Ukraine's Investment Office to open late in September – Zelensky

Ukrainian President Volodymyr Zelensky has announced Ukraine's Investment Office will start working late in September 2020.

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"I could mention the Investment Office, which we will open late in September. We are going to appoint [Secretary of the National Investment Council Levan] Varshalomidze, who developed [the city of] Batumi, as its head," he said at a press conference on May 20 on his one-year tenure, according to an UNIAN correspondent.

The president says he decided to give up practice when almost every ministry has state-controlled enterprises engaged in raising investment.

"We've made a decision – a single separate transparent investment office will start working as early as in September. It will handle investment only. I've already approved the first plan for them, we've seen it – an eighteen-month plan, which envisages US$7 billion in quick investment in Ukraine. Both companies and people are clear," he added.

As UNIAN reported earlier, Zelensky said in his address at the World Economic Forum in Davos, Switzerland, on January 22 that Ukraine would launch a state support program for large investors who would inject from US$100 million in the country's economy.

In addition, the Ukrainian president promised a five-year grace period for those who will invest from US$10 million in the acquisition of Ukrainian state-owned enterprises; they will be exempt from corporate profit tax.