Hosted By the Foundation for Effective Governance and Financial Times

NEW YORK, Dec. 10 /PRNewswire/ -- A number of key investment opportunities were presented at "Ukraine: Opportunities and Challenges," a conference focusing on the country's economic outlook, hosted by the Foundation for Effective Governance (FEG) and Financial Times. The event, held on Tuesday at the Four Seasons Hotel in Manhattan, also addressed Ukraine's evolving business environment, and the challenges that need to be overcome for investment opportunities to be realized there.

"This unique event focused on the Ukrainian economic agenda, which is not only about the challenges Ukraine currently faces, but also about opportunities for growth and development. This conference addressed a number of important issues for Ukraine, including the question: is it reasonable to focus on long-term solutions in the current political and economic environment in Ukraine? If we continue to follow short-term goals and address only situational political issues, the country will never be able to move forward," stated Nataliya Izosimova, Managing Director of the Foundation for Effective Governance. "In all the projects that the Foundation is running, we are trying to maintain a balance between strategy and tactics, with short-term and longer-term perspectives being always practical and end result oriented".

Chaired by Chrystia Freeland, the Financial Times' U.S. Managing Editor, the conference featured a keynote address by William Taylor, former U.S. Ambassador to Ukraine, along with contributions from the Right Honourable Kim Campbell, Chair of FEG's International Advisory Board and former Prime Minister of Canada, and many leading experts on the country including Ralph Judah, Senior Partner, Monitor Group and Elena Kuznetsova, Senior Manager, McKinsey & Company.

Panelists included Georgina Baker, IFC's Director for Global Financial Markets; Vladislav Kaskiv, Advisor to the Prime Minister of Ukraine on Foreign Investment, Parliament of Ukraine; Irina Akimova, Deputy Chair of the Parliamentary Committee of Economic policy, Parliament of Ukraine; Boris Kolesnikov, Member of the Parliamentary Committee of Economic policy, Parliament of Ukraine; Vitaliy Butenko, Chief Strategy Officer, DTEK, a leading Ukrainian energy company; Andriy Sadovvy, Mayor of Lviv, a key city in Western Ukraine; Andrew Swart, Partner, Monitor Group; and others.

Ms. Baker, who also participated in the panel on Ukraine's business environment, stated: "IFC is committed to actively helping Ukraine's economy recover from the global financial crisis, and we hope our investments will help bring other private investors in as well. We are working now on assisting banks in Ukraine to renew their lending, giving a boost to the domestic economy."

Ms. Akimova, a third participant in the panel on Ukraine's business environment, stated: "The worsening of the business climate in Ukraine over the last two years is a result of non-transparent and incoherent economic policies pursued by the government. A large fiscal gap has been accompanied by an increased pressure on business, favoritism, and corruption. Economic freedom must be based on rule of law and strong institutions, which protect businesses from discretionary government intervention. We have to implement a good business climate including security of property rights, a level playing field, low corruption, stable and business-friendly taxes and regulations."

Mr. Swart, a participant in a panel on regional opportunities, stated: "The Ukrainian regions are at a pivotal point in their future development. The Foundation for Effective Governance's projects together with Monitor Group, in Lviv and Donetsk, have created strong support amongst business and government stakeholders to unwind the legacy issues of the past and create the conditions for long term competitiveness. While there are challenges ahead, there are many opportunities for businesses seeking to take advantage of the projected growth."

Mr. Sadovvy, a participant in a panel discussion on sector opportunities, identified tourism development as an engine of economic growth in Lviv. The tourism cluster together with business services have been selected as development priorities in the strategy resulting from a regional economic development project, implemented by FEG in close cooperation with the local government and businesses.

"Lviv can become one of the most comfortable and attractive cities in Europe to reside and work in. We are making every effort to fulfill this ambition. Lviv has a number of advantages including its cultural significance and proximity to Europe, as well as a highly educated and talented labor pool. The city administration is strongly committed to providing investors with administrative support, local tax incentives, transparent and business-friendly regulations, and consulting," Sadovvy stated.

All three panel discussions offered insight into possible investment strategies within the wider economic and political context. Topics included:

• How bright is the outlook for Ukraine as it begins to emerge from the economic and financial crisis, and ahead of key presidential elections in 2010?

• What measures need to be taken to improve the business environment and create incentives for international companies to invest?

• Where are the most promising regional investment opportunities?

• Which established industrial and service sectors offer the best returns in the short, medium and long term? What are the most promising new opportunities for investment?

• What are the key challenges to be overcome for Ukraine to become a major destination for international investors?

Izosimova concluded: "Despite the unique nature of Ukraine as a country and a culture, it is a part of the global process. So, we are ready and willing to work with every institution or individual who shares our values and mission of helping Ukraine be a prosperous and stable country. I hope that today's forum is a useful tool in building more awareness about the real Ukraine, the real challenges it faces and real solutions it strives to find."

Attendees at the conference included U.S. and Ukrainian government officials and regulators, and senior representatives of multilateral institutions, Ukraine-based companies, multinationals, international banks, private equity firms, specialist funds, research groups, NGOs and media. More information is available at www.ftconferences.com/ukraine.

About The Foundation for Effective Governance: The Foundation for Effective Governance (FEG), an independent public policy institution, was formed in 2007 by Ukrainian businessman Rinat Akhmetov. FEG's main objective is to encourage the development of long-term national economic programs for Ukraine, through the formulation of practical policy solutions to the political, economic and social challenges facing the country. The basic principles governing FEG's activities are independence, a focus on economic development, openness, and a practice-oriented approach. FEG's International Advisory Board includes former Prime Minister of Canada Kim Campbell, Chair; former U.S. Sen. Lincoln Chafee; and Gyorgy Suranyi, former president of the National Bank of Hungary. More information on FEG is available at www.feg.org.ua/en.

About the Financial Times: The Financial Times, one of the world's leading business news organisations, is recognised internationally for its authority, integrity and accuracy. Providing extensive news, comment and analysis, the newspaper is printed at 23 print sites across the globe, has a daily circulation of 412,854 (ABC figures, October 2009) and a readership of 1.3 million people worldwide. FT.com is the definitive home for business intelligence on the web, providing an essential source of news, comment, data and analysis for the global business community. FT.com attracts 11.4 million unique users, generating 83.2 million page views (ABCe figures, March 2009) and now has over 1.6 million registered users.

SOURCE Foundation for Effective Governance

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