OREANDA-NEWS. President Petro Poroshenko took part in the XVI International Economic Forum “Lviv Region – Factory of Europe” in the course of the working trip to Lviv region.

The Head of State emphasized that investment forums were being held and thousands of new jobs were being created all over Ukraine in 2016. At the same time he noted that Galicia was among leaders in Ukraine in terms of foreign direct investment.

The President called 2016 a tipping point: “It is the first year when after 14 quarters of economic decline the economy demonstrated intense growth”.

The Head of State noted that in conditions of aggression, all efforts had been directed to build the Ukrainian army and only now, after the creation of powerful combat capable troops, the first yet convincing features of the implemented reforms, stabilization and economic upsurge had appeared.

The President stressed the importance of decentralization reform, which provided real financial resource to local communities. “Budgets of the cities have been doubled in two years. Budgets for development have been increased 5 times. Finally, investment capacities of Ukrainian cities and regions have emerged. There is no need to coordinate actions with Kyiv anymore,” Petro Poroshenko said.

The President also drew attention to the reform of deregulation and emphasized that “we must further advance on that track”. He also informed that he would sign the law eliminating administrative barriers for exports of services. “You will no longer have to conclude contracts on export services, hire translators and embark on paperwork. Just sign an electronic invoice, send it and provide or receive services,” Petro Poroshenko said.

The Head of State recalled the decision of the National Council of Reforms to coordinate draft amendments to the Tax Code where innovations on tax administration are concentrated, first of all, those are the following: ensuring full functioning of taxpayers’ e-cabinet and new authorities of the Ministry of Finance on administration of databases of the State Fiscal Service.

The President also emphasized that VAT refunds must be fully deprived of manual interference and a single public register of requests for such refunds must be created.

Petro Poroshenko also drew attention to the introduction of ProZorro e-procurement system that saved dozens of billions of funds of state enterprises, state budget and local budgets.

The President noted that Ukraine had significantly improved standing in the World Bank's Doing Business rankings. Preconditions for legalization of wages have been created. According to him, the increase of minimum wage up to 3200 hryvnias will bring about 7 billion hryvnias to local budgets. “This demonstrates our resolute struggle against poverty and protection of employed people,” Petro Poroshenko stressed.

The Head of State also noted the improvement of Ukraine’s standing in the Tax Paying Rank. Over the past years, the number of hours Ukrainian enterprises spend to pay taxes has been reduced almost twice. The UST has been also reduced almost twice since 2016.

“Today is the right time and place to invest in Ukraine,” the President summed up.