12th Kyiv International Economic Forum Held in Kyiv

The 12th Kyiv International Economic Forum (KIEF) took place in Kyiv, focusing on how Ukraine’s economy can continue operating amid escalating wartime risks. Discussions centred on how businesses can adapt to emerging threats, maintain production and secure the resources needed for recovery and growth. Opening the forum, Ukrainian Prime Minister Serhii Koretskyi said that Russia had intensified its attacks on Ukraine’s economy.JOIN US ON TELEGRAMFollow our coverage of the war on the @Kyivpost_official. According to the figures he presented, direct losses have exceeded $7.7 billion, while more than 1 million square metres of real estate have been damaged or destroyed. The Prime Minister also warned that the state budget is expected to fall approximately $1.5 billion short of projected revenues by the end of the year. At the same time, he emphasised that despite the impact of the war, Ukraine’s economy continues to function thanks to the resilience of entrepreneurs and their teams, and that supporting businesses remains a government priority. “We recognise how important it is today to support Ukrainian businesses in recognition of their resilience and dedicated work”, Serhii Koretskyi said. Despite limited budgetary resources, the government continues to provide lending programmes and develop war-risk insurance mechanisms. Since its launch, the Affordable Loans 5–7–9% programme has provided UAH 580 billion in loans. Other Topics of Interest Ukraine Downs 2 Ballistic Missiles, 255 Russian Drones in Overnight Attack Targeting Kyiv Russian strikes hit 25 locations across Ukraine, while the Dnipropetrovsk region reported three people injured and damage to homes and infrastructure. A total of 457 companies have already insured their property under a loss compensation programme administered by the Export Credit Agency, with potential compensation exceeding UAH 9 billion. (Photo by 12th Kyiv International Economic Forum) The next step is to establish a broader war-risk insurance system, to which the government plans to allocate $1 billion and attract approximately $3 billion more from international partners. External challenges include tighter EU trade restrictions affecting Ukrainian exporters, particularly producers of steel and agricultural products. Business representatives highlighted reduced access to the European market, while Taras Kachka, Ukraine’s representative to the EU, stressed the need to accelerate integration into the EU single market and expand the so-called industrial visa-free regime. Labour shortages remain another pressing concern. Experts estimate that Ukraine has lost approximately 5 million people to migration, while companies continue to face shortages of skilled workers. Among the potential solutions discussed were dual education programmes combining academic learning with practical training, as well as creating conditions for Ukrainians to return through employment opportunities and affordable housing. The overall business sentiment at KIEF was cautious but pragmatic. Although the impact of attacks varies across industries, companies broadly agree on the need to hope for the best while preparing for a range of scenarios. Businesses are revising security protocols, building shelters and developing their own emergency response capabilities. In particular, Vyacheslav Klymov, co-owner of NOVA Group, revealed that Nova Poshta had implemented its own air defence project, which has already successfully intercepted Russian drones. Companies are also establishing their own firefighting services. “The biggest issue facing Ukrainian businesses today is how to adapt to the new challenges of the war and get through this winter. These are difficult times for everyone, which makes supporting one another especially important. Whenever I need services or business partners, I turn to Ukrainian companies first. This is a matter of principle: by buying goods and services from one another, we help businesses stay operational, preserve jobs and strengthen the resilience of our economy”, said Vasyl Khmelnytskyi, initiator of KIEF and founder of UFuture holding company. Businesses’ main expectations of the government are predictable rules, war-risk insurance and measures to address labour shortages. Companies have learned to operate under constant threats, but rising security and recovery costs are limiting their capacity for new investment. “We have held KIEF both during the pandemic restrictions and since the start of the full-scale invasion. This year, the question of how to not only keep businesses operating during the war but also preserve their potential for growth has become particularly urgent. There are no ready-made solutions to every problem, which is why it is essential to bring together business expertise, government capabilities and the support of international partners”, said Yurii Pyvovarov, CEO of KIEF. Title Partners: UFuture, Mastercard, AEQUO, PrivatBank, Kyivstar Forum Partners: Sense Bank, NEQSOL Holding, FUIB, DTEK, Ajax Systems, Uklon, General Chereshnia, Biopharma, Eclectic Talents Group, TERWIN, CEO Club Ukraine, BALEX, Naftogaz Group. Forum Partners: Sense Bank, NEQSOL Holding, FUIB, DTEK, Ajax Systems, Uklon, TERWIN, Eclectic Talents Group, BALEX, CEO Club Ukraine