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Ukraine should cash in on new opportunities - banker

Domestic and foreign tourists can rediscover Ukraine, Oschadbank CEO believes.

Ukraine should cash in on new opportunities - banker
Photo: Photo: Serhiy Nuzhnenko

Over the past three years Ukraine has made two huge leaps on the mental level: the Association with the EU and free trade zones, and the visa-free travel dal with the EU. Now the country should take full advantage of these achievements, the head of Oschadbank, Andriy Pyshnyy, said on 15 June at the VII National Expert Forum, organised by Gorshenin Institute

Firstly, Ukraine should build roads, the banker said

"Europe has opened itself for Ukraine. Now let's open Ukraine for Europeans and Ukrainians. Ukraine needs good roads, which in turn will encourage small and medium businesses to create the necessary infrastructure along those roads (hotels, trade and entertainment outlets, and manufacturing firms)."

Pyshnyy stressed the role of domestic tourism for further growth of the country's medium and small business.

"The potential of domestic tourism is incredible, the potential of small and medium-sized businesses is even greater. Look at how tourists flock in Lviv from all over Ukraine and Europe after we have built good roads…"

The second important thing, in Pyshnyy's opinion, is the long-overdue reform of judiciary to protect the interests of the people.

"And thirdly, the country needs two millions new entrepreneurs. We need to create centers across the country to retrain people for business," Pyshny emphasised. "It will be a totally different political class. They would demand not populism but a qualitatively new policy, a policy of development and growth."

The banker said he was sure that a government and parliament that would focus on these three points will get an incredible support in society.

"I am confident that our international partners – EBRD, International Finance Corporation, and IMF will support this policy. As Oschadbank's CEO I should say that this is a constant and central topic of our discussions with them. Small and medium-sized businesses is our main point of growth and the idea that will unite the society," said Oschadbank's head.

"This is where the country can cash in on all our reforms and the stabilization of the political system," he concluded.

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