Official: Over 500 million dollars of foreign investment work in Luhansk economy now and no investor withdrew their investments

Official: Over 500 million dollars of foreign investment work in Luhansk economy now and no investor withdrew their investments
March 17, 2016.

Kyiv, March 17, 2016. Over 500 million dollars of foreign investment work in Luhansk economy now and no investor withdrew their investments. Elizaveta Pushko-Tsybulyak, first deputy head of the Luhansk regional military-civilian administration, shared this information at a press briefing at Ukraine Crisis Media Center, in the framework of UCMC pilot project “Spokesman of the peaceful life”. She noted the economic expediency of investing in Luhansk region. “We are on the way to peaceful life, we confirm that people are returning to their jobs, that no enterprise ceased its activities, we have 6 billion taxes to the state and local budgets, therefore businesses operate, economy works,” said Ms. Pushko-Tsybulyak.

On March 15, the Economic Forum “Luhansk region: prospects, challenges and opportunities” was held in Kyiv as part of the Luhansk region days. It was attended by 3,300 participants, said Ms. Pushko-Tsybulyak. In particular, the region was represented by 68 representatives of businesses, primarily agricultural enterprises. “Six memorandums have been concluded and they already show some results – with the Chamber of Commerce, with Ukrzaliznytsia, Oschadbank, with international financial organizations on donor funds to rebuild the infrastructure,” reported Ms. Pushko-Tsybulyak. She noted successful agreements in agriculture, in particular, on sales of products of two enterprises to Tajikistan and export of animal products to China.

According to Ms. Pushko-Tsybulyak, the project is interesting in regard to public-private partnership on the issue of investment in Pervomayska mine in order to combine extraction and processing. In addition, a memorandum was signed with Ukrzaliznytsia on the construction of Bilokurakino- Svatovo branch line. Among the Forum achievements, Ms. Pushko-Tsybulyak mentioned agreements with the German company on restoration of roads, training Ukrainian workers to use new technologies and provide equipment on lease terms to introduce new technologies in Ukraine. Ms. Pushko-Tsybulyak focused on the fruitful dialogue with international financial organizations such as the UNDP, the International Fund “Renaissance”. Over the next week or two, a package of documents on the establishment of the Regional Development Agency will be signed. The founders of the agency, in addition to Luhansk regional military-civilian administration, are the public and scientists. A supervisory board will monitor, coordinate and control the donor funds. “It is important today that every penny provided by international donors, should be spent effectively, transparently and efficiently,” underlined Ms. Pushko-Tsybulyak.

“The forum is to dispel the myth that there is no production, economic development in Luhansk region, that one cannot do business there. Another goal is to draw attention to the economic opportunities available in Luhansk region, on sales of products, including for export and, of course, opportunities for investment,” said Ms. Pushko-Tsybulyak.

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