Denys Kostrzhevskyi: Doing Business in Ukraine under Conditions of War. Challenges and Ways to Overcome Them
In the context of economic instability and aggression on the part of the Russian Federation, doing business in Ukraine is becoming an increasingly challenging task.
However, despite all the difficulties, there are opportunities to support and develop entrepreneurial activity. The state, the business community, and international partners can do a lot to ensure the stability of the Ukrainian economy.
“The biggest problems that we have to overcome today are the consequences of missile attacks by the Russian Federation, limited access to financial resources, lack of employees, and disruption of logistics chains due to military actions. Issues that are also still unresolved include pressure from law enforcement agencies, corruption schemes, abuse of power by officials, and distrust of the judicial system”, said Denys Kostrzhevskyi, Chairman of the Board of Directors of Kyiv International Airport.
In his opinion, comprehensive preventers should be working on the part of the state in such extreme circumstances. This should create the most favourable conditions for business development and interest on the part of investors. These could be tax breaks and government guarantees, as well as grants and loans with low interest rates. At the same time, it should guarantee full protection from the arbitrariness of the security forces and illegal decisions of the courts.
“The state should play an active role in supporting entrepreneurs. If it doesn’t, many can go bankrupt, which will result in an increase in unemployment and a decrease in the standard of living of the population. Also, Ukraine will lose its investment attractiveness, which will complicate further economic development and cause an increase in social tension in society. “In such a scenario, further consequences are not difficult to predict”, Mr Kostrzhevskyi assured.
According to him, Ukraine also relies on support from international partners—financial assistance, investment, technical assistance for reforming the legal system and law enforcement agencies.
“We expect not only money from our partners, but also opportunities for experience exchange, organisation of training programmes for Ukrainian entrepreneurs, ideas, etc. This will help us to better adapt to new conditions and continue to develop business in Ukraine”, Denys Kostrzhevskyi continues.
He also noted that in the extreme conditions of economic instability caused by the war, the Ukrainian state and international partners should work together to support domestic business and ensure the stability and ability of Ukraine to resist the aggressor.