Today, U.S. Deputy of Secretary of Commerce Bruce Andrews addressed the U.S.-Ukraine Trade and Investment Council. He highlighted the U.S. government’s commitment to supporting Ukraine’s anti-corruption and economic reform agenda, noting Secretary Pritzker’s third trip to Ukraine in two years last week and the Secretary’s joint announcement with President Poroshenko of the completion of a $1 billion loan guarantee. The Deputy Secretary recalled his own trip to Ukraine and praised Ukrainian leadership for making economic development a priority by taking steps to facilitate greater investment.
Deputy Secretary Andrews, while noting the positive impression that Ukraine has made on the U.S. government and business community, also discussed outstanding issues of critical importance to Ukraine’s economic future, from taxes to intellectual property enforcement. He called on Ukrainian leadership to continue the progress they have made in recent years so that the bilateral U.S.-Ukraine trade and investment relationship can reach its full potential.
Remarks as Prepared for Delivery Good morning everyone. Thank you, Ambassador Froman, for hosting us today.
Allow me to welcome First Deputy Minister Kovaliv, Deputy Minister Mykolska and Ambassador Chaly. It’s a pleasure to see you again. I would also like to recognize the business leaders here today. At the Department of Commerce, we view the private sector as a driving force in our efforts to support Ukraine’s economic development and grow our bilateral trade and investment relationship.
Last summer, when we co-hosted the first U.S.-Ukraine Business Forum with the Chamber of Commerce, you offered ideas for how Ukraine could attract more investment. Many of your insights were included as actionable steps in the Business Climate Reform Road Map.
The Obama Administration has been steadfast in its support for a vibrant, modern, and globally integrated Ukraine – with an economy that can withstand regional challenges and deliver prosperity to its people.
The Department of Commerce has made Ukraine’s economic development a top priority. Just last week, Secretary Pritzker traveled to Ukraine for the third time in two years.
There, she met with President Poroshenko, Prime Minister Groysman, and members of the Rada, and lauded Ukraine’s efforts to: * Loosen capital controls and facilitate greater investment; * Reduce gas royalty rates to spur investment in the energy sector; * Reform corporate governance for state-owned enterprises; and * Adhere to WTO’s Government Procurement Agreement.
These tangible steps send a strong signal to the U.S. government, to the American business community, and to investors around the world that Ukraine is more open for business than ever before.
I saw Ukraine’s economic promise and commitment to reform firsthand when I had the pleasure of visiting this past July. During my trip, I had the opportunity to meet with several of you here today. I also met with U.S. companies to learn about their business interests in Ukraine. They all welcomed the progress that has been made.
Yet they also spoke of the challenges that remain, from customs to taxes to intellectual property enforcement. These issues are critical to Ukraine’s economic future. In today’s global economy, capital is more mobile than ever. Companies can choose to invest anywhere – and countries must make strategic, tough decisions to be competitive. In talking to business leaders around the world, I’ve learned that incremental changes are not enough. To win investment, governments must work to ensure their markets are more attractive than its competitors.
For Ukraine, that means embracing bold reforms that make it a welcoming climate for international trade, business, and investment. The United States wholeheartedly welcomes Ukraine’s recent progress. And we welcome your continued efforts to curb corruption, improve tax administration, modernize Ukraine’s Customs Service, and complete land reform legislation.
To reaffirm our commitment to your progress, last week Secretary Pritzker announced the completion of a billion-dollar loan guarantee in support your economic reform agenda. This is our third loan guarantee for Ukraine, and I look forward to seeing it accelerate the adoption of measures that will make your market a more attractive, vibrant place to do business.
Yesterday, I had the chance to meet briefly with Deputy Minister Mykolska, First Deputy Minister Kovaliv, and others in your delegation.
In closing, I want you to know how impressed I am by the professionalism of your government and by your commitment to reform. The sacrifices you are making to build a brighter future for Ukraine do not go unnoticed.
Your efforts give me confidence that together we can achieve what some would have thought was impossible just a few years ago. There’s more work to do before Ukraine’s business climate is as strong as we all want it to be. And our bilateral trade and investment relationship has yet to reach its full potential. What is important is that together, we recognize that potential, and together we remain committed to realizing it. Thank you.
Source: U.S. Department of Commerce
