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‘Investment nannies’ won’t help: MP slams Kiev for $20 bln fleeing Ukraine after 2014 coup

Foreign capital inflow into Ukraine is being impeded by the continued conflict in Donbass and persistent nationwide corruption, the politician specified
Chairman of the Political Council of Ukraine’s Opposition Platform - For Life Party and legislator Viktor Medvedchuk  Mikhail Klimentyev/Russian Presidential Press and Information Office/TASS
Chairman of the Political Council of Ukraine’s Opposition Platform - For Life Party and legislator Viktor Medvedchuk
© Mikhail Klimentyev/Russian Presidential Press and Information Office/TASS

KIEV, February 13. /TASS/. Ukraine has lost $20 billion in foreign investment after the Maidan protests and the coup d’etat in 2014, Chairman of the Political Council of Ukraine’s Opposition Platform - For Life Party and legislator Viktor Medvedchuk said Thursday.

The lawmaker cast doubt on the ability of the current Ukrainian authorities to attract foreign investment.

In an interview with the television channels 112 Ukraine, NewsOne, Zik and Inter, the politician cited statistics, which showed that foreign direct investment into the Ukrainian economy totaled $53 billion in the form of equity capital in 2013. By the end of 2019, this figure plummeted to $34 billion, he said.

"Therefore, $20 billion fled Ukraine," Medvedchuk pointed out.

Foreign investment continued to decline in Ukraine even after President Vladimir Zelensky assumed office, the politician noted. "That is, investment is falling now even under the new administration."

Foreign capital inflow into Ukraine is being impeded by the continued conflict in Donbass and persistent nationwide corruption, Medvedchuk specified.

In this regard, the Ukrainian opposition politician criticized Zelensky’s initiative to introduce a special post of "an investment nanny" (an individual mediator between investors and the government to deal with problems that surface). Medvedchuk emphasized that the work of "investment nannies" would actually resemble the activity of corrupt officials, like those who run a protection racket against prosecution or oversee specific sectors.

"Business is not interested in taking the risk and investing in Ukraine," Medvedchuk said.

"What have you done that can be qualified as a foundation for attracting investment?" Medvedchuk asked, addressing the question to the Ukrainian authorities.

"I can answer you as a specialist: nothing. You have done quite the opposite: you have worsened the situation in the investment sphere."

The opposition politician urged the Ukrainian authorities to do away with monopolies in some sectors of big business and fight the oligarchs’ stranglehold over the economy through genuine action instead of words.

"It is necessary to ensure the development of small and medium business, which produces more than 50% of the GDP in developed countries. In our country, this figure is at 10-12% or 15% at best," the opposition lawmaker stressed.