ARMA and ULIE will collaborate on the effective use of seized assets for the needs of Ukraine's economy.

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ARMA and ULIE will collaborate on the effective use of seized assets for the needs of Ukraine's economy.

Anatoliy Kinakh, President of the Ukrainian League of Industrialists and Entrepreneurs (ULIE), held a working meeting with the Head of  National Agency of Ukraine for finding, tracing and management of assets derived from corruption and other crimes (abbr. - Asset Recovery and Management Agency or ARMA), Olena Duma.

The parties discussed issues related to preserving and restoring the production capacity of enterprises and the economic profitability of assets under ARMA's management. This is particularly significant for the development of existing production capacities of domestic enterprises.

The Anti-Crisis Economic Stability Task Force, initiated by ULIE in April 2022, monitors the restoration of economic activity, preservation of functionality, and human resources potential of enterprises subject to the procedure of forced withdrawal of property rights objects of the russian federation and its residents in Ukraine according to Law No. 2116-IX.

"It is necessary to effectively utilize the potential of such enterprises in projects for Ukraine's recovery from the consequences of war, and here we propose that ARMA join efforts," noted Anatoliy Kinakh.

"In the conditions of war, national losses, economic instability, GDP decline, and at the same time ambitious plans of ARMA, it is important to mobilize all possible resources and tools for effective management of seized assets and budget replenishment," emphasized Olena Duma.

ULIE proposed that ARMA jointly expand cooperation with international partners. In particular, the business union is an observer in the Business at OECD association, has memorandums of cooperation with the National Association of Manufacturers of the United States, business associations of Baltic countries, Finland, France, Poland, and others.

Following the meeting, the parties agreed to sign a memorandum of cooperation and approve a clear action plan for 2024; engage financial mechanisms for managers' financing; cooperate in the use and effective management of seized assets.

All these issues will be further discussed at a joint meeting of ARMA, the Anti-Crisis Task Force, and ULIE in the near future.