EU4Business initiative aimed at improving business climate in Ukraine (Exclusive)
Baku, Azerbaijan, August 27
By Tamilla Mammadova – Trend:
The EU4Business initiative is aimed at improving the business climate in the country, the Ministry of Economic Development and Trade of Ukraine told Trend.
According to the Ministry, the initiative makes it easier to obtain financing for small and medium-sized businesses and provide training and targeted support to enterprises headed by women and people who work in the green economy.
“Small and medium-sized enterprises also receive technical support in agreement with EU standards, which will allow them to increase exports and benefit from a free trade agreement between Ukraine and the EU,” the ministry said.
According to the ministry, most companies in Ukraine are small and medium-sized enterprises (SMEs). They provide jobs for more than four million people, producing about 20 percent of the country's GDP.
“The business environment in Ukraine is largely regulated, but the standards and support services for SMEs in the field of innovation and assistance to women entrepreneurs need to be improved in order to allow SMEs to flourish,” the ministry said.
Small and medium-sized enterprises (SMEs) in the EU’s Eastern Partnership region have the potential to create jobs and drive economic growth, while obstacles such as limited access to finance, burdensome legislation and difficulties in entering new markets are hindering their progress. The European Union’s EU4Business initiative is an umbrella initiative that covers all EU activities supporting SMEs in the Eastern Partnership countries.
The European Union’s EU4Business helps small businesses to realize their full potential. EU4Business provides the support jointly with other organisations such as the European Bank for Reconstruction and Development and the European Investment Bank.