The BDO in Ukraine team continues to enhance its knowledge and expand valuable connections by participating in V Business & Legal Agri Forum, held on December 13, 2023 in Kyiv. Olexander Zakaznov, the leading auditor at BDO in Ukraine, joined the experts and the representatives from the agricultural sector, discussing key challenges and opportunities in times of war and geopolitical changes.
The forum covered a wide range of topics, from agro logistics in the wartime to financing and investing in the agribusiness. Special emphasis was placed on adapting the agricultural sector to the challenges of the war and eurointegration, as well as the importance of effective contract risk management.
Key Insights:
- Agribusiness amidst the war: Challenges and Prospects.
Discussions took place on the risks of the current business environment in the context of armed conflict, addressing issues such as “labor shortage”, “challenges” in lending. The issue of humanitarian demining and legal issues related to the registration of this type of activity was highly debated. Forum participants actively debated the issues of war risk insurance in maritime agrotransportation and shared experiences from Ukrzaliznytsia on organizing agrologists during the martial law. - Financing and Investment in Agribusiness: Development Paths and Perspectives.
Questions regarding Ukraine's readiness for the full opening of the land market in 2024 were raised, along with the use of a promising financing tool such as agricultural promissory notes and the possibility of their future electronic documentation. Forum participants sought answers to what international companies expect from investing in the restoration of agribusiness in Ukraine and whether it is possible during the moratorium period. - Land Relations and Asset Protection: New Approaches in Agribusiness.
These issues sparked deep discussions among the experts and the representatives of the agricultural sector. Key topic included combating agrarian raiding, practical cases on avoiding such actions, and protecting oneself through administrative appeal procedures. There was a lively discussion about legal practices in land relations regarding land ownership rights and the challenges of double taxation for farming enterprises. - Artificial Intelligence in Agribusiness: Industry Transformation through Modern Technologies.
The experts and the forum participants explored how modern technologies, such as AI, impact agribusiness. This issue raised some conflicting opinions. On one hand, the use of Artificial Intelligence can optimize processes, but on the other hand, Artificial Intelligence may hinder achieving results and potentially undermine certain achievements, such as those of agronomists, as each locality has its own characteristics that AI cannot account for in its algorithms. This issue is highly relevant and requires detailed analysis and a skeptical approach in answering the question of whether to apply AI and, if so, to what extent.
“The forum featured expert discussions on the challenges facing the agricultural sector amid the war and eurointegration. The focus was on the wartime agrologistics, managing contractual risks, and financing and investing in times of crisis.
Participation in the Forum was valuable in terms of fruitful discussions on the key topics and building collaborative relationships. It serves as an important platform not only for exchanging ideas, but also for working together to find highly effective solutions to the challenges facing the agricultural sector”, — noted Olexander.
Partnership of BDO in Ukraine and Agribusiness amid challenges and changes.
The agricultural sector has always held a special place in Ukraine. We appreciate the work of agricultural enterprises and sincerely celebrate joint achievements. Given the difficulties faced by Ukraine's agro-industrial complex due to russia's military invasion, the BDO in Ukraine team maintains constant communication with the clients, discussing operations and key issues. We provide comprehensive support to agribusiness, finding new ways for development and offering options to make one of the country's most challenging industries more flexible.
Despite the challenges, BDO in Ukraine remains an integral part of Ukraine's agricultural sector, assisting companies in making informed decisions and succeeding in the face of uncertainty.
For more information on the company's expertise in the agricultural sector, feel free to contact our experts, who will propose the best solutions tailored to your company's needs.
