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Ukraine’s Cabinet of Ministers has supported the amendments to the Law of Ukraine «On investment activity», Analytical Bulletin of the Cabinet of Ministers of Ukraine informs.
According to Ministry of Economic Development and Trade of Ukraine, the purpose of the proposed changes is to increase the importance of social effects achieved through investment projects supported by the state.
The current revision of the Law of Ukraine «On investment activity» contains a provision that any form of government support is provided to investment projects only after their state registration and evaluation of their cost-effectiveness. The law also envisions that investment projects that might be supported by state are only registered if they are cost effective.
Investment projects which result in social impact — and no profit — are not registered in the State Register of Investment Projects, NGOs say.
Such projects always have a negative assessment of cost-effectiveness. That means investors that are implementing such projects can not have a legal basis for any state support.
The proposed changes to the Law of Ukraine «On investment activity» will help partially lift those limitations. Now, there is no need to justify economic benefits for projects that have a social effect only.
Experts stress importance of social effects in implementation of investment projects and the need to emphasize this factor when deciding on their state support.
Social effects may not always be obvious and calculated. But it can help raise employment rate, give people good modern housing, improve environment, availability and quality of public transport, health, education, physical culture and sports, culture, and communal services. Thus, to achieve social impact, an investment project should contribute to solution of a number of social problems.
The social effect of investment can be expressed by the following indicators: reduction of morbidity, improvement of educational level, reduction of number and composition of risk groups, expanding area of activity of individuals with disabilities, improvement of environment, number of small and medium-sized startups, financial resistance of enterprises, growth of tax revenues to local budget, reduction of population drain, diversification of local economy.
Experts say the only integrated index of social impact is the size of population (number of residents in a region, district), which can get material advantages, social services (medical, educational and other similar services), jobs and satisfy their spiritual needs as a result of investment.