To Fight Corruption the Institute of Business Ombudsman will be imposed in Ukraine

  • 5/13/14 2:44 PM

As part of initiatives to combat corruption , Prime Minister of Ukraine Arseniy Yatsenyuk , the European Bank for Reconstruction and Development, the Organization for Economic Cooperation and Development, the American Chamber of Commerce in Ukraine , the European Business Association , the Federation of Employers of Ukraine , the Ukrainian Chamber of Commerce and the Ukrainian Union of Industrialists and Entrepreneurs on May 12 signed a Memorandum of Understanding.

Initiative to Combat Corruption in Ukraine is aimed at improving the investment climate and strengthening economic prospects by ensuring greater accountability and transparency and better regulation of the Ukrainian economy.

Under this initiative, the parties agreed to establish an independent institute of business ombudsman in Ukraine. Companies whose rights have been violated could apply to it for legal protection. The new institution aims to provide greater transparency of business practices in the region, as it is publicly accountable.

The European Bank for Reconstruction and Development said that the recent improvement in the rating of Ukraine in World Bank's Doing Business Survey still leaves the economy at number 112 , showing how much more work is needed to be done to attract the necessary capital and technology.

The idea to launch the initiative appeared in early 2013 and was embodied in the Memorandum of Understanding.






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