First vice Prime Minister Sergei Arbuzov met with the heads of major European companies within the framework of his visit to Brussels for talks with representatives of the European Commission.

The meeting was organized in the format of "business-to-government" for direct discussion between the head of the economic block of the Ukrainian government and the foreign investors - members of the European Business Association.

Representatives of foreign companies were acquainted with the actions of the government to improve the environment for foreign investors in the country, as well as future plans for reforms in Ukraine, directed at creating a favorable business climate.

"We informed the representatives of the European business of the measures taken by the government to create favorable regulatory environment to attract investment and improve the business climate. Through these activities we have simplified the procedure of registration, receiving of the status of VAT payer, tax registration for enterprises. We plan to continue and further liberalization of the tax legislation, in particular the reduction of the VAT burden, finalization of the tax administration system. In addition, customs control is to be simplified," Arbuzov added.

During the meeting, he asked the representatives of the major European business to promote the signing of the Association Agreement with the EU, which also provides for the creation of a free trade area between Ukraine and the EU.

"We expect the operation of a deep and comprehensive free trade area with the EU to allow Ukraine not only to expand their export markets, but also to increase imports of advanced technologies from the EU for the rapid modernization of our economy. European exporters and investors will benefit from FTA with Ukraine as significant number of barriers will be eliminated and new business opportunities in Ukraine will be opened up," the first vice PM noted.

The meeting was attended by heads of agricultural, financial-investment, industrial and pharmaceutical sectors’ companies, which are members of the European Business Association.

First vice Prime Minister assured that Ukraine carries out reforms to improve the investment climate and expressed hope that the European companies will create and expand their business in Ukraine. "We are holding this meeting to hear first hand what obstructs activity of the European companies and are willing to implement reforms to get increase in investments," Arbuzov added.


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