Farmland market may provide 1-2% economic growth in the first year — Mylovanov

Farmland market opening in Ukraine will bring 1-2% additional economic growth during its first year. This was stated by Tymofiy Mylovanov, Minister for Development of Economy, Trade and Agriculture of Ukraine, on ICTV.

"It's a technical period. But it means more economic prosperity, more taxes in the first years, and 3-3.5% in the coming years. If the land market is not open, we deprive ourselves of economic growth," said Tymofiy Mylovanov.

As a reminder, the Government of Ukraine released a draft law "On Amendments to Some Legislative Acts of Ukraine Regarding the Turnover of Agricultural Land", which will regulate the farmland market in Ukraine.

The provisions of the draft law define the specific features of farmland turnover legal regulation on the basis of market mechanisms for the transfer of rights to land plots.