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EBA General Meeting UKRAINE'S BUSINESS CLIMATE: GLOBAL OUTLOOK

21.01.2016, 10:00am - 11:30am


Today we opened a new business season and held our General meeting UKRAINE'S BUSINESS CLIMATE: GLOBAL OUTLOOK. It was a pleasure to come back to work and see a full house of distinguished guests – representatives from our member-companies!

We discussed Ukraine’s prospects in the context of global economic trends and heard predictions from EBA Board members and colleagues from the European Bank for Reconstruction and Development (EBRD), the World Bank and the IFC in Ukraine.

So let's see what the experts think!

Qimiao Fan, Head of the World Bank in Ukraine:

“We expect Ukraine’s economy to grow by 1 %. However, the figures are not very stable. All in all, they will not increase significantly. For a visible effect it is important to continue reforms and build up the economy. Moreover, Ukraine needs to start looking beyond the EU in terms of export markets, e.g. Asian countries.”

Olena Voloshyna, Head of the IFC in Ukraine:

“What people really miss in Ukraine at the moment – are good stories and news! I think in 2016 reforms will continue and we all expect such reforms to be more efficient and fast. And the IFC is helping to promote changes in the financial sector as much as it can and is ready to increase its influence.”

Dimitri Gvindadze, Regional economist (Eastern Europe & the Caucasus), EBRD:

“For us the glass is full and we keep investing in Ukraine. However, I can mention significant challenges coming from the situation with Russia, which influences the economies of CIS countries, especially Belarus and Moldova – close neighbours of Ukraine. In such conditions, the role of international financial assistance remains crucial. Rebound of 2% in 2016 is expected.”

Krzysztof Siedlecki, EBA President, Country Manager at Astellas Pharma Europe BV:

“Let the situation we are facing be a kind of a “kick start” for Ukraine. I do hope that it will inspire us to change the direction of business. My advice for both national leaders and businesspeople is don’t wait – act!”

Ansgar Bornemann, Managing Director at Nestle Ukraine:

“We witness that consumers have to pay more for less volume. So, consumption has dropped significantly as people mostly consider how to save money. In this regard, we expect a further decline in the first half of this year.”

Paramjit Kahlon, CEO at ArcelorMittal Kryviy Rih:

“Construction activity declined a lot. Unfortunately, there is a lack of infrastructure projects.  And the situation is very tough now. Investors are like pigeons – they come one by one. All we need to do to attract them is to provide them with seeds: reforms and competitive business conditions.”

Tomas Fiala, CEO at Dragon Capital:

“Global GDP is slowing down. Only two tranches out of four from the IMF have been received, but not fulfilled. The budget last year saw very good performance. And this year we expect the government to also run a conservative fiscal policy. Tax changes have been approved and we see some positive results already achieved.”

Volodymyr Lavrenchuk, CEO at Raiffeisen Bank Aval:

“We are lucky to have investors in Ukraine. I believe that everything is possible in terms of the currency. And there are no threats for radical devaluation. However, I prefer to be realistic - good times will not come soon.”

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