Dear Chamber Friends,

I would like to thank you all for the warm welcome that I received on my appointment as President of American Chamber of Commerce in Ukraine in April 2015. I am grateful for the chance to participate in the process of the long-awaited and much deserved reform process in Ukraine.

Although 2015 was a challenging year, it is important to recognize the remarkable progress that Ukraine has made. Tentative signs of stabilization are already seen in the indicators of GDP. Deposits in national currency, hryvnia, have been increasing. Foreign reserves have grown from USD 5 billion to USD 12 billion. In the light of fighting endemic corruption – the worst enemy of today’s Ukraine – small but tangible progress has been achieved. Several key state bodies were set up to address corruption. During the past year Ukraine also enjoyed stabilization of industrial production and increase of agricultural exports.

January 1, 2016 was the historic day when the DCFTA (Deep and Comprehensive Free Trade Agreement) with the EU came into force. This is a great opportunity for Ukrainian businesses to enter the markets of the European Union.

On the other hand, we are increasingly optimistic about the future flow of foreign capital into the Ukrainian market. Investors are very much aware of Ukraine’s true potential. For instance, the country is home to the 4th most educated nation in the world. It is considered number one software engineering force in Central and Eastern Europe.

Some of the world’s top innovators were born and raised in Ukraine. The country is known for its global agriculture appeal. Over the last 5 years pharma and e-commerce sectors have experienced tremendous growth in Ukraine.

We all understand that drastic improvement will not happen overnight. But it is crucial that Ukraine stays the course and commits to an ongoing, decisive progress.

The American Chamber of Commerce in Ukraine continues to make every effort in improving the country’s investment climate and serving the interests of international business community. The dialogue, conducted by the Chamber between government officials and business leaders, has already resulted in the adoption of a number of legislative initiatives that are of utmost importance for sustainable development.

On behalf of the American Chamber of Commerce, I would like to thank you all for continuous support. Your commitment to excellence and passionate desire to make a difference will define the new, prosperous Ukraine. We sincerely hope that your experience in Ukraine will be rewarding and long-lasting.

With my most sincere best wishes,

Andy Hunder
President of The American Chamber
of Commerce in Ukraine

Dear Readers,

I am happy to welcome you from the pages of the «2016 Country Profile – Ukraine at a Glance» published by the American chamber of commerce worldwide – an indispensable guide to doing business in Ukraine for both the international business community present in the country and for those who are considering their prospects to enter the market.

Even in the most challenging times, Ukraine continues to be a country of opportunities, with her unique geography, rich natural resources and of course, her people who are very talented, hard-working and persistent in driving the country towards new horizons.

In 2015 Ukraine has received a great deal of international attention, not only because of the crisis the country has been facing, but also because of the energy and enthusiasm that her people, in the Government, in the business community and in a wider society, have put into promoting the country for potential partners and investors. A number of international conferences highlighting the economic progress and opportunity areas, the efforts of businesses working in Ukraine and joining forces to drive the necessary reforms, and hundreds of Ukrainian patriots promoting the country and opening it to the world from different perspectives, give Ukraine a huge impetus to becoming a successful state in the heart of Europe.

We at the American Chamber of Commerce put every effort to act as a positive driver of change in the business environment for the benefit of Ukraine, and we are honored to have so many large multinationals in our Chamber family, dedicating their resources to make it happen and demonstrating to the world that this country has a huge investment potential.

As regards myself, I am delighted to have a truly exciting Ukrainian page in the book of my life. So I cordially invite you to read the book that the Team and experts of the American Chamber of Commerce have put together. We hope that you will find a special place in your heart and a special place in your business plans for this amazing country, as we do believe this experience will be exciting and rewarding!

Sincerely,

Graham Tiley
Chair, Chamber Board of Directors

Dear Chamber Members,

It has been a pleasure to work with the American chamber of commerce worldwide during this pivotal year in Ukraine’s history. As we mark the two-year anniversary of the Revolution of Dignity, the U.S. Government and American businesses are working closely with the Ukrainian Government to maintain the momentum of the Maidan. In 2015, the macroeconomic climate in Ukraine has stabilized, creating new opportunities for growth and investment.

The Ukrainian Government has restructured its debt obligations and entered into a long-term agreement with international creditors, which has boosted confidence while committing the government to badly needed economic reforms.

In the year ahead, it is essential that the Ukrainian Government show continued action in the fight against corruption, an enemy as threatening as any external aggressor. The U.S. Government is committed to helping the Ukrainian Government in this fight, through advisors and financial and political support. We continue to underscore the importance that concrete action to counter corruption holds with the international business community.

I have enjoyed working with Chamber staff and members to support and encourage the Ukrainian Government as it implements an ambitious and wide-ranging reform agenda, and look forward to another productive year of dialogue and engagement aimed at leveraging Ukraine’s extraordinary human and natural resources.

Geoffrey R. Pyatt
U.S. Ambassador to Ukraine

Dear Friends!

Greetings on the release of the «2016 Country Profile – Ukraine at a Glance» informational publication aimed at providing expert recommendations and analysis of the economic processes in Ukraine.

Ukraine is undergoing challenging times. In the circumstances of military and political threats, fight for Ukraine’s territorial integrity, unprecedented support by the global community of the values of the Ukrainian people, as well as in times of losing part of its econo-mic potential, our country is becoming increasingly tempered and is fighting the crisis.

Even under such conditions, Ukraine has managed to launch a number of important reforms which in strategic perspective create a strong foundation for its economic flourishing. This is why we consider 2016 to be the milestone and bridgehead for the country’s further development.

Ukraine has launched a large-scale decentralization reform. Passing in the first reading of the amendments to the Constitution of Ukraine related to decentralization can, in its historic significance, be compared to the abolition of slavery in the U.S. in times of Abraham Lincoln. And this is only the very beginning of dismantling the Soviet, centralized power model, when local communities suffered from unfair distribution of resources. We have got the first significant result –financial decentralization. Territorial communities and local authorities are gradually exceeding local budget income, which creates a strong foundation for the regional economic development in Ukraine.

I am sure that this positive trend will foster improvement of the investment climate in the country. Many bureaucratic obstacles have been removed, and the reform of the legal and judicial system will facilitate the ultimate establishment of fair and open economic competition and business development. I am certain that foreign investments can provide for a true miracle and turn Ukraine into one of the most successful countries in Europe. Thus, today it’s only the start. Our country is open for foreign business as it has never been before.

I wish the readers of this publication and your families strong health, fulfillment of your perspective plans and peace!

Volodymyr Groysman
Chairperson of the Verkhovna Rada of Ukraine

Dear Readers!

2015 became the year of macroeconomic stabilization and sectoral improvements for the Government of Ukraine. We stick to the IMF program, our currency reserves have doubled within nine months, we have successfully restructured the sovereign debt of Ukraine as well as have diversified energy supplies.

Our success in reform implementation made it possible to ensure financial and political support from the international community. Such high-profile rating agencies as Fitch, Moody’s, and Standard & Poor’s have increased the long-term credit rating of Ukraine, and investors began gradually to return to the country.

Cargill has announced its intention to invest 130 million dollars in the port infrastructure development in Odessa. Horizon Capital has also announced about 50 million dollars of investments for 2016.

The U.S. Generalized System of Preferences, the Free Trade Area between Ukraine and the European Union and the future Agreement on the Free Trade Area between Ukraine and Canada will provide Ukraine with a unique opportunity to join regional production system. Ukraine is already well known for its IT sector as well as for machinery industry, but there are other areas potential investors may discover, incl. agriculture, pharmaceutical sector, aerospace, energy and engineering.

We have noticed great interest from American business during the First U.S.- Ukraine Business Forum, which was held on July 13, 2015 in Washington D.C., and we encourage everyone for the further constructive dialogue. The Government of Ukraine stands ready to help international companies already operating in the country.

I am grateful to the American Chamber of Commerce for this publication which contains the latest information on key sectors of the Ukrainian economy. The Government of Ukraine highly appreciates your contribution and is ready for further cooperation.

Arseniy Yatsenyuk
Prime Minister of Ukraine

Dear Friends,

Congratulations to the American Chamber of Commerce in Ukraine on the publication of «2016 Country Profile – Ukraine at a Glance». The work by the Chamber in producing this publication is invaluable and it represents the leading and most respected voice of businesses in Ukraine. The Chamber’s professional and expert opinions are prized by the membership and their work provides in-depth and quality economic analysis. Its yearly reports provide key insight and up to date information on the strength of Ukraine’s economic and business sectors. It gives the business and diplomatic communities in Ukraine valued information on our economic trends and achievements, investment forecasts, and analysis of our government bodies’ activities in key policy areas.

This year has brought great changes and challenges to Ukraine’s economy and the business environment. Our nation have endured a serious crisis and turbulent time but Ukraine has persevered. Our government’s steadfast commitment to fundamentally reforming Ukraine’s economy and taking decisive action to restore our macroeconomic stability has resulted in the positive news that we are set for a return to economic growth this year.

Through the successful negotiation of a $ 17.5 billion four-year Extended Fund Facility program with the IMF, the historic agreement with our international creditors to successfully restructure our commercial debt, and our resolution in continuing to implement sweeping economic and anti-corruption reforms, we are emerging from this crisis with a positive future on the horizon.

I am grateful to the American Chamber of Commerce for this publication which contains the latest information on key sectors of the Ukrainian economy. The Government of Ukraine highly appreciates your contribution and is ready for further cooperation.

I wish the Chamber all the success in its future reports and congratulate the editorial team once again on this year’s publication.

Natalie Jaresko
Minister of Finance of Ukraine

Dear Members of the American Chamber of Commerce in Ukraine,

Ukraine has passed through the worst of a traumatically deep economic crisis. The first signs of economic growth were made possible through the Government’s commitment to irreversible structural reforms and the support of our international partners. For the past year a number of necessary measures were implemented to ensure macroeconomic stabilization and lay base for economic growth in 2016. We have been hard at work to combat corruption at every step, cut red tape, remove unfair competition and present Ukraine’s new opportunities with business forums across the world. We have kept our door open for you, as you have the best hands-on knowledge of what improvements should be made to nurture your businesses.

American Chamber of Commerce member companies will play a vital role as Ukraine moves to sustainable economic growth. Ukraine has made a conscious choice to reorient its economy towards new and global markets and made this commitment by establishing the free trade area with the largest common market in the world.

With the Ukrainian economy’s untapped potential in agriculture, IT, manufacturing, logistics and many other sectors, I have no doubt that our shared future will be bright if we continue to work tirelessly to implement reforms. The Ministry of Economic Development and Trade of Ukraine is devoted to further removing the excessive regulatory burden on businesses, fighting corruption and opening new markets for your products.

In 2016 we are dedicated to become one of TOP-50 countries with the best business environment as rated by the Doing Business ranking and are keen to continue our close cooperation and direct relationship with you. The growth of your businesses is in Ukraine’s best interest!

Aivaras Abromaviсius
Minister of Economic Development and Trade of Ukraine

Dear Readers!

I am glad to welcome you to yet another edition of «2016 Country Profile – Ukraine at a Glance». Every new edition published by the American Chamber of Commerce is a significant event for the business community, government officials and diplomatic corps in Ukraine due to its professional analysis and economic insights.

Every day we fight for our country on two fronts. The first is the struggle todefend Ukraine’s territorial integrity and European choice, while the other is the struggle to carry out comprehensive reforms and root out corruption.

We can only overcome the challenges Ukraine is facing today if we unite the efforts of the government and the business community, maintain open dialogue and jointly look for effective solutions. In this regard, the support of international businesses is of paramount importance. Our message to you is crystal clear - you can implement ambitious investment projects in Ukraine.

We deeply appreciate the efforts of the American chamber of commerce worldwide aimed at supporting international business and investment projects in our country. The success stories of the Chamber’s members show positive changes are taking place in Ukraine.

The Ministry of Foreign Affairs of Ukraine remains open to cooperation with the Chamber and is ready to hold joint events attracting FDI and promoting Ukraine’s investment potential.

I wish the American Chamber of Commerce and its members every success in 2016!

Sincerely,

Pavlo Klimkin
Minister of Foreign Affairs of Ukraine

Dear readers of the information and analytical review «Country Profile – Ukraine at a Glance»!

I dare say without exaggeration that the American Chamber of Commerce in Ukraine makes a significant contribution to the development and support of the Ukrainian economy.

Over the past 20 years, it has been playing a significant role in the establishment of bilateral relations between Ukraine and the United States, including in the agricultural sector. Cooperating with the Ukrainian government, the Chamber fosters the creation of an enabling environment for business development in all sectors of the Ukrainian economy.

The agricultural sector of Ukraine is a locomotive of national economy and has the potential of securing the world food market.

For the time being, the Ministry is working to create a favorable investment climate for our partners. This is stimulating the development of the agrarian sector, applying modern technologies and scientific achievements, strengthening the image of Ukraine in the world as a country with highly efficient agro-industrial complex capable of exporting its products.

As a reader of the reading materials by the American Chamber of Commerce in Ukraine, I can assert that their reports are highly valuable among this kind of publications in virtue of the economic analysis, expert estimations, professional approach, objectivity and impartiality of thought. The reports contain up-to-date and complete information, dealing with the development of the Ukrainian economy, analysis of the government agencies’ performance in the basic directions of the state policy, information on important trends and processes in the modern business world.

I wish the American Chamber Commerce in Ukraine creative and every success in future endeavors.

Sincerely,

Oleksiy Pavlenko
Minister of Agrarian Policy and Food of Ukraine

Dear Members of the American Chamber of Commerce in Ukraine,

I am delighted to have an honor of addressing you at the Chamber’s annual publication «2016 Country Profile – Ukraine at a Glance». The last two years were grueling for the country as well as for businesses and citizens. Therefore, the business community – consciously or unconsciously – expects positive signals in every review or economic forecast, which would give hope for a better future. In 2015, Ukraine’s infrastructure and the whole economy experienced a number of changes that laid foundations for a gradual recovery and development of the country.

Furthermore, in my opinion, this is the best moment to invest in our country. The ratio between assets value, risks and prospects is favorable like never before, as it benefits both investors and the state. The key elements that give reasons for optimism are promising industries, large-scale projects and – crucially – the new people who joined the public sector in order to reform the country. Even the current geopolitical situation plays in favor of Ukraine’s long-term development. It takes courage to change the status quo. External factors perceived as negative at first sight have prompted businesses to adapt to a rapidly changing landscape. We have to look for alternatives and establish new bilateral relations to maintain performance levels, explore new opportunities and avoid financial losses. I am grateful to American Chamber of Commerce in Ukraine, which represents companies from 50 countries, for its efforts in promoting Ukraine and businesses that operate here at the international scene.

It is a particular delight to recognize the contribution of businesses that quickly responded to changes in the country and launched a vigorous defense of their interests, including through business associations. Technocrats joined the government and the American Chamber of Commerce in Ukraine was among the first to be part of the dialogue about the future of our country. These joint efforts, in my opinion, signal the long-expected economic recovery and improvement of the national investment climate.

Andriy Pyvovarsky
Minister of Infrastructure of Ukraine

Dear readers!

My greatings from the pages of the annual special informational edition «2016 Country Profile – Ukraine at a Glance». The difficult socioeconomic situation, remaining in our state almost two years has caused a number of problems in many areas of life, particularly in domestic economy. Finding answers to these challenges require deeper analysis. This is an important task for the competent governmental authorities as well as for public and non-governmental sectors - academics, business community, our international partners.

The American chamber of commerce worldwide traditionally presents the annual analytical review of the Ukrainian economy, paying great attention to the coverage of current issues.

The objectivity content materials, structuring them by sectors is evidence of high credibility, professionalism and competence of the authors of this analytical product.

Presented by one of the most active non-governmental business organizations in Ukraine the publiation is further evidence of the seriousness of the intentions of the American Chamber of Commerce to promote positive changes for economic development, business environment and investment climate in Ukraine.

Thus, creating of favorable conditions for investment remains one of the priorities of the current government. Ukraine continues to create the legal framework for investment and development of public-private partnership. The Ukrainian legislation provides guarantees to investors, economic and organizational basis for implementation of public-private partnership.

The labor legislation has been improving and international labor standards have been introduced that will have impact on the national labour market improvement and investment-innovative potential of Ukraine.

The role of local communities is increasing by continuing reform of local government and will allow to attract investment for social development of the regions, to promote job creation and reform the social security system. The increasing economic activity of the population will help to solve social problems and improve an access to existing and new social services in Ukraine.

I would like to take this opportunity to wish to all readers of information-analytical edition «2016 Country Profile – Ukraine at a Glance» all the best in the coming year, fruitfull work, personal and family wellbeing and prosperity to our entire country!

With best regards,

Pavlo Rozenko
Minister of Social Policy of Ukraine

Dear readers,

I would like to congratulate American Chamber of Commerce on the release of the informational-analytical publication «2016 Country Profile – Ukraine at a Glance». I believe that this publication will greatly help the country to further continue promoting the attractiveness of Ukraine among the world’s investor community and clearly demonstrate all positive changes that Ukraine has been undertaking for some time now.

We, at the Ministry of Health of Ukraine, are happy and honored to have excellent working relationship with the Chamber and hope that together we can soon present the first results of reforms in healthcare, which in no doubt, will make Ukrainian health care open and attractive for private investment.

I wish American Chamber of Commerce further success and at the same time express my gratitude for all that your organization has done to make Ukraine successful.

Alexander Kvitashvili
Minister of Health of Ukraine

Dear Members of the American Chamber of Commerce in Ukraine!

Let me congratulate the organizers, readers and representatives of the business community with the release of the specialized analytical publication «2016 Country Profile: Ukraine at a Glance» that helps get a comprehensive and objective understanding of the peculiarities of Ukraine’s economy development, prospects and opportunities.

During the years of its operations, the American Chamber of Commerce in Ukraine has made a significant contribution to the development of our country’s economy, by increasing its investment attractiveness, creating new employment opportunities. The American Chamber of Commerce as the voice of the internationally oriented business community greatly influences, in its cooperation with the Government, the optimization of reforms implementation process, increasing competitiveness of the Ukrainian economy, prompt resolution of problematic issues the business faces.

The State Fiscal Service of Ukraine, being the institution directly responsible for tax administration, is primarily interested in conducting an effective tax reform. Our cooperation and active participation of the business community in the efforts aimed at improving Ukraine’s tax legislation will provide for the creation of stable, transparent and fair rules of doing business and attraction of new investments into the domestic economy.

The smart, actionable and effective fiscal policies which are in line with the international standards stimulate business and are the foundation of the powerful state.

I am sure that we have quite a lot of directions and opportunities for productive cooperation in the future.

I cordially wish you all new accomplishments, optimism, success and endless business energy in fulfilling your new business projects!

Roman Nasirov
Head of the State Fiscal Service of Ukraine