President urges cabinet to correct FEZ mistakes

12:28, 01 November 2006
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Free economic zones “were too often created to benefit particular people

Victor Yushchenko has told reporters in Kharkiv the government must consider their previous mistakes when re-opening so-called free economic zones, according to the President`s press-office.

“My position is as follows: I want ideas on the renewal of free economic zones, which can be heard in the parliament, to be based on our lessons. This issue will be topical soon. In two weeks, MPs will be editing the budget and I will be thinking whether to sign it or not. If these lessons are considered than I will be a partner of such policy,” he said.

The President said the free economic zones “were too often created to benefit particular people.”

“The free economic zones we had amounted to 4% of the investment rate in Ukraine. However, there were no investments. Rules and procedures in those zones must have been non-transparent. Those zones could have used murky schemes,” he said. 

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