On October 27, the Members of AmCham and U.S.-Ukraine Business Council participated in a multi-sector dialogue with Secretary of Commerce Penny Pritzker arranged by the U.S. Commercial Service in Ukraine. The meeting was held as part of the official visit of Secretary of Commerce, who was joined by executives of Cargill, Citibank, Dupont, Honeywell, NCH Capital, and Westinghouse.
The purpose of this event was to discuss progress in Ukraine’s reform agenda, as well as to prioritize next steps to further improve the business climate.
In his opening speech, U.S. Ambassador Geoffrey R. Pyatt underscored U.S. commitment for Ukraine and stressed the importance of moving the reform process forward.
Speaking about the achievements of the Ukrainian Government, AmCham’s President Andy Hunder shared with the meeting participants the results on the anti-corruption survey recently arranged by the Chamber. All in all, the results show that business is not satisfied with the current situation with corruption, but is moderately optimistic about the future of the anti-corruption reform.
While delivering welcoming remarks, Secretary of Commerce Penny Pritzker announced that President Obama intends to move forward with a third, $1 billion loan guarantee for Ukraine in the coming months. This fulfills a U.S. commitment to consider providing a third $1 billion dollar loan guarantee in late 2015 if conditions warrant.
Speaking about essential steps aimed at attracting international investment as well as improving business climate of Ukraine, the meeting participants outlined numerous steps that have already been taken, as well as an action plan to be implemented, namely:
- continue efforts on fight corruption;
- reform royalties for oil and gas extraction;
- improve IPR enforcement;
- further deregulation;
- improve procurement regulation;
- ensure proper privatization;
- improve phytosanitary regulation;
- reform civil administration.
Secretary of Commerce Penny Pritzker noted that the United States stands ready to support Ukraine on the path of economic growth and prosperity.