OREANDA-NEWS. February 18, 2008. 18 February 2008. 2008 will be a year of major change in Ukraine's economic legislation" according to its president, Victor Yushchenko. Speaking today at Renaissance Capital's 4th Annual conference in Kiev, Yushchenko discussed his economic plans with an audience that included the former British Prime Minister Sir John Major and some of the biggest international investors from around the world.

Victor Yushchenko said: "Our primary goal is to align Ukraine's economy with rules and regulations that are accepted and understood by international business. I guarantee that none of the assets offered for privatization is earmarked for a certain buyer".

Renaissance Capital Global CEO Alexander Pertsovsky called Ukraine "a real star of the global stock market". In 2007 trading volume on its stock market reached USD $1.9 billion (70% increase to 2006), while equity market value rose by 135%. GDP volume grew by 7.3% last year, exceeding all forecast figures.

The country is demonstrating relative sustainability to ongoing crisis in international financial markets: since the beginning of 2008 PFTS has lost only 9.6 points. Most participants noted that recent Ukraine's accession to WTO would have immediate effect on investment potential of Ukraine.

Alexander Pertsovsky, argued that "decisive action taken today would help to ensure that tomorrow Ukraine would secure its rightful place as one of the leading economies of a wider Europe". Renaissance Capital CEO sees inflation as the biggest risk for further development of Ukraine's economy. However, "increased competition and limiting the role of government will not only relieve inflationary pressure but encourage the investment needed to drive economic expansion," he added.

Ukraine's Cabinet was represented at the conference by the Finance Minister Viktor Pynzenyk, National Bank Chairman Vladimir Stelmakh, Securities and Stock Markets Commission Chairman Anatoly Baljuk.