Keynote Speech — Marie L. Yovanovitch. 14th Annual Ukraine Investor Conference

Dragon Capital held its 14th Annual Ukraine Investor Conference on March 1-2 in Kyiv. As in previous years, the event gathered close to 300 guests, with top speakers addressing the audience of international and local investors including Prime Minister Volodymyr Groysman, other government members, top management of leading Ukrainian companies, representatives of international financial institutions and western diplomats. Over 25 Ukrainian and foreign TV channels, news wires and other print and online media covered the event.
Below please find highlights from the keynote speech delivered by Marie L. Yovanovitch, U.S. Ambassador to Ukraine.
The United States continues to support and invest in Ukraine. Since 2014, the U.S. has devoted $2bn in assistance and supplied $3bn in loan guarantees to Ukraine.

• Ukraine was successful in dealing with the economic crisis and implementing key structural reforms in the past four years, thanks to the decisions made by the government, the civil society and the business and despite the challenges the country faced, including Russian aggression.

• The aim of the IMF program and its requirements is to unleash the economic potential of Ukraine through economic reform and anti-corruption measures, while the EU Association Agreement provides a path to deeper integration with Europe.

• The EBRD and the IFC, in cooperation with the government and local businesses, have blazed the path of investment for others to follow, improving corporate governance and making the investment environment friendlier.

• Ukraine stands at a crossroads. If it continues on the reform path, supported by the IFIs, the EU, the U.S. and other donors, it will continue to build a better economic future for its citizens. However, if political leaders are unable to master the political will to implement necessary reforms, Ukraine may return to rough economic conditions.

• Economic growth in 2017 was disappointing, and the country desperately needs more investment. Completing the current IMF review would release $2.0bn of external financing from the IMF and about $1.0bn from other donors, also allowing the government to access external capital markets at a more affordable rate.

• Sectors such as agriculture, IT, defense and energy all have great potential to develop, dependent on the continued improvement of the business environment. Businesses report corruption, especially in law enforcement and judiciary, as the #1 problem in Ukraine. Thus, creating the anticorruption court and a professional financial investigative service, adopting land reform, protecting intellectual property rights, and implementing laws to liberalize the gas and electricity markets are all crucial to unlocking Ukraine’s potential.