“ Ukraine has to build the reputation of the country as a reliable place to do business. ”
Igor Mazepa, investment banker, CEO and Founder of Concorde Capital investment company, comments economic development over the thirty years of independence of Ukraine.
“The country has built a functional financial system and utterly changed the exchange relations. We look at the banking sector we could see that now it plays a significant role in the economy. Ukraine has introduced financial forms of interaction between the State and production (the tax system)”, - comments Igor Mazepa.
Factors of production have seen change in the ownership structure. As distinct from 1991 when the share of private companies was quite insignificant, now private ownership dominates the domestic economy.
The share of the services sector has grown, while the role of industry and agriculture has decreased. This has resulted in respective changes in the employment structure.
When we look at the structure of our industry, we see no drastic changes. As in Soviet times, there are few sectors – mining, metals, and basic engineering which dominate our economy. We may see that Ukraine has failed to refocus on more high-tech production.
“Currently, we do not see any factors that could help make an economic breakthrough in the years to come. Ukrainian economy needs huge investments, which are impossible without improvements in the investment climate. While favourable investment climate includes protection of property rights, efficient judiciary, and low corruption risks”, - summerizes Igor Mazepa.
Copyright © 2018 Igor Mazepa