25th Annual General Membership Meeting of the European Business Association
On 12 November, the 25th Annual General Meeting of the European Business Association took place in Kyiv. The event brought together business leaders, government officials, diplomats, and representatives from the civil sector — partners and friends of the EBA. Participants discussed achievements, challenges, opportunities ahead, key aspects of Ukraine’s European integration journey, and a vision for the development of the business community and the country.
Anna Derevyanko, Executive Director of the European Business Association, opened the event with a welcoming speech, expressing gratitude to the Ukrainian Armed Forces for the opportunity to live and work in Ukraine. Anna extended her thanks to the ЕВА’s key stakeholders: member companies and potential members, government authorities, media, international partners, the Board, committee leaders, and the ЕВА’s team.
Tiberiu Dima, Managing Director of BASF Ukraine and President of the European Business Association, addressed the audience, recalling the ЕВА’s beginnings 25 years ago and its achievements over this time. He emphasized that the ЕВА’s success is undoubtedly driven by people — the best team, community members, leadership, and a strong mission: to make Ukraine a better place for doing business. The President encouraged the community to remain a beacon of European values in Ukraine, ensuring this voice grows even stronger over the years.
Ukraine’s European integration: Goals and objectives for 2025
Ukraine’s business community now has an official voice in EU membership negotiations, as stated by Deputy Prime Minister for European and Euro-Atlantic Integration and Minister of Justice of Ukraine, Olha Stefanishyna. She highlighted plans to open the first negotiation chapters on Ukraine’s future EU membership as early as January 2025. The Minister noted that business representatives are included in all negotiation groups. She underlined Ukraine’s extensive preparation, with over 5,000 civil servants, business representatives, and NGOs participating in the process.
The transformation of Ukraine in the context of EU accession was a separate discussion topic, particularly in the areas of rule of law and judicial reform. Stefanishyna emphasized the development of a roadmap in this sphere, set to be presented by the end of the year.
Olena Kovalska, Deputy Head of the Office of the President of Ukraine, highlighted the role of the EBA’s business community, which creates over 2 million jobs in Ukraine. She stated that the business sector will play an even more significant role in the country’s post-war recovery, with the culture and expertise of international companies within the EBA providing a vital foundation for stable economic growth.
International cooperation: Ukraine and its allies
Discussions also focused on the priorities of Ukrainian diplomacy in the U.S. and the U.K., which Ukrainian embassies plan to enhance in 2025. Special attention was given to the implications of the U.S. presidential election results on Ukraine’s international support.
Oksana Markarova, Ambassador of Ukraine to the U.S., noted that key diplomatic efforts remain focused on strengthening Ukraine’s defense capabilities, securing financial assistance, and expanding sanctions against Russia. She stressed the high level of interest among American investors, particularly in defense, energy, critical materials, and agribusiness sectors. The window of opportunity for initiating reconstruction and joint production investments in Ukraine is already open.
Valerii Zaluzhnyi, Ambassador of Ukraine to the U.K., emphasized that security guarantees and collaboration with international partners remain priorities for attracting new investments and ensuring a stable business environment. He noted that British investors show significant interest in defense, IT, education, and culture, and the embassy is committed to fostering cooperation in these areas. Despite changes in four British prime ministers since 2019, he reassured that the U.K. remains a steadfast ally of Ukraine.
During the “Building a strong economy: Key components” panel discussion, business leaders outlined their plans, challenges, and expectations for the coming year and discussed how the war and the private sector might evolve in 2025.
Tomas Fiala, CEO of Dragon Capital, expressed optimism about macroeconomic stability and projected a 3% GDP growth for Ukraine in 2025, despite anticipated energy shortages and a skilled labor deficit. He estimated a ceasefire in the first quarter of 2025 as having a likelihood of over 50%.
Mauro Longobardo, CEO ArcelorMittal Kryvyi Rih, emphasized the significant role that ArcelorMittal Kryvyi Rih plays in the Ukrainian economy and the strong support of ArcelorMittal Corporation to Ukrainian enterprises during wartime. Mauro Longobardo also emphasized the importance of the end of hostilities for the stability of export activities, as this will allow Ukrainian manufacturers to maintain competitiveness in global markets. The company currently has two development strategies for the next year: a plan in case of a ceasefire and stabilization of the front and in case this does not happen, but we hope that the hostilities will end soon, he stressed.
Bogdan Yarmolenko, Managing Partner of EY Ukraine, highlighted that accelerating the European integration process could be pivotal for attracting investments. Even preliminary progress toward EU membership and security guarantees already stimulates foreign investor interest and opens new opportunities for Ukraine’s sustainable development.
As part of the “Ensuring financial security” panel, speakers discussed strategies for stabilising Ukraine’s financial system during wartime, the need for external financing, combating the shadow economy, and promoting the growth of cashless payments.
Andriy Pyshnyy, Governor of the National Bank of Ukraine, emphasised that Ukraine’s macrofinancial stability is the result of joint efforts by the National Bank, the government, and international partners. He presented an updated macroeconomic forecast, showcasing the resilience of Ukraine’s economy despite prevailing uncertainties. According to the forecast, inflation is expected to decline starting in spring 2025 and to slow to 6.9% by the end of the year, reaching the NBU’s target of 5% in 2026. The current acceleration in inflation is primarily driven by temporary factors. The NBU will use its monetary instruments, including maintaining the stability of the foreign exchange market, to bring inflation back to the 5% target in the coming years.
Meanwhile, the economy is projected to continue its recovery, with the growth forecast for real GDP in 2024 revised upwards from 3.7% to 4%. Growth of 4.3%–4.6% annually is expected over the next two years. Pyshnyi highlighted that avoiding emission-based budget financing was crucial for maintaining macrofinancial stability, achieved partly through the activation of the domestic debt market.
Ukraine’s Minister of Finance, Sergii Marchenko, stated that the country’s need for external financing in 2025 amounts to $38.4 billion. He underscored the importance of creating fair and equal conditions for sustainable business development, particularly in the area of taxation.
Marchenko also noted that combating the shadow economy and reforming customs remain government priorities. He expressed confidence that collaborative efforts between the state and businesses are essential for Ukraine’s success.
Minister of Agrarian Policy and Food, Vitalii Koval, stressed that Ukraine must transition from raw material exports to industrial production with high added value to strengthen the economy. He called for a cautious approach to European integration processes to safeguard national interests and ensure the competitiveness of Ukrainian agricultural products in the European market. One key aspect involves countering disinformation and positioning Ukraine as a reliable guarantor of food security rather than merely a supplier of raw materials.
The minister also expressed hope that Ukraine’s agricultural sector would continue its sustainable development, leaving future generations with resources in better condition and ensuring the country’s leadership in adopting technology and innovation in agriculture.
During the panel discussion “Strategic industries and defence,” ministers and experts examined support for defence enterprises, the need to expand production of military equipment, drones, and ammunition, and the importance of long-term planning and a strategy for developing the defence industry over the next 25 years, considering both defence and economic needs.
Ukraine’s Minister of Defence, Rustem Umerov, highlighted active cooperation with international partners, particularly within the “Ramstein” format, which is critical for obtaining military aid and equipment. The minister emphasised the ongoing importance of support from the US and European partners, particularly in addressing new challenges and bilateral agreements prioritised until 2025.
Umerov also touched on Ukraine’s future NATO membership, asserting that it would ensure collective security and help achieve strategic objectives. Addressing business concerns about personnel and mobilisation challenges, he acknowledged the urgency of these issues but assured that the Ministry of Defence is working with other ministries to optimise reservation processes and strengthen defence capabilities. Transparency, predictability, and dialogue with businesses were cited as crucial for success.
Ukraine’s Minister of Strategic Industries, Herman Smetanin, outlined key priorities for the defence sector, including the production of military equipment for the Armed Forces. Over 800 enterprises are currently involved in manufacturing or repairing armaments, with the government actively supporting their development. Measures include preferential loans for defence enterprises at a 5% annual rate, with up to UAH 500 million available for equipment procurement and UAH 100 million for replenishing working capital.
The 2024 state budget allocates UAH 54.5 billion for state-targeted programmes to reform and develop the defence-industrial complex, adopt and implement new technologies, and expand production capacities for defence-related products. Additionally, the “Iron Polygon” programme was launched to accelerate testing of new developments, and several procedures for businesses were simplified. Cooperation with businesses is based on promptly addressing needs identified by the General Staff. Smetanin also emphasised the need for consolidated efforts with international partners to sustain support for Ukraine’s defence industry, given the high intensity of the war and significant armament demands.
Oleksandr Kamyshin, Advisor to the President of Ukraine on Strategic Industries, summarised the achievements and challenges of Ukraine’s defence sector. He noted the active development of the industry, with over 100 FPV drone manufacturers supplying the front lines, and highlighted the value of Ukraine’s ability to produce cost-effective, efficient solutions for European defence.
Kamyshin stressed the importance of regular orders and funding. While the sector’s capacity is estimated at over $20 billion this year, budget constraints limit actual production. Nevertheless, Ukrainian drones have sparked interest among partners, with financing offered under the “Danish model.”
He also highlighted a positive shift in attitudes toward Ukraine’s defence industry, with international partners now exploring joint ventures in Ukraine and investing in the sector’s growth.
Speakers underscored the need for a clear strategy for the development of Ukraine’s defence industry over the next 25 years to maximise its potential for economic strengthening and national security. In the future, prioritising investments in defence should enable Ukraine to build industries that not only meet military needs but also thrive in peacetime.
A heartfelt thanks to all speakers, guests, and partners who joined us for this significant event! Special thanks to Mastercard and Raiffeisen Bank for their longstanding partnership.
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