The “Made in Ukraine” initiative aims to foster cooperation between the government and business sectors, overcome the consequences of Russian aggression, support Ukrainian manufacturers, improve the investment climate, and promote the country’s economic recovery and modernisation.
The first project has already received a positive assessment from the Ministry of Economy regarding its feasibility, as confirmed by Yuliia Svyrydenko, Ukraine’s First Deputy Prime Minister and Minister of Economy.
“This initiative has enormous potential. Creating conditions that provide incentives for investors is a key factor in enhancing Ukraine’s attractiveness to foreign capital.
It reduces risks and strengthens trust in the Ukrainian market,” says Alona Lebedieva, owner of the Ukrainian diversified industrial and investment group of companies “Aurum Group.”
However, Lebedieva believes that for the “Made in Ukraine” platform to truly become a catalyst for economic growth, several important aspects need to be considered. Specifically, it is crucial to minimise corruption risks that could undermine investor confidence and negate all efforts.
Moreover, Lebedieva emphasises the importance of implementing independent monitoring and clear audit procedures, as well as ensuring the protection of businesses from excessive pressure from law enforcement agencies.
Lebedieva also underscores that alongside the “Made in Ukraine” platform, there are other important mechanisms for supporting the national economy, such as the law on production localisation.
This law aims to increase the share of Ukrainian components in goods purchased with public funds. According to the 2021 legislative amendments, the minimum share of Ukrainian components in such goods must be at least 20%.
Alona Lebedieva warns that while this law has the potential to stimulate the national economy, it also creates risks for manipulation. The declarative approach to registering products in the localised production registry simplifies the process but also opens opportunities for abuse.
Many schemes already exist that allow this law to be bypassed.
Wrongdoers have adapted well to the new conditions, making it critical to work systematically within business associations and at the state level to effectively counter these threats.
“Every enterprise, regardless of size or industry, must have equal working conditions.
“This is crucial for Ukraine’s economic stability and development.
“We must ensure fair and equal treatment for all who contribute to the country’s growth,” she believes.
In her opinion, the “Made in Ukraine” platform and the localisation law should work in tandem but with a clear delineation of functions and tasks. The platform should serve as a catalyst for attracting investments and modernising the economy, while the localisation law should be a tool for developing national production and ensuring its competitiveness.
Lebedieva is also confident that to fully realise the platform’s potential, it is essential to focus on several key areas: “Firstly, it is extremely important to ensure the transparency and predictability of business conditions so that investors have a clear understanding of the rules of the game.
“Secondly, more investment should be directed toward infrastructure projects, as they are the foundation for further economic growth.
“Thirdly, we must not forget about environmental aspects – investments in sustainable and green technologies should be supported. An economy based solely on raw materials is a utopia,” she adds.
Overall, projects implemented within the “Made in Ukraine” platform could become a catalyst for Ukraine’s economic growth, especially in the context of post-war recovery.
“It is important that the government continues to support investors and create favourable conditions for business development. This will not only strengthen our economy but also enhance Ukraine’s international reputation, solidifying its position as a reliable economic partner,” concludes Alona Lebedieva.
Background: The “Made in Ukraine” platform is an initiative aimed at attracting significant investments to support the country’s economic recovery. It provides incentives for investors, which is expected to promote business development and create new jobs.
The localisation law, in turn, focuses on increasing the share of Ukrainian components in public procurement to support national production.
