Welcome to the U.S.-Ukraine Business Council
State Export-Import Bank Rep Office in NYC to Join Business Council

U.S.-Ukraine Business Council (USUBC)
Washington, DC, Monday, October 22, 2007

MInister of Economy of Ukraine, Kinakh and Morgan WilliamsWASHINGTON - The U.S.-Ukraine Business Council (USUBC) hosted a breakfast meeting with Ukraine's Minister of Economy, Anatoliy Kinakh,
and Mykola Udovychenko, Deputy Chairman of the Board of The State Export-Import Bank of Ukraine, in Washington, DC on Friday, October
19, 2007, in Washington.

Also attending the meeting from Ukraine were Dr. Viktor Sheybut, Head of
the Group  of Advisors to the Vice Prime Minister and Sergiy M. Makatsariya,
Deputy Minister of Finance, both members of Ukraine's delegation the World
Bank/ IMF meetings.

The State Export-Import Bank of Ukraine has just opened a representative
office in New York City.  Morgan Williams, SigmaBleyzer; President of the
USUBC, announced that the Ex-Im Bank, through its representative office,
will become the forty-eighth member of the USUBC.

In addition to remarks by Kinakh and Udovychenko, the meeting included
presentations by Anders Aslund, Peterson Institute for International
Economics and Edilberto Segura, SigmaBleyzer Private Investment Group/
The Bleyzer Foundation.

Minister Kinakh called for intensive dialogue between Ukrainian and foreign
businessmen. He cited continued positive trends in this country's economy.

Among crucial steps for Ukraine in the near future, the minister stressed
the importance of Ukraine's entry into the WTO by the end of 2007 and to
continue discussions of a framework agreement with the European Union.

Kinakh stated that Ukraine is deeply integrated into European economic
system and noted that Ukraine's external trade turnover with European
countries amounts to 30% -- higher than with Russia  (26%).

Mr Kinakh also said that the growth of machine building exports also is
growing. These and many other facts testify to the huge potential of
Ukrainian economy.

Addressing the need for structural reforms, Minister Kinakh cited some
of the steps undertaken by the current government. He said that the cabinet
has approved a draft tax code, which now must be approved by the

Minister Kinakh noted that harmonization of this sphere with the EU
standards is one of the corner stones for establishing a Free Trade Area
between Ukraine and the European Community.

Minister Kinakh also spoke on land reform in Ukraine, stressing that it has
been six years since a new land code was adopted. Kinakh called for
transparent privatization, and stressed that he strongly opposes moratorium
on land sales. Mr Kinakh also called for the improvement of legislation to
attract foreign investment.

In his closing remarks minister Kinakh said that structural reforms are
needed without delay, as poor government  efficiency and bad public
management do not "correspond  to strong intellectual potential of Ukrainian

In his remarks, Udovychenko emphasized the high quality performance of his bank.  He said that Ukreximbank  has maintained leading positions among Ukrainian banks  and looks forward to further cooperation with foreign businessmen.

Udovichenko also stressed that Ukreximbank is highly respected in the
world.  Agreements concluded by Ukreximbank in the international capital
markets have attracted about $1.0 billion of long-term financial resources
to projects the Ukrainian economy.

Segura and Aslund also emphasized Ukraine's positive economic outlook.
Aslund called the future government of Ukraine to continue carrying out
necessary reforms and fight corruption. Segura stated massive governmental reorganization was necessary for Ukraine to gain the capacity to develop, introduce and implement needed economic and business reforms.

Aslund stressed also that most political parties in Ukraine have European
programs, and, in his opinion, Ukraine currently is experiencing a
transformation from political parties based on the country's regions to
parties based on social class. 

Some of the companies and organizations represented at the meeting were
Global Trade Development; U.S. State Department; Export-Import Bank
of the US; Cisco Systems; Vanco Energy Corporation; Rand Corporation;
Overseas Private Investment Corporation; Case-New Holland; U.S.-Ukraine
Foundation; Office the Vice President; Heller & Rosenblatt; Embassy of
Poland; BBC Ukrainian Service; U.S. Commerce Department; RULG-
Ukrainian Legal Group; U.S. Civilian Research and Development Foundation;
Center for Strategic and International Studies; Cargill; Boeing; SigmaBleyzer Private Equity Group; Center for International Private Enterprise; Oracle; SASI; Embassy of Ukraine and Westinghouse.

[Click here to see the photographs from the meeting]