Ukraine’s Foreign Policy and Security in the Future 

Dirk Schuebel, Valeriy Chaly, Roman Tsymbaliuk and Valeriy Pekar shared their visions of Ukraine’s future.

Dirk Schuebel, the Special Envoy of the European External Action Service for the Eastern Partnership, concluded that the European Union is ready to support Ukraine as long as needed and to continue applying pressure on Russia.

Valeriy Pekar, a lecturer at Kyiv-Mohyla Business School and the Ukrainian Catholic University Business School, noted that Western partners fear both Ukraine’s defeat and Russia’s victory. Therefore, Ukrainians must present a war-ending scenario to the civilized world that is free from deep-rooted Moscow-centric biases.

Valeriy Chaly, Chairman of the Board, Ukraine Crisis Media Centre, Ambassador of Ukraine to the United States (2015-19), discussed Ukraine’s role in the future global security system, emphasizing the importance of paying attention to the U.S. election period to ensure the continuity of aid to Ukraine.

Journalist Roman Tsymbaliuk shared his thoughts on the paths to victory over Russia and its potential outcomes, stressing the importance of confronting realistic scenarios.

The Model of Ukraine’s New Economy: What Should It Be? 

Jean-Erik de Zagon, Pavlo Sheremeta, Dmytro Berezovsky, Anatoliy Amelin, Stanislav Ignatyev and Denys Marchuk discussed the model of Ukraine’s new economy. 

Jean-Erik de Zagon, head of the Regional Hub for Eastern Europe of the European Investment Bank, emphasized the importance of attracting investments, especially in the private sector, to support Ukraine for as long as necessary.  

Pavlo Sheremeta, co-founder of the Schumpeter School of Innovation, stressed that the state should stop fighting against businesses and start supporting them.  

Stanislav Ignatyev, Chairman of the Board of the Ukrainian Association of Renewable Energy, highlighted the need to support the private sector, particularly in green energy, given the lack of positive forecasts in this direction in the near future. 

Anatoliy Amelin, Executive Director of the Ukrainian Institute for the Future, stated that the state needs to create a future scenario that provides certainty for those who remain in the country, reminding that the main beneficiary of Ukraine is its people.  

Dmytro Berezovsky, project manager of the “Promotion of the Green Deal Implementation in the Eastern Partnership Countries” program by GIZ Ukraine, emphasized Ukraine’s key competence in the European Green Deal—the agricultural sector, which can not only compete but also actively develop.  

Denys Marchuk, Deputy Chairman of the All-Ukrainian Agrarian Council, confirmed that despite the war, the agricultural sector remains strong but needs investments and state support. 

How to Rid Ukraine of the Future Burden of Corruption 

Businesses must unite against corruption. Martyna Bohuslavets, head of the Anti-Corruption Center “Mezha” and member of the Public Integrity Council, highlighted the pressing issue of fighting corruption. She noted that corruption is a key barrier for the private sector, well known to European partners. Therefore, it is crucial for businesses to work jointly with the anti-corruption civic movement to initiate active and effective combat against this problem. 

What Should the Relationship Between the State and Business Be?  

Anna Derevyanko, Executive Director of the European Business Association, discussed the relationship between the state and business and her vision of how it should be. 

Every year, the question arises: what are the problems businesses face and how does the state respond to them? The state often listens to businesses, though judicial and law enforcement reforms are still needed. It is essential for honest businesses to have opportunities for development, while shadow businesses should be excluded from the game. 

However, successful dialogue requires not only proposals from businesses but also willingness from the state. Such cooperation needs to continue as it is critically necessary now. Both the state and businesses have suffered greatly during the war. Once there is dialogue, there will be perspective. 

Currently, government representatives react sharply to alternative opinions, often due to fatigue. They may close themselves off, perceiving other positions as offensive. The state needs to learn to adhere to laws and be more open. 

In contrast to Ukraine, Western countries see the state as an arbiter and protector of transparent business. People there are not afraid to approach state institutions. In Ukraine, however, approaching authorities is always stressful. Even when a person is right, they may fear something will still be found against them. This situation needs to change. 

Digital Transformation of Ukraine’s Banking System 

Andriy Dubas, President of the Association of Ukrainian Banks, Vasyl Furman, member of the Council of the National Bank of Ukraine, Vitaliy Kucher, member of the Board of “Crédit Agricole Bank,” and Ihor Tykhonov, Chairman of the Board of “Creditwest Bank,” discussed the digital transformation of Ukraine’s banking system. 

It is crucial to work on automating the detection and prevention of financial monitoring violations. Although this process is costly, it is essential for aligning the banking system with those of European countries and the USA. 

There are mixed opinions on the complexity of banking regulations. Some say it is an excessive burden, while others find it a fairly straightforward and convenient process. 

Despite Russia’s invasion, Ukraine’s banking system continues to function fully. Many countries are adopting Ukraine’s experience in this context, as it deserves significant attention. Such success is achieved through reforms. It is not enough to talk about the need for changes; they must be implemented directly. 

Artificial intelligence is already being used in the banking sector, especially for processing large volumes of information. There are specific algorithms for analyzing client information and service. AI continues to develop actively, but it cannot exist independently. The key is to use it wisely. 

The war impacts foreign banks similarly to all other representatives of Ukrainian businesses. They face the task of ensuring uninterrupted operations and client access to their accounts. 

Maintaining trust between banks and clients is crucial, as it is one of the key factors for securing investments and capital flow. Trust in banks leads to trust in the state and the overall economy. 

Ukraine collaborates with a significant number of international investors, including Turkey. Turkish businesses are widely involved in projects in Ukraine, including the energy sector. Investments continue even amidst the full-scale war. 

However, attracting financial capital from one country to another is much easier than attracting human capital. Drawing the attention of professional workers is a great art. 

Ukraine’s high discount rate results in a relatively low level of economic credit. This is caused by the full-scale war and inflation, as maintaining a stable currency exchange rate during the war is much more challenging. Nonetheless, the NBU has achieved good results in maintaining macroeconomic stability in Ukraine’s banking system. 

Culture and Arts After the War: What Should They Become?  

Andriy Romaniy, serviceman of the National Guard of Ukraine and actor of the National Academic Drama Theater named after Ivan Franko, and Serhiy Stukanov, head of the analytical department of the Content Analysis Center and journalist of Ukrainian Radio, discussed the state of culture and arts in Ukraine after the full-scale invasion and prospects for this direction. 

Today, the war in Ukraine is being fought for identity. Russia’s intentions are not so much about physical destruction but about eradicating Ukrainians as a nation. This is essentially a continuation of Soviet policies aimed at assimilating Ukrainians. 

For successful development, Ukraine needs to take two steps. First, complete de-Sovietization and de-Russification, which will finally allow Ukrainians to shed the long-standing burden of imposed narratives. Second, strengthen their own self-awareness and identity, which will have more room for development. 

This will foster the organic development of Ukrainian culture within society, promoting Ukrainian poets, writers, artists, and many other figures oppressed by the Soviet regime. This requires a thoughtful and clear state policy. 

This aspect can be compared to a tree, with the state as the trunk and culture as the roots. Ukraine’s enemies understand this very well, so we must always monitor the state of culture. 

Legislative activity is a crucial tool for supporting culture. One of the most fundamental laws is the Law of Ukraine “On Ensuring the Functioning of the Ukrainian Language as the State Language.” Effective reform could also come from the draft law banning the Moscow church, which unfortunately is not yet being considered by the Verkhovna Rada. 

It is essential to remember that culture is formed by people. An active and idealistic nation is indispensable for the development of culture and the state, and therefore, decisive action is needed for Ukraine’s victory. 

Fair and Stable Taxes: What Should They Be?

Yana Matviychuk, a Ukrainian entrepreneur and philanthropist, founder of the creative event company “ARENA CS” and the “International Women’s Assistance” foundation, co-owner of the Young Business Club Ukraine, Arsen Ilyin, a member of the National Securities and Stock Market Commission, Vitaliy Smerdov, a partner at Crowe Mikhailenko and Director of the Chamber of Tax Consultants, Oleg Hetman, coordinator of expert groups of the Economic Expert Platform and member of the Supervisory Board of the Ukrainian Business Council, Oleksandr Prokhorovych, Manager of Fiscal Regulation at Philip Morris Ukraine, and Oksana Prodan, advisor to the Head of the Association of Ukrainian Cities, discussed the principles of fairness and the issues within Ukraine’s tax system. 

The state has recently decided to raise taxes again. Despite the postponement of these changes, such practices do not align well with the idea of partnership between the state and businesses. It is crucial for businesses to be consolidated to promote specific ideas and solutions. 

Businesses need predictable taxes to operate effectively. No one wants to work in conditions of uncertainty and instability. Recent public discussions highlighted legislative initiatives to increase the military tax, including a proposed 1% military tax on company income. 

The government should support businesses and provide necessary services. In Ukraine, individuals often either participate in corrupt government schemes or defend themselves against government overreach, as the government often does not recognize independent businesses. 

Several years ago, the National Securities and Stock Market Commission planned to expand investment opportunities for all business categories in the Ukrainian economy, including pension system and stock market reforms. However, these plans were postponed due to Russia’s invasion. 

A fundamental factor for the financial system is the state of local self-government. It significantly impacts practically all societal spheres, especially the economic component of the state. Decentralization is necessary to maintain transparency in economic relations. 

Nonetheless, from another perspective, Ukraine’s tax system is relatively good. Despite low ratings, we have an acceptable tax burden and fairly good institutions for simplified taxation and investment funds. 

The main problem is that our tax system primarily plays a fiscal role. There are often cases of unethical behavior by tax authorities. Officials sometimes think they are not civil servants but feudal lords. The same applies to the low level of legislative culture. 

The state does not consider that the main way to fill the budget is to reduce state expenditures, not to raise taxes. Currently, a huge portion of budget funds goes to secondary needs that do not support Ukraine’s defense capabilities. 

Sports During War and in Ukraine’s Future After Victory   

Oleksiy Perevezentsev, First Vice President of the National Olympic Committee, and Maksym Andrushchenko, co-author of the book “Sport Beyond Politics,” explored this topic. 

During wartime, sports may seem secondary, yet sports and war are deeply interconnected. Despite the horrors inflicted by the enemy on our land, we maintain a strong will to win, and every medal won by our athletes at the Paris Olympics will showcase this resolve. The team of the National Olympic Committee of Ukraine has worked diligently to ensure that as few representatives of the aggressor country as possible participate in this year’s competitions. This scenario further proves that sports cannot exist outside of politics, and we should continue to expand our influence on the international stage while diminishing the influence of “country #404.” 

How Can Business Drive the Future of Ukraine? 

Despite Ukraine currently experiencing one of the most challenging periods in its history, investor interest in the country remains, offering opportunities for business growth. The “Horizon Capital” fund provides companies with financial support and opportunities to enter global markets. The primary criteria for eligibility include being a stable, established, and fast-growing business with an annual revenue of $10 million, a growth rate of 35-40% per year, and profit potential. Roman Cherepakha, Investment Director of “Horizon Capital,” states that the Ukrainian market is difficult but very interesting. Therefore, future investors must take great care of their reputation and keep their results in focus. 

The Role of Human Capital in Building Ukraine’s Future 

Violeta Moscalu, Founder of the Global Ukraine Foundation, Roman Sheremeta, Founding Rector of the American University Kyiv and Head of the Ukrainian American House, Viktor Yehorov, CEO of Queedo Robotics, Ihor Humenny, President of UBC Group, and Olga Lukyanenko, HR Director of Nova Poshta, discussed this topic. 

All agreed that Ukraine’s recovery will heavily rely on the engagement of human capital. To effectively rebuild the country, it will be crucial to bring back as many Ukrainians who have gone abroad as possible, attract foreign labor, retain and encourage young talent, and automate many industrial professions. To achieve these goals, Ukraine must be flexible, capable of quickly adapting and changing. The driving force behind these changes must be key reforms. First and foremost, education reform is essential, as it plays the most significant role in attracting human capital to Ukraine. Secondly, legislative reform is needed to make business more prestigious and favorable in Ukraine compared to many European countries. 

The discussions were moderated by partners, practice leaders, and senior officials of “Crowe Mikhailenko,” including Dmytro Mikhaylenko, Olga Bogdanova, Anatoliy Guley, Tetiana Goncharenko, Andrii Dukhnytskyi, Tetyana Knyazeva, Iryna Ogorodnikova, Kateryna Poznanska, Oleksiy Samulov and Vadym Triukhan.