International Hotel Conference: Euro -2012 Long Term Investment Opportunities for Ukraine’s Hotel & Leisure Sector

On the 31th of May, Dr. Nickolay Mayger participated in international hotel conference: Euro -2012 Long Term Iinvestment Opportunities for Ukraine’s Hotel and Leisure Sector with the President of Ukraine Viktor Yanukovich, Vice Prime Minister Boris Kolesnikov, representatives of the Cabinet of Ministers, the municipalities of host cities, Ukrainian and international hospitality industry specialists.

Borys Viktorovich Kolesnikov answered the questions of Ukrainian and foreign guests and informed that for preparation to Euro-2012 a credit line for hotels which will be built by Ukrainian investors.

He also added that in the first reading a law on Zero Rate of Income Tax for all hotels was adopted and expressed the view that in general the law will be adopted in June 2010.

According to Boris Viktorovich, there is a shortage of hotel rooms for the so-called “Family Cup”: in Kiev – 693, Donetsk – 1028, Kharkov – 99, Lviv – 141.

Vice Prime Minister also informed that this year from the state budget for preparing to the European soccer championship 2012 4.5 billion UAH was already financed. And by the end of the year with a budget and raised funds further 19 billion UAH will be financed.

Significant to note that the presidential elections and the subsequent changes in the political life of the country became a catalyst for investment to Ukrainian economy in general and the hotel business in particular. All participants noted the effectiveness and appropriateness of the event in the development of hotel business, because so far significant progress on regulation of this sphere has not yet been done.