The 12th Kyiv International Economic Forum (KIEF) was held in Kyiv, dedicated to the work of the Ukrainian economy in the face of increasing military risks. The focus of the discussions was on how businesses can adapt to new threats, maintain production, and find resources for recovery and development.
The 12th Kyiv International Economic Forum (KIEF) was held in Kyiv, dedicated to the work of the Ukrainian economy in the face of increasing military risks. The focus of the discussions was on how businesses can adapt to new threats, maintain production, and find resources for recovery and development.
Opening the forum, Ukrainian Prime Minister Serhiy Koretsky said that Russia has stepped up its attacks on the Ukrainian economy. He estimated that direct losses exceeded $7.7 billion, and more than 1 million square meters of real estate were damaged or destroyed. By the end of the year, the prime minister said, the budget will fall short by about $1.5 billion of planned revenues.
At the same time, he emphasized that despite the consequences of the war, the economy continues to operate thanks to the resilience of entrepreneurs and their teams, and supporting business remains one of the government's priorities.
"We realize how important it is now to support Ukrainian business in exchange for this stability, in exchange for this conscientious work," said Serhiy Koretsky.
Despite limited budget resources, the government continues lending programs and develops mechanisms for insurance of war risks. Under the “5–7–9%” program, loans worth UAH 580 billion have already been issued since the program began. 457 enterprises have already insured their property under the damage compensation program administered by the Export Credit Agency with a potential amount of over UAH 9 billion. The next step is a broader system of insurance of war risks, to which the state plans to allocate $1 billion and attract another $3 billion from international partners.
Among the external challenges is the tightening of EU trade restrictions for Ukrainian exporters, in particular producers of metallurgical and agricultural products. Business representatives spoke about reduced access to the European market, and Ukraine's representative to the EU, Taras Kachka, spoke about accelerating integration into the Union's internal market and expanding industrial visa-free travel.
The personnel problem also remains acute. Experts estimate migration losses at approximately 5 million people, while companies are experiencing a shortage of qualified workers. Among possible solutions, the participants discussed dual education and creating conditions for the return of Ukrainians through jobs and affordable housing.
The general mood of business at KIEF is restrained but productive. The consequences of attacks vary depending on the industry, but companies agree on the need to hope for the best, but be prepared for different scenarios. Companies are reviewing security protocols, equipping shelters and developing their own response systems. In particular, the co-owner of the NOVA group Vyacheslav Klimov said that Nova Poshta has implemented a project of its own air defense, which has already shot down Russian drones. Companies are also developing their own fire services.
"The top topic of Ukrainian business is how to adapt to the new challenges of war and get through this winter. It's not easy for everyone, so it's especially important to support each other. If I need services or partners, I first
"I appeal to Ukrainian companies. This is a principled position: by purchasing goods and services from each other, we support the work of enterprises, preserve jobs, and help our economy survive," emphasized Vasyl Khmelnytskyi, initiator of KIEF and founder of UFuture holding.
The main request of business to the state is predictable rules, insurance against military risks, and solutions to personnel shortages. Businesses have learned to work in conditions of constant threats, but the costs of security and recovery limit opportunities for new investments.
"We held KIEF both under pandemic restrictions and after the start of a full-scale invasion. This year, the question of how not only to keep enterprises operating during the war but also not to lose opportunities for development was particularly acute. There are no ready-made solutions to all problems, so it is important to combine business experience, the capabilities of the state, and international partners," noted KIEF CEO Yuriy Pyvovarov.
Title partners of the forum: UFuture, Mastercard, AEQUO, PrivatBank, Kyivstar
Forum partners: Sense Bank, NEQSOL Holding, FUIB, DTEK, Ajax Systems, Uklon, General Chereshnya, Biopharma, Eclectic Talents Group, TERWIN, CEO Club Ukraine, BALEX, Naftogaz Group.
