The U.S. Government and the Government of Ukraine signed a Memorandum of Understanding (MOU) on November 10, 2008.  The signing of this MOU lays the foundation for the return of the U.S. Overseas Private Investment Corporation (OPIC) to Ukraine.  William Taylor, U.S. Ambassador to Ukraine and Ukraine's Minister of Economy Bohdan Danylyshyn acted as the signing parties of this agreement.

Ambassador Taylor believes the signing of the MOU is important steps toward securing OPIC’s return to Ukraine and an important sign of the faith the United States has in Ukraine and the Ukrainian economy.  Once the steps specified in the memorandum are fulfilled, over $500 million of new investments that will be made in Ukraine in the next 12-18 months with OPIC’s help, he says. 

Ambassador Taylor underscores that OPIC's return, like the IMF support package and  other positive economic news such as the widely unheralded recent passage of a Joint Stock Company Law, is evidence Ukraine can take steps to improve the economic and investment climate if the leadership of the major political forces work together for the good of the country.

OPIC was established as an agency of the U.S. government in 1971. It helps U.S. businesses invest overseas, fosters economic development in new and emerging markets; complements the private sector in managing risks associated with foreign direct investment; and supports U.S. foreign policy.  OPIC has been absent from Ukraine for several years over the failure to resolve an insurance claim dating from the 1990s.  This MOU paves the way for a resolution of that issue.

The American Chamber of Commerce (AmCham) in Ukraine and the U.S.-Ukraine Business Council (USUBC) welcomed the news.  AmCham President Jorge Zukoski said he is pleased that concrete steps are being undertaken to re-establish the operations of OPIC. Mr. Zukoski noted that the MOU signing sends a positive signal to the business community that Ukraine is open for business, and that it will assist in attracting additional strategic investment into the marketplace.

"One of the top priorities of the U.S.-Ukraine Business Council (USUBC) the past few years has been to support the return of OPIC's outstanding business and economic development programs to Ukraine." said Morgan Williams, SigmaBleyzer, who serves as President of USUBC.  "USUBC members certainly welcome the signing of the MOU and hope all issues will be resolved quickly so OPIC can once again support U.S. businesses doing business with Ukraine.

By Vasil Sidorov on March 12, 2009 after Public Affairs Section, U.S. Embassy in Ukraine

  
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