LONDON– Ukraine’s new privatization process will employ Western law to ensure transparency and protection for potential investors, Prime Minister Volodymyr Groysman said at the United Kingdom government-sponsored Ukraine Reform Conference in London on July 6.
The government has repeatedly failed in its privatization efforts, especially in the key energy sector, which has been a longstanding source of corruption.
“We’re introducing measures which will allow us, during the privatization process, to apply English law…that will provide for transparency for the competition, competitiveness and protection for investments coming into Ukraine,” Groysman said.
Privatization has been among a number of reforms touted by Groysman at a joint press conference with British Foreign Secretary Boris Johnson in London.
Corruption, pension, health care, state property management reforms as well as the task of gaining trust in the judiciary sector all formed part of the package of promises Ukraine plans to deliver by 2020.
Groysman also highlighted the importance of the planned education reform, which is estimated to cost $3 billion.
“What we need now is some support from the Ukrainian parliament and as the head of the government I declare, with full responsibility, that we are ready and capable to do reforms… and we can demonstrate success,” he said.
But he also stressed that Ukraine’s international partners were vital to the country’s success.
“It’s difficult for us to get results, which is why we need this wide support from our international partners in security and defence and economy,” Groysman said.
And according to the British foreign secretary there were no shortages of promises of support from the international community.
“You have from the London reform conference a very wide measure of support from the international community for your reform program, and you can certainly count on the United Kingdom to be with you shoulder to shoulder,” Johnson said.
He said while there was a “certain amount of anxiety about keeping that process of reform on track”, there was a great deal of admiration for Ukraine’s leadership.
Johnson said said not only was UK trying to lead in promoting reform in Ukraine, but it was also one of the countries campaigning hardest against any relaxations of sanctions against Russia.
“The UK is committed to sending more non-lethal military assistance to Ukraine,” he said.
