The Supreme Council of the Autonomous Republic of Crimea adopted the Programme for development of investment activity in the ARC for 2012-2013. The corresponding decision was approved by the autonomy’s Parliament at the plenary session on December 21.

 

   The aim of the Programme is to create an enabling environment for enhancing investment processes in the republic, to attract investment for sustainable economic growth based on innovation and investment economy model and to improve the quality of life.

 

   The program includes 48 activities in three priority areas of investment development: improvement of efficiency of investment processes management, development of foreign economic relations and promotion of investment potential of Crimea.

 

   It is expected that during the period of the program implementation, the autonomy will receive 374.3 million USD of foreign direct investment, and the total amount of FDI will reach 1624.1 million USD by the end of 2013.

 

   16.8 million UAH, including 15.9 million UAH from the national budget, will be allocated to finance the activities of the Programme within two years.

 

   Implementation of the program will enhance the investment process in Crimea, increase investment flow in the autonomy and create conditions for a transition to investment and innovative model of economic development.

 

   In accordance with the decision of the Crimean parliament, local authorities and region state administrations of Crimea are required to develop and approve local investment development programs for 2012-2013 years.

 

   The document was developed based on the Program for Economic Reforms of the President of Ukraine for 2010-2014, the Ukrainian legislation in the sphere of investment activity, the Programme for development of investment and innovation activity in Ukraine, the Strategy for economic and social development of Crimea for 2011-2020. The Programme is designed taking into account proposals of Crimean ministries and republican committees, the recommendations under the research "Attracting foreign direct investment: a strategy for Crimea", conducted within the framework of EU/UNDP project to support the enterprise "Agency for Regional Development" with participation of experts from the international consulting company "Investment Consulting Associates" (The Netherlands) and the company "GfK Ukraine".