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Ukrainian business must prepare for arrival of investors - businessman

Ukrainian business must prepare for arrival of investors - businessman

"Mutual rapprochement of the business and the state produces a positive synergistic effect." In Ukraine, the business and the state are no longer enemies, but the business is still not ready for investors to come, businessman and investor Borys Lozhkyn said during the forum "Conductors of Change".

"The main and most important change that is happening in Ukraine today is a change of thinking. The state and business cease to perceive each other as enemies. Business is the foundation upon which the economy of the state is build, and not a breeding ground for personal enrichment of officials. The state should do its best to promote the development of entrepreneurship," said Lozhkyn, who was head of the presidential administration of Ukraine in 2014 - 2016.

He urged the Ukrainian business to take a more active stance and seek cooperation from the state. Business associations and councils can become effective lobbying tools to improve the business climate in the country, he said.

"From the movement of business and government to meet each other halfway we get a positive synergistic effect, which will stimulate economic growth," Lozhkyn stressed.

At the same time, the businessman notes that to attract investment efforts are needed both by the state and the business.

"Unfortunately, the Ukrainian business – often even relatively large – is rarely prepared for the arrival of investors. Companies are poorly structured, and work without adequate financial statements adapted to the International Standards on Auditing," stated Borys Lozhkyn.

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