From September 23 to 27, 2024, the Ukrainian-American trade mission “Rebirth of Ukraine” was held in Washington, DC and New York. The mission was organized by the Ukrainian Mayors’ Club, the Washington Institute for Business, Government and Society, Economy of Trust Ukraine, Inc. (USA). The mission aimed to facilitate collaboration between American and Ukrainian businesses, municipalities, academic institutions, and government organizations to facilitate the restoration and reconstruction of Ukraine.
Representatives of BDO in Ukraine, Vira Savchenko, CEO of BDO in Ukraine, and Olga Korniichenko, Business Development Executive, visited the mission to discuss future cooperation with international partners, establish ties with Ukrainian municipalities and businesses, and discuss joint projects to rebuild Ukraine.
The beginning of the mission: Economic Recovery Business Forum
The mission commenced with the Economic Recovery Business Forum, which concentrated on economic recovery, defense, and the integration of technology for Ukraine’s municipal efficiency. The mission highlighted the necessity of public-private partnerships and legal reforms to attract foreign investment.
A particular focus was placed on the role of Ukrainian regions and communities in the post-war restoration of their infrastructure. The mayors of Ukrainian cities, Oleksandr Senkevych (Mykolaiv) and Vadym Boychenko (Mariupol), shared their experience in overcoming the challenges they face due to the military operations. They emphasized the importance of attracting international investors and the private sector to rebuild destroyed infrastructure and support local communities.
“Our objective is not only to ensure the city’s survival during the war but also to prepare it for recovery and modernization. We recognize that this requires the support of international partners, and this mission has created new opportunities for such collaboration,” said Mr. Senkevych.
At the forum, Vira Savchenko presented a new guide to investment opportunities in Ukraine and discussed the role of BDO in Ukraine in the country’s recovery process. In particular, she highlighted BDO’s active role in facilitating sustainable recovery through transparent mechanisms for attracting foreign investment to rebuild infrastructure. She also emphasized the importance of international cooperation, especially with the EU and the USA, in financing projects that will contribute to Ukraine’s economic growth. Special attention was paid to new investment risk insurance instruments that will help create a safe investment climate.
Congresswoman Marcy Kaptur, a Member of the U.S. House of Representatives from Ohio’s 9th Congressional District, was a special guest at the forum. She emphasized the importance of international support for Ukraine and the need to strengthen cooperation between our countries to ensure a stable future.
The Economic Recovery Business Forum highlighted the critical role of international collaboration, technology, and security in the country’s post-war reconstruction. Integrating smart technologies into urban governance will ensure efficiency, sustainability, and national security. Ukraine’s main priority must be transparency in reconstruction projects and attracting international financing. This will create a stable environment for economic growth. Foreign investors will also be encouraged by Ukraine’s readiness for legal reforms, which will contribute to the development of infrastructure, financial services, and public administration.
A day of B2B meetings, networking and pitch sessions for the Ukrainian delegation
The second day of the mission was dedicated to B2B meetings and pitch sessions at the headquarters of Chemonics International. Ukrainian entrepreneurs and mayors had the opportunity to present investment opportunities to international partners in a range of sectors, including infrastructure, energy, manufacturing, agriculture, and information technology.
Representatives of BDO in Ukraine outlined the developments and opportunities to support companies and municipalities in attracting additional funding, including assistance in obtaining grants, investments and developing strategies for sustainable development of regions and communities. Additionally, they presented several projects of BDO’s clients who have engaged the company for help in attracting additional funding.
Ukrainian mayors and business representatives had the opportunity to learn about current USAID support programs for Ukraine and to be among the first to hear about future programs that will be announced this year. In turn, Ukrainian delegates communicated their requirements to Chemonics and USAID representatives (the session was arranged at the request of the host country), which will assist in better understanding Ukraine’s needs and tailoring future programs to meet those needs. We would like to extend our gratitude to Ibrahim Osta, an international economic development expert with experience in international trade and investment promotion, youth entrepreneurship, and tourism development at Chemonics International, who is one of the authorized representatives of the organization for projects in Ukraine.
Doing Business in Ukraine 2024 Conference
The next significant event was the Ukrainian delegation’s participation in the second conference on business in Ukraine, “Building Ukraine’s Security through a Modernized Economy,” organized by the Center for Strategic and International Studies — (CSIS). The conference addressed several key topics, including military and financial assistance, investment in critical industries, technological innovation, and structural reforms aimed at Ukraine’s integration into the European Union.
U.S. congressmen underscored the significance of providing military and financial assistance to Ukraine, drawing parallels between the current situation and the events leading up to World War II. It was agreed that deterring the aggressor and preserving international unity are global security priorities. At one of the panels, Ukrainian mayors called for investment in urban reconstruction, emphasizing the need to create a foundation for economic growth through legal reforms and transparent mechanisms.
“Those who will be the first investors in Ukraine will enjoy a competitive advantage and a superior starting point for doing business. Vinnytsia has four industrial parks ready for plant construction, and we are actively seeking new investors,” Vinnytsia Mayor Serhii Morgunov stated.
Private investment in sectors such as housing, infrastructure, agriculture, and energy is recognized as essential for the country’s rapid recovery. The role of technological solutions and defense innovations, such as startups developing drones and electronic warfare systems, highlights Ukraine’s potential as a key player in the global market.
The discussion also covered agriculture and energy. Agriculture remains a vital component of the Ukrainian economy, particularly in the context of global food security. Programs aimed at supporting farmers, such as the AGRI Ukraine Initiative, are helping to keep the sector resilient during the war. It was also recognized that support for energy infrastructure, which is a frequent target of attacks, is critical.
The conference also reaffirmed that Ukraine’s reforms should be aimed at integration with the European Union, as this will be a key factor in the country’s recovery. The combined efforts of international partners, the government, and the private sector will facilitate Ukraine’s economic growth and modernization.
“Ukraine’s reconstruction must be conducted in conjunction with reforms designed to facilitate its integration into the EU. The objective should be to integrate Ukraine into the European community, which will be a pivotal step in facilitating its economic recovery,” stated Erin McKee, representative of the Bureau of Europe and Eurasia at USAID.
Resurgence of the tourism industry and new opportunities
The event “Resilience and Opportunities for Ukraine’s Tourism Industry” was a discussion with the mayors of Ukrainian cities and communities (Mykolaiv, Burshtyn, Ivano-Frankivsk region and Opishnia, Poltava region), organized by the International Institute of Tourism Studies at George Washington University in collaboration with BDO in Ukraine. The participants discussed the future development of the tourism industry and potential tourism options in Ukraine that could attract foreign tourists. These included dark tourism (underground tourism and excursions to areas affected by russian aggression), gastro-tourism, inclusive and rehabilitation tourism, green tourism, farm tourism, national tourism, and business tourism.
Despite the current economic challenges, Ukrainian investors are demonstrating confidence in the future of tourism by initiating hotel construction projects in select regions. This illustrates their belief in the eventual recovery of the tourism sector. Due to the current travel restrictions, especially for men, there has been a notable increase in domestic tourism. Ukrainian communities view this as a foundation for future international tourism.
Despite the absence of a significant tourist influx anticipated during the war, several regions are already engaged in discussions regarding prospective international investment in Ukraine’s tourism sector.
Furthermore, at the invitation of Ibrahim Osta, a professor at the George Washington University School of Business, Vira Savchenko ran an informative session for students on enhancing team resilience and efficiency during a crisis, having provided real-life examples of company management during wartime. Ms. Savchenko discussed how adaptive agile practices and the use of digital tools enabled businesses to maintain continuity and provide exceptional customer service in challenging circumstances. Furthermore, she highlighted the significance of effective leadership during crises and the capacity to make prompt decisions, which not only ensures the survival of the business but also provides support to the team during challenging periods. While other countries are discussing and striving to achieve work-life balance, Ukraine focuses on war-life balance. We were gratified to see that many students had questions, and we hope that the resilience of Ukrainians will serve as an example of determination and inspiration for them as they face their own challenges in the future.
Meetings with representatives of the United Nations, the Archdiocese of New York and the Mayor’s Office to strengthen international cooperation
The mission concluded with a series of high-level meetings in New York to discuss cooperation with Ivana Zivkovic, Assistant Secretary-General of the United Nations and Director of the Regional Bureau for Europe and the CIS at UNDP, as well as with Bishop Chris Sheridan of the Archdiocese of New York. Additionally, a meeting was held with Edward Mermelstein, Commissioner for International Affairs at the New York City Mayor’s Office, who has Ukrainian roots. These meetings were instrumental in bolstering international relations and identifying new avenues for collaboration.
Vira Savchenko highlighted: “International cooperation is essential for Ukraine’s recovery. We would like to express our gratitude to our international partners for their support and look forward to continuing our collaboration in rebuilding the infrastructure and regions most affected by the war.”
The Ukraine-US Trade Mission “Rebirth of Ukraine” showcased a robust potential for international collaboration and Ukraine’s economic recovery. During the five-day mission, representatives of business, municipalities, and international organizations engaged in discussions on pivotal matters pertaining to economic recovery, investment attraction, reforms, and Ukraine’s integration into the EU. In addition to discussing further cooperation with international organizations, our colleagues reached an agreement on further work with representatives of Ukrainian municipalities and business. We would like to propose further collaboration and the discussion of additional joint projects that will assist Ukraine in its recovery process. Please contact us to discuss the details.
