U.S. General Electric Transportation is interested in investing in Ukraine, including the modernization of rolling stock of Ukrainian railways.

The press service of Ukraine's Economic Development and Trade Ministry has reported that long-term investment projects to improve Ukrainian infrastructure, in particular, railways infrastructure, were discussed by First Deputy Prime Minister, Minister of Economic Development and Trade Stepan Kubiv with representatives of GE at a meeting on April 11.

"The government is working on attracting investment to Ukraine. It is interested in long-term cooperation with investors. We are trying to develop mutual international trade and projects to jointly manufacture rolling stock. However, it is important to stick to the principles of priority in localization of production facilities in Ukraine," Kubiv said.

He said that the modernization envisages current, medium-term and long-term planning. It includes repair of equipment and designing of longer strategic plans for upgrade of rolling stock of railways, in particular, the upgrade of the existing legislative base and strengthening cooperation in public private partnership.

Kubiv recalled that the national committee for industrial development has been created. The committee is working out proposals how to improve the technological base and production of Ukrainian engines for railway rolling stock.

"The government has created conditions for international cooperation and protection of investment, while business must carry out practical work at the operational, technical and technological level. Business is to draft a concrete plan and approve concrete steps to realize plans to modernize rolling stock," he said.

As reported, General Electric on July 21, 2016 signed memorandums of cooperation with Antonov State Enterprise and Ukrzaliznytsia