The Kyiv City Council adopted as a basis the draft decision "On Approval of the Regulation on conducting investment competitions in the city of Kyiv". This will improve the procedure for conducting investment contests, which will increase the activity of investors and increase revenues in the budget of Kyiv. This was reported by the first deputy chairman of the KCSA Mykola Povoroznyk.

The regulation provides for the expansion and refinement of a list of objects that may be attracted to investment resources. Namely:

- Existing buildings, buildings, structures of any destination, their complexes, objects of engineering and transport infrastructure of the communal property of the territorial community of Kyiv, which are planned to be reconstructed, restored, executed, renovated, rebuilt, etc., except in cases that are prohibited by law. For such projects it is planned to create new areas/objects;

- created buildings, buildings, structures of any destination, their complexes, objects of engineering and transport infrastructure, which are planned to be built, in particular on the land plots of communal ownership of the territorial community of the city of Kyiv;

- scientific and technical products, intellectual property, property rights;

- other property not prohibited by law.

"The initiator of the project can be any physical or legal entity, company, an organization with any type of ownership. The initiator of the investment contest has the right: to offer the object of investment, to establish the form, type, volume of investment, to develop independently and/or to order the development of pre-project proposals", - said Mykola Povoroznyk.

He also said that upon request of the business, the updated Regulation ensures the opportunity to prepare an Investment Project by any private entity and submit it to the Investment Commission for consideration.

Also, the new Regulation specifies the composition of the Investment Commission from both, the Kyiv City State Administration and the Kyiv City Council, which will balance interests and avoid political speculation. So, the commission will consist of 50% of the representatives of the city council and 50% of the KCSA.

"The Commission's Agenda shall be published on the Single Web Portal of the territorial community of Kyiv no later than two working days in order to ensure clear and transparent procedures of the investment process. Within three working days the Commission's protocol is posted on the Single Web Portal of the territorial community of Kyiv and on the site of the Kyiv City Council", - Mykola Povoroznyk emphasized.

He also outlined the expected results of the adoption of the proposed regulatory act:

- ensuring transparency of the investment process by placing information and documents of the Investment Commission on the sites of the Kyiv City Government;

- reduction of the investment process, in particular, by reducing the number of required meetings of the investment commission from four to three and the clear regulation of the investment process;

- improvement of the procedure for receiving tender documentation. This will avoid cases of refusal of the participant with a more favorable tender on the formal grounds (insufficiency or improper registration of certain documents);

- reducing budget expenditures for the preparation of investment projects and increasing revenues to the city budget (by allowing the private entity to develop pre-project proposals);

- increase of business activity in the sphere of investment.