Burisma, the largest independent gas producer in Ukraine, took part in the informal roundtable discussions with the Minister of Finance of Ukraine Natalie Yaresko, hosted by the US-Ukraine Business Council (USUBC). Burisma was represented by the Advisor to the Board of Directors Vadym Pozharskyi.
The US-Ukraine Business Council is the largest association of businessmen that invest in Ukraine, and the most influential “Ukrainian” business association outside Ukraine, headquartered in the United States. The USUBC brings together 100 of the largest investors in the Ukrainian economy. Roundtable discussions provide a unique opportunity for representatives of foreign companies operating in Ukraine, as well as companies with foreign investment to address leading politicians and members of the government in an informal setting.
Natalie Yaresko, appointed as the Minister of Finance of Ukraine in the government of Arseniy Yatsenyuk in December 2014, informed participants about governmental initiatives in the legislative and public sectors. In particular, she touched upon further steps for liberalization of fiscal policy, simplification of tax administration and coherent deregulation of business processes to improve the investment climate in the country. According to her, the government is going to pay additional attention to strategically important industries for Ukraine, including energy, gas production and agriculture. In January, by lowering rental rates the government has made an important step in the implementation of strategies for energy security. This has already led to a resumption of investment programs that allow independent gas producers to regain a previously demonstrated annual 30% gas production growth. Burisma is the only company planning to reach a 1.8 billion cubic meters of gas production level in 2016.
According to Vadym Pozharskyi, such informal meetings help make policies open and predictable for foreign investors, which only contributes to a better understanding of changes in the country.
“The efficiency of the work done by any government depends on the dialogue with business, on what business expects from the state and vice versa in terms of timely tax payments and fulfillment of social obligations. In 2015, Burisma Group paid more than USD 2.7 billion in taxes. Based on this, the Group is one of the three largest industrial taxpayers, which once again reaffirms company’s social orientation and compliance with best international corporate practices,“ noted Vadym Pozharskyi.
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