Today 11 June, a Ukrainian business seminar was held at the Ministry of Foreign Affairs, where the recent study ‘Business opportunities for Estonian companies in Ukraine’ was presented. In addition, Estonian entrepreneurs operating in Ukraine shared their experiences.
“For businesses, Ukraine is an unusual market today. Risks are high, but so are opportunities and needs. According to various estimates, Ukraine will need more than €500 billion for reconstruction over the next decade,” Mariin Ratnik, Undersecretary for Economic and Development Affairs at the Foreign Ministry, said in her opening speech.
“If some entrepreneurs have considered entering the Ukrainian market but have not yet taken any action, I would definitely recommend that they start by working through our newly completed study. As a second step, it is worth participating in visits to Ukraine organised by the Ministry of Foreign Affairs,” Ratnik said, adding that this will create a favourable environment for starting operations the moment the reconstruction of Ukraine begins at full speed. Previously established relations will then make a difference.
The companies were welcomed by the Ukrainian Ambassador to Estonia Maksym Kononenko, who encouraged developing business relations with Ukraine. The study commissioned by the Ministry of Foreign Affairs was presented by the representatives of Civitta who conducted it. The study provides, among other things, an overview of the current state of trade between Estonia and Ukraine, support opportunities and international financing mechanisms, and provides a clear roadmap for finding reliable partners in Ukraine and entering the market.
“Since this is a price-sensitive market, the first thing to do is to see if your product is competitive in price. Another important issue is finding a reliable partner to help you navigate your local affairs. Successful examples generally come from strategic partnerships or joint ventures,” Piia Viiks-Binsol, representative of Civitta and one of the researchers, said. The study also sets out the most important criteria that the Ukrainian partner should meet.
According to the study, the business sectors with greater potential are defence, education, construction, green energy, and ICT. Market opportunities and advice have also been identified on a sectoral basis.
The business seminar was attended by Rolf Relander, representing Bellus Furniture, Villiko Nurmoja, co-founder of Sensus Q, Henri Klemmer, Head of Hepta Insights, and Roman Vinarchuk, Advisor to the Management of the BLRT Group. The panel discussion was moderated by Ando Rehemaa, Economic Counsellor at the Estonian Embassy in Kyiv.
Tanel Sepp, Director General of the Digital and Cyber Diplomacy Department of the Ministry of Foreign Affairs, briefed companies on the possibilities of the Tallinn Mechanism. Ando Rehemaa, Economic Counsellor at the Estonian Embassy in Kyiv, explained how to navigate Ukraine’s procurement environments. The head of ESTDEV, Klen Jäärats, gave an overview of ESTDEV’s activities in Ukraine and cooperation with the private sector. Aivar Sepp, Head of the Corruption Crime Bureau of the National Criminal Police, spoke about preventing the risk of corruption, and Priit Kallakas, Director General of the Business Diplomacy Department of the Ministry of Foreign Affairs, summed up the day.
The study is available on our website.
The event was financed with funds from the NextGenerationEU of the European Union’s Recovery and Resilience Facility.
Üritust rahastati Euroopa Liidu taasterahastu „NextGenerationEU“ vahenditest.