Ukraine’s Economic Development and Trade Ministry has established a new Development Office for the country’s small and medium-sized businesses (SMEs) in a bid to improve coordination of ministry support for the sector and boost international competitiveness.
The new Development Office enjoys financial support from the European Union within the framework of the FORBIZ project and EU4Business initiative. It will have a strong regional dimension, with initial plans including the creation of business support centers at the regional and local levels. Additional focuses will include Ukraine’s vibrant startup community, with the Development Office set to offer training and financial support programs for startups as part of the National Entrepreneurship Development Program.
The creation of the Development Office is part of ongoing efforts to enhance Ukraine’s entrepreneurial environment. Ukraine climbed five places in the latest edition of the World Bank’s annual Ease of Doing Business ranking and currently occupies seventy-first position.