Last updated on April 18, 2014 at 17:24 EDT

OECD Investment Committee Welcomes Ukraine as an Observer

January 26, 2012

KYIV, Ukraine, January 26, 2012 /PRNewswire/ –

Organization for Economic Cooperation and Development (OECD) granted Ukraine the
status of an observer in the Investment Committee. Ukraine, along with Argentina, Brazil,
and Chile, now has an observer status and participates in all areas of the committee’s
work. This was stated in the OECD’s report on sectoral competitiveness of Ukraine,
recently presented at the Verkhovna Rada (Ukrainian parliament).

Top Ukrainian officials (First Deputy Head of Presidential Administration of Ukraine
Iryna Akimova, and Chairman of the Committee on European Integration Borys Tarasiuk)
together with the Chairman of the OECD Eurasia Competitiveness Program Antonio Somme, and
the Ambassador of Sweden to Ukraine Stefan Gullgren heard the report on Ukraine’s sectoral
competitiveness. Presenting the report, Deputy Minister of Economic Development and Trade
of Ukraine Volodymyr Pavlenko announced yet another collaboration between the country and
the organization – Investment Committee.

Even without being a member, Ukraine bears the status of the permanent observer in the
committees for steel and governance. The country is also a part of the SME working group.
In addition, Ukraine participates in the International Transport Forum and International
Energy Agency of the organization. Now that Ukraine has acquired a status of an observer
in the Investment Committee along with Argentina, Brazil, and Chile, the country nears its
goal. Currently, the organization is also considering Ukraine’s participation at the OECD
Declaration and Decisions on International Investment and Multinational Enterprises.

Since gaining its independence in 1991, Ukraine has been closely collaborating with
the OECD. Becoming a full-fledged member of the organization will help Ukraine adapt its
legislation to that of most developed countries. The program of economic reforms for
2010-2014 stipulates for the country to become a member of the OECD in the near future. As
of today, Ukrainian officials together with the representatives of the organization work
on developing an agenda for Ukraine to join the organization.

OECD dates back to 1960, when it started with 20 members (18 European countries, USA
and Canada). Nowadays, the organization counts 34 member countries around the globe. The
organization, however, is constantly working on its enlargement and enhancement. OECD also
maintains close relations with its more than 70 global partners.

SOURCE Worldwide News Ukraine

Source: PR Newswire