Press Release
Invitation to Canadian Investors from the Government of Ukraine
November 9, 2000 #31
Dear friends,
Relations between the peoples of Ukraine and Canada have deep historical roots that have created the foundation for strong ties between our countries in different spheres of human activities - economy, science, culture and business.
In particular we have established fruitful long-standing relations with the Canadian provinces of Saskatchewan and Alberta.
Ukraine is a politically stable and democratic state. We have now managed to stabilize our financial situation (including energy sector) and have taken measures to stimulate economic activity.
Our economic reforms have contributed to the improvement of the investment climate. We pay great attention to the attraction of foreign investment and funds from industrialized countries, international financial institutions for the development of the Ukrainian economy.
Today a number of joint projects with companies from different countries are actively proceeding in the oil and gas complex of Ukraine, and most of our partners in these projects are Canadian businessmen. The main forms of our cooperation are joint ventures and agreements on joint investment and production activity. It is well known that oil and gas fields in Canada are being explored and developed mostly by small and medium-size companies. The Government of Ukraine hopes to attract such companies, as well as the large ones to explore appropriate opportunities in Ukraine.
The Verkhovna Rada (Parliament) of Ukraine adopted the Law "On Production Sharing Agreements" on September 14, 1999. This Law is aimed at creating favourable conditions for investing in the exploration and extraction of mineral resources within the territory of Ukraine, its continental shelf and exclusive (maritime) economic zone. Its aim is to shorten the period of reimbursement of invested capital.
Ukraine has substantial explored and potential oil and gas reserves. Its oil and gas sector has a highly developed infrastructure and drilling capacity with highly skilled scientists and engineers capable of resolving the most complicated problems of the development of this industry.
The appropriate combination of all these factors together with initiatives for attracting foreign investments will bring profits both to Ukraine and those investors who will come to Ukraine. Investors will have their share in the profits of joint ventures and will be able to repatriate their profits according to agreements with local authorities and their partners.
On behalf of the Government of Ukraine I invite Canadian companies to participate in joint projects with our full support in these activities.
I anticipate this will bring about mutually beneficial and fruitful cooperation.
Victor Yuschenko
Prime Minister of Ukraine
For more information, please contact:
Taras Malyshevskyi, Press Secretary of the Embassy of Ukraine
310 Somerset Street West, Ottawa, ON K2P 0J9
Tel. (613) 230-2961, fax (613) 230-2400,
E-mail: ukremb@cyberus.ca
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