Rivne investment promotion agency wins several top European awards

KYIV - An investment promotion agency established jointly by the project coordinator of the Organization for Security and Cooperation in Europe (OSCE) and local authorities in the northwestern Ukrainian region of Rivne, has won several awards in a prestigious competition held by the Financial Times' fDi [Foreign Direct Investment] Magazine.

The InvestInRivne agency won the award for "Most Cost Effective City and Region in Europe" in the magazine's European Cities and Regions of the Future 2006-2007 competition. Almost 90 European locations competed for the awards.

The bid submitted by the InvestInRivne Agency also was named winner of the Western CIS and runner-up in the category "Region of the Future" for all of Eastern Europe. The Rivne region became the first Ukrainian location to win the magazine's awards.

"The list and the recognition that it brings proves the success of the InvestInRivne model and translates into real investments," said Volker Frobarth, the OSCE's senior project officer responsible for the initiative.

Serhiy Rusnak, director of InvestInRivne Agency, added that the awards indicated how effective the agency has been in improving the investment climate in the western Ukrainian region.

The agency serves as a "one-stop-shop" for investors, expediting investment approval, company registration and acquisition of licenses and other permits needed to start operations in Ukraine. It also helps market the region and provides advice to local authorities on improving the investment climate.

Founded in 2005, the joint effort represents a major innovation in the ongoing cooperation between the OSCE project coordinator and Ukraine in the field of economic development.

Copyright © The Ukrainian Weekly, April 23, 2006, No. 17, Vol. LXXIV

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