Business news from Ukraine


Ukrainian President Volodymyr Zelensky has said about his vision of how to make Ukraine the really rich country and called on business to invest money, time and ideas in Ukraine.
“We are carefully studying the experience of countries that are successful. We understand that they, first of all, invested in education, technology and infrastructure. Ukraine will do the same. Therefore, the role of the state in the economy in the next five years will be reduced to three things: do not interfere business; to build an excellent infrastructure for business and create conditions for doing business in Ukraine was simply convenient; third, focus on education, science and technology,” he said at a meeting with the business community in Kyiv.
Zelensky said that he was not used to catching up, therefore he is looking for creative breakthrough and innovative solutions for Ukraine with his team, and will tell more about them in the near future.
The president said that “to turn from a poor country into a middle-income country is not so difficult.” “The recipes are simple, success stories are known. All these is a mandatory program for us, and we will do it in the next five years,” he said.
At the same time, Zelensky is convinced that Ukraine needs to become a “truly rich country.”
“According to the World Bank, in 1960 there were 101 countries that are developing, and only 13 of them were able to become developed rich countries. In addition, most of them did it at the expense of natural resources. Economists have a special term: “middle income trap.” Its essence is very simple: poor countries compete with cheap labor. As soon as a country receives an average level of income, competitive advantages disappear and the country ceases to develop rapidly. According to this scenario, the country almost never becomes rich, the highest level is “medium,” he explained.
“Half a year ago I decided to invest the most precious thing I have – my time – in Ukraine. I urge you to do the same: invest time, money, ideas in Ukraine. Let’s change Ukraine together!” Zelensky said, addressing business at the end of his speech.

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Half of Ukrainian citizens approve of President Volodymyr Zelensky’s performance, the Sociological Group Rating said.
In presenting the findings of a public opinion poll of 2,000 respondents aged 18 and older which it conducted on June 8 to June 12, the Sociological Group Rating said it found that 49% of those polled are contented with the president’s performance, 14% are of the opposite view, and 38% have not yet formed an opinion.
The number of those having an optimistic outlook on the situation in the country has also grown, it said.
The poll found that 35% of the respondents believe Ukraine is moving in the right direction, 36% are of the opposite view, and 30% are undecided.
“The trend toward the change of the people’s sentiments for the better is continuing,” the Sociological Group Rating said.
The relatively larger shares of optimists are among the residents of southern Ukraine, younger respondents, and supporters of the Servant of the People, Power and Honor, and Holos (Voice) Parties, while the voters of the European Solidarity and Opposition Platform – For Life parties are relatively more pessimistic.
As many as 22% of the respondents approve of Prime Minister Volodymyr Groysman’s performance, while 65% disapprove of it.
Nearly 90% of the respondents are dissatisfied with the Verkhovna Rada’s performance, and only 5% praised it.
The poll showed that 50% of the respondents expect President Zelensky to resolve the problem of a ceasefire in Donbas.
Another 38% expect that tariffs for housing and utilities would be reduced, 22% that tycoons’ influence on politics would be limited, 20% want social standards to increase, and 19% expect corrupt officials to be punished.
In addition, 17% expect that the immunity of parliamentarians would be abolished, 16% that the quality of medical services would be improved, 13% want more active cooperation with NATO and the European Union, 12% better cooperation with Russia, 12% stronger Ukrainian Armed Forces, and 10% the country’s unification.


Ukrainian President Volodymyr Zelensky has invited foreign business to participate in the investment council under the Presidential Administration of Ukraine, which will meet twice a year. “We have a very large package of innovations. This is our State in Smartphone project, which will ensure a reduction in red tape pressure on people. It is the presidential administration that is restoring the investment council. We would like to hold it twice a year. And we invite you, because the more this council has foreign business, the more transparent it will be,” Zelensky said at a meeting with German businessmen, the press service of the presidential administration of Ukraine said on Tuesday.
The president of Ukraine noted the need to eliminate the pressure of law enforcement on business. Future plans include ensuring the independence of courts and law enforcement agencies, the creation of “electronic customs” and the fight against smuggling.
“The investment climate is a priority for us. I understand what foreign business is afraid of: our law enforcement agencies, which put pressure on businessmen, our courts, which do not protect it,” the head of the Ukrainian state said.
Representatives of the German business said they hoped for the development of cooperation, but this requires an improvement in the investment climate and the adaptation of European standards in Ukraine.
The event was attended by representatives of companies which total portfolio is EUR 220 billion.
“This is more than two GDPs of Ukraine, and these are about 450,000 jobs,” President of the German-Ukrainian Chamber of Commerce and Industry Andreas Lear said.
The president of Ukraine and business representatives also discussed the investment attractiveness of Ukraine.

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Ukraine will start preparing a new program of cooperation with the International Monetary Fund (IMF) in July, Ukrainian President Volodymyr Zelensky has said.
The press service of the President of Ukraine reported on Tuesday that Zelensky during a meeting with large- and medium-sized businesses in Germany confirmed the cooperation of Ukraine with the IMF, the World Bank and the European Bank for Reconstruction and Development (EBRD).
“We are starting an agreement with the IMF, we will prepare a new program in July, there will be no default,” the president of Ukraine said.
He also said that, as president, he would not influence the courts or the banking system.
As reported, Deputy Head of the Presidential Administration Oleksiy Honcharuk said in an interview with NV.Business ezine that Ukraine is preparing for a possible launch of the new three-four-year program of cooperation with the IMF at the end of 2019.
On June 13, 2019, IMF Spokesperson Gerry Rice said in Washington that the IMF expects the completion of parliamentary elections in Ukraine to continue negotiations on further cooperation with the country. Rice recalled that in May the IMF mission worked in Kyiv, which had initial discussions with Zelensky.
The IMF Executive Board, following a meeting on December 19, 2018, approved a new program of cooperation with Ukraine under the Stand-By Arrangement. The amount of the 14-month program is equivalent to SDR 2.8 billion, or about $3.9 billion. Some SDR 1 billion (about $1.4 billion) was provided immediately, while the remaining funds will be provided based on the results of the program reviews in 2019.
The IMF mission worked in Ukraine in May, but left without recommendations on the provision of the new tranche. Head of the mission Ron van Rooden said that the IMF mission is ready to return to Kyiv after the parliamentary elections and the formation of a new government. The IMF team found that fiscal and monetary policies remain on track.



Ukrainian President Volodymyr Zelensky has arrived in Paris on a one-day official visit. In accordance with the program, upon arrival, the head of the Ukrainian state will visit the world’s largest startup campus Station F opened by French President Emmanuel Macron on June 29, 2017.
At about 15:30 local time Zelensky is to meet with French President Emmanuel Macron in the Elysee Palace. A joint press conference of the presidents is scheduled for 16:30.
Zelensky is also expected to visit the French Senate.
On Monday evening, the Ukrainian president will leave for Germany.
In addition to German Chancellor Angela Merkel, Zelensky in Germany will also meet with President Frank-Walter Steinmeier.



President of Ukraine Volodymyr Zelensky is convinced that Ukraine should be associated not only with agriculture, mines and metallurgy, beautiful people, nature and food, but also with the IT industry. “There has always been a vision for everyone in the world that Ukraine is, above all, agriculture, mines, metallurgists, and tourists have always said that Ukraine is very beautiful, food here is very tasty and people are very beautiful, especially women. Yes, that’s it and it remains our brand, but there are other figures that indicate that the IT industry, IT technologies and companies are developing very quickly in Ukraine,” he said during a visit to Station F, the world’s largest startup campus, in Paris.
According to Zelensky, more than 4% of Ukraine’s GDP is now formed through the IT industry. “We have about 150,000 IT specialists, startup initiators in Ukraine. I think that we will develop in this direction,” he said.
Zelensky noted that in Ukraine there is no such campus for startups yet, but they will work on it. “We have a lot of factories, which, unfortunately, do not work. We will definitely find such a large building,” he said.

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