote the region and the city of Rivne as attractive investment locations, provide advocacy to local and national governments, and conduct assessments of investors' perceptions.

The agency will also serve as a focal point for investors on issues such as market research and feasibility studies, identifying premises, recruiting staff and introductions to service providers.

"A dynamic and growing economy, low operating costs, a competitive and highly skilled labor force, and close proximity to the European Union are just a few of the advantages Rivne and Ukraine have to offer to foreign investors," said Viktor Chaika, mayor of Rivne. "This model of cooperation to attract investment is one that can be spread throughout Ukraine."

The official opening ceremony was attended by the oblast chairman of the Rivne region, the heads of regional and local administrations, members of the diplomatic corps and representatives of international financial institutions.

The InvestInRivne Agency was established under the framework of an OSCE project to provide assistance to Ukrainian regions in attracting foreign direct investments.

Copyright © The Ukrainian Weekly, June 19, 2005, No. 25, Vol. LXXIII

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