The 12th Kyiv International Economic Forum was held in Kyiv

The 12th Kyiv International Economic Forum (KIEF) was held in Kyiv, dedicated to the work of the Ukrainian economy in conditions of increased military risks. 1+1 media traditionally joins the event as a general media partner.

At the center of discussions is how businesses adapt to new threats, save production and find resources for recovery and development. 

Opening the forum, Ukrainian Prime Minister Sergei Koretsky said Russia had stepped up attacks on the Ukrainian economy. According to his estimates, direct losses exceeded $7.7 billion, and more than 1 million m² of real estate was damaged or destroyed. By the end of the year, according to the Prime Minister, the budget will not receive about $1.5 billion in planned revenues.

At the same time he emphasized that despite the consequences of the war, the economy continues to work thanks to the stability of entrepreneurs and their teams, and business support 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», — noted Serhii Koretskyi.

Despite limited budget resources, the government continues lending programs and develops war risk insurance mechanisms. Loans worth UAH 580 billion have already been issued under the «5–7–9%» program since the start of the program. 457 enterprises have already insured property under the loss compensation program administered by the Export Credit Agency with a potential amount of more than UAH 9 billion. The next step is a broader system of war risk insurance, to which the state plans to direct $1 billion and attract another $3 billion from international partners.

Among the external challenges — is the strengthening of EU trade restrictions for Ukrainian exporters, in particular producers of metallurgical and agricultural products. Business representatives talked about reducing access to the European market, and the representative of Ukraine to the EU, Taras Kachka, about accelerating integration into the internal market of the Union and expanding industrial visa-free travel.

The personal problem also remains acute. Experts estimate migration losses at approximately 5 million people, while enterprises experience a shortage of qualified workers. Among the 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 KMEF — is restrained, but working. The consequences of attacks vary by industry, but companies agree on the need to hope for the best, but be prepared for different scenarios. Enterprises review security protocols, set up shelters and develop their own response systems. In particular, the co-owner of the NOVA group, Vyacheslav Klymov, said that «Nova Poshta» implemented its own air defense project, which already has downed Russian drones. Companies are also developing their own fire services.

«Top topic of Ukrainian business — how to adapt to the new challenges of war and pass this winter. It is not easy for everyone, so it is especially important to support each other. If I need services or partners, I first of all contact Ukrainian companies. This is a principled position: by buying goods and services from each other, we support the work of enterprises, save jobs and help our economy survive», — emphasized Vasyl Khmelnytskyi, the initiator of KMEF and the founder of the UFuture holding.

Marichka Padalko, host of TSN and author of the YouTube channel «Marichka», has also traditionally joined the event as a moderator of one of the panel discussions on the topic «People in the economy. Efficiency instead of quantity» with representatives of government, business and the academic community.

The main business request to the state — is predictable rules, war risk insurance and decisions on personnel shortages. Businesses have learned to operate under constant threats, but security and recovery costs limit opportunities for new investment.

«We conducted KMEF both under pandemic restrictions and after the start of a full-scale invasion. This year, the question of how not only to keep enterprises working during the war, but also not to lose opportunities for development, became particularly acute. There are no ready-made solutions for all problems, so it is important to combine business experience, opportunities of the state and international partners», — noted CEO of KMEF Yuriy Pivovarov.