Timur Khromaev, Chairman of the NSSMC (National Securities and Stock Market Commission), presented a draft Memorandum on Foundation of the UIFC (Ukrainian International Financial Center) at the meeting of the Cabinet of Ministers of Ukraine held on January 20, 2021.
This initiative was made possible by the adoption of the Law №738 on simplifying the attraction of foreign investment and new financial instruments.
Denys Shmyhal, the Prime Minister of Ukraine, noted that the creation of favorable conditions for the functioning of the financial capital market is one of the key steps to build a successful Ukraine. “In the near future, we will approve it and submit for further signing with our international partners”, the Prime Minister of Ukraine said.
Denys Shmyhal also noted: “The stock market is what all our successful neighbors have. Therefore, its creation is one of the priorities of the Government. After all, this will mean additional financial instruments for domestic and foreign investors.”
The UIFC will be fully integrated into the Ukrainian legal system, as well as provide equal opportunities and privileges to each local and international participant.
Why is the project so important for Ukraine and what are its advantages?
“The development of capital and commodity markets will result in accelerating economic growth and improving the living standards of Ukrainians. This is the essence of the reform program”, – Timur Khromaev, Chairman of the NSSMC, said.
The project envisages a new onshore regional center for capital and commodity markets, which will include five institutions: Advisory Board, Investor Relations Bureau, Arbitration Center, Universal Exchange and a Financial Infrastructure Holding.
“Uncertainty with the rule of law is the main reason for unwillingness to invest in Ukraine. A separate arbitration center will help to solve this problem, which will involve professional arbitrators with extensive experience”, – Timur Khromayev, Chairman of the NSSMC, said.
The project is scheduled to be launched in the fall of 2023, but work is already underway to develop regulatory projects.
Project presentation is here.
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