First International Business Forum "Vision of Ukraine 2030" held in Kyiv
On July 24, 2024, CROWE MIKHAILENKO and the Association of Ukrainian Banks hosted the First International Business Forum “Vision of Ukraine 2030.” The event brought together experts and leaders to discuss Ukraine’s future in various sectors amidst the ongoing conflict with Russia. Here are the key takeaways:
1. Ukraine’s Future Foreign Policy and Security
The panel explored potential outcomes for the war with Russia and Ukraine’s role in global security. Dirk Schuebel, EU Special Representative for the Eastern Partnership, reaffirmed the EU’s commitment to supporting Ukraine for as long as necessary and maintaining pressure on Russia.
2. Model of Ukraine’s New Economy
Jean-Eric de Zagon, Head of the European Investment Bank’s Eastern Europe Regional Hub, emphasized the need for private sector investment to support Ukraine as long as necessary. The discussion highlighted the importance of green energy and the agricultural sector, which remains robust despite the war.
3. Combating Corruption
4. State-Business Relationship
Successful interaction between the state and business requires mutual cooperation and transparency. The state must learn to support business and adhere to the law.
5. Digital Transformation of Ukraine’s Banking System
The forum highlighted the importance of automating financial monitoring processes and using AI in banking. Ukraine’s banking system has remained functional and resilient, serving as a model for other countries even after Russia's invasion. Many countries are adopting Ukraine's experience.
6. Culture and Art After the War
The war in Ukraine is also a battle for identity. Promoting Ukrainian culture and artists, especially those suppressed by the Soviet regime, is crucial for national development.
7. Fair and Sustainable Taxes: What Should They Be?
The forum highlighted several key points about Ukraine’s tax system:
• Current State: Ukraine’s tax system is relatively decent with an acceptable tax burden and institutions for simplified taxation. However, it primarily serves a fiscal role, focusing on revenue collection.
• State-Business Partnership: Recent tax hikes by the state are seen as counterproductive to fostering a true partnership with businesses.
• Fiscal Responsibility: Reducing state spending, rather than increasing taxes, was suggested as a better approach to budget management.
• Tax Reforms: Comprehensive reforms are needed to create a business-friendly environment, simplify the tax code, and ensure transparency.
The panelists agreed that a balanced and fair tax policy is crucial for Ukraine’s economic recovery and long-term growth.
8. Sports During the War and Future Prospects
Despite the war, sports remain a symbol of resilience. The National Olympic Committee of Ukraine is working to minimize the presence of aggressor country representatives at international competitions.
9. Human Factor in Ukraine’s Future
The Goals of the Forum
The forum, moderated by partners and senior officials of Crowe Mikhailenko, provided a comprehensive vision for Ukraine’s future, emphasizing the need for investment, cooperation, and reform.