The Cabinet of Ministers finalizes regulatory framework for the Investment Nannies Law

The project for the construction of a processing plant by Canadian-based Black Iron could be eligible for preferences under the Law

The Cabinet of Ministers of Ukraine ordered the Ministry of Economy to keep a register of investment projects with significant investments. The Resolution No. 805 of 4 August 2021 to that effect has been made public on the Government Portal, according to the website of the Ministry of Economy.

The Government of Ukraine has adopted all the necessary bylaws to create a basis for the implementation of the law on ‘investment nannies’. Hence, potential investors can participate in calls of proposals.

“Both domestic and foreign businesses are eager to invest. At that, the total announced investments currently exceed $1.3 billion. The main industries of interest include agro-processing, production, logistics, transport and tourism,” says Iryna Novikova, Deputy Minister of Economy of Ukraine.

The Law of Ukraine “On State Support of Investment Projects with Significant Investments in Ukraine” provides for support of investment projects of over €20 million. Another mandatory requirement for projects is to create at least 80 jobs with a salary 15% higher than the region’s average.

Earlier, GMK Center has already analyzed the Law “On State Support of Investment Projects with Significant Investments in Ukraine”. Specifically, the project for the construction of a processing plant by a Canadian company, Black Iron, could be eligible for preferences under the Law.