Investors are already tired of waiting for the end of the war, so proactive steps must be taken
I regularly take part in international conferences on Ukraine’s recovery. They have different formats and address different aspects, but the questions are common: when and how to start preparing for investment; which industries will be most attractive; what are the prospects as well as the risks of investing in Ukraine; and how to protect oneself.
However, amidst those questions, one important observation is increasingly emerging: Investors are tired of waiting for the war to end.
Most of us believed that such a war in Europe, right on the border with Poland, the European Union and NATO, could not last long, that something like a ‘black swan’ had happened.
But lately, there has been an increasingly noticeable change in attitudes towards the duration of the war. This means that this ‘state of emergency’ is beginning to turn into a new reality.
Human nature is that we quickly get used to good things, but unfortunately, we also adapt to bad things, just a little slower. The famous example of boiling a frog comes to mind.
A frog thrown into boiling water jumps out of the pot immediately, but a frog put into a pot of cold water that is slowly being boiled stays in the pot until the end.
Therefore, the country needs to start working on fundraising immediately. And there are several key strategies.
First, creating a stable legal framework and a favourable investment environment. First of all, this means introducing tax and investment incentives. It also means streamlining registration procedures and cutting down on red tape.
Secondly, it is necessary to tackle corruption. The authorities should act as actively and publicly as possible. But at the same time, it is necessary to create a unified public administration system and digitise these services as much as possible.
This will significantly reduce corruption by eliminating personal contact between an official and a client. Let me note here that corruption in Ukraine is one of the most frequently discussed risks among potential investors.
Thirdly, investing in education is a must. Investors are usually looking for highly qualified staff to expand their success in the market.
And finally, it is crucial to continue promoting Ukraine and the idea of investing in its recovery in the international arena. These are currently being implemented quite successfully at many levels by the Ukrainian government and specialised organisations such as UkraineInvest.
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