In April, BDO in Ukraine became a member of the Ukrainian-Czech Chamber of Commerce (UKRCHAM), marking an important step in business development and partnership establishment with Czech businesses.
As part of UKRCHAM, our company is committed to enhancing opportunities in international relations and fostering partnership development between the two countries. Providing relevant information on investment opportunities in Ukraine and assisting international businesses in this regard is a key focus for us. Our company experts have developed and continuously update an Investor's Guide, detailing investment opportunities in Ukraine across various sectors of the economy, with special emphasis on international financing and export crediting. At the same time, we are exploring business development options for our clients in the international market, where the Ukrainian-Czech Chamber of Commerce can provide assistance.
Czech Republic: a significant trading partner for Ukraine
In 2023, Ukraine kept developing trade relations with the Czech Republic, by strengthening partnership and cooperation in various economic sectors. According to data from the Embassy of Ukraine in the Czech Republic, the Czech Republic ranks 7th in terms of bilateral trade volumes of goods between Ukraine and European countries, highlighting its importance as a trading partner for Ukraine. The share of trade volumes with the Czech Republic accounts for 4.65% of Ukraine's total trade volume with European countries, indicating a significant contribution of this country to Ukraine's trade relations with European partners. In 2023, the trade turnover between Ukraine and the Czech Republic reached an impressive figure of USD 2785,4 million.
These figures reflect the high potential for economic cooperation, which can further stimulate the development and deepening of mutually beneficial relations between Ukraine and the Czech Republic in the future.
Priority directions of Ukrainian-Czech economic cooperation
Ukrainian-Czech economic cooperation is particularly promising in several key sectors that play an important role in the development of both countries' economies.
- Energy: Ukraine and the Czech Republic have the potential for developing alternative energy sources, such as solar and wind energy, which can reduce dependence on energy imports and ensure stability in the energy sector.
- Machinery: Czech technologies and expertise in this field can promote modernization of the Ukrainian engineering industry, while Ukrainian labor and resources can be important factors for Czech companies in seeking new sales markets.
- Agro-industry and processing industry: Ukraine possesses significant land resources and agricultural potential, while the Czech Republic can offer high-quality technologies for processing and storing agricultural products.
- Transportation: Both countries are placed at the intersection of transport routes between Western and Eastern Europe, creating favorable conditions for the development of transit transportation.
Government Support Bodies in Ukrainian-Czech Partnership
The economic cooperation between Ukraine and the Czech Republic is thriving, largely due to the efforts of government support bodies actively facilitating business development and strengthening mutually beneficial relations between the two countries.
One such entity in Ukraine is the Office for Entrepreneurship and Export Promotion, which plays a crucial role in fostering entrepreneurship and increasing the export volumes of Ukrainian goods and services. Assistance is provided through various initiatives, such as the Diia.Business Portal and the Export Aspect of Diia.Business, which streamline the business registration process and promote Ukrainian products at international markets.
Furthermore, Ukrainian companies can get support from government agencies like CzechInvest and BusinessKlubUkrajina, which offer information and assistance for new investments. Consultations and legal services are also provided for company registration and navigating Czech legislation. This includes support in preparing necessary documents and conducting business in accordance with Czech norms and standards.
For instance, NAZOVNI platform assists Ukrainian exporters by providing guidance on finding contacts with potential partners and creating action plans for initiating exports.
About UKRCHAM
The Ukrainian-Czech Chamber of Commerce (UKRCHAM) is founded to support business interactions between Ukraine and the Czech Republic. As a non-profit, non-political organization, it fosters the development of bilateral relations, brings together thousands of potential partners, and provides comprehensive support for business connections between the countries. The Chamber offers legal assistance, aids in navigating legislation, and promotes international relations through its network of partners and various business events.
About BDO in Ukraine
BDO in Ukraine is part of the global BDO network and offers a wide range of services including audit, consulting, tax and legal advisory, valuation (including war damage assessment), cybersecurity, training, and more.
The company actively engages in projects for Ukraine's reconstruction, collaborates with international associations and donors to expand business opportunities and improve the country's investment climate. Key projects include cooperation with government institutions and the private sector for infrastructure development initiatives, as well as implementing programs to enhance business efficiency. BDO provides services for searching and managing grant programs across various sectors of Ukraine's economy. On the other hand, it assists companies, including international ones, in navigating electronic procurement processes within Ukraine.
Reach out to BDO in Ukraine experts for further consultation, if you need additional advice on the company’s services or on the possibilities of expanding international cooperation.
