EU4Business UKRAINE Country Report May 2017: Investing in SMEs in the Eastern Partnership

20-07-2017
EU4Business UKRAINE Country Report May 2017: Investing in SMEs in the Eastern Partnership
EU4Business UKRAINE Country Report May 2017: Investing in SMEs in the Eastern…

This EU4Business report offers a deep analysis of the economic situation in Ukraine, as well as presents the EU4Business projects currently under implementation in the country. It also focuses on present national policies and future measures planned in the national strategy for SMEs.

In 2016 Ukraine made some progress in terms of economic reforms that could positively impact SMEs. The major efforts were aimed at fighting corruption and reducing administrative barriers for businesses. Major achievements included:

  • Cancellation of 367 resolutions and acts that were considered as “business unfriendly” and adoption of legislative amendments aimed at improvement of the business climate in Ukraine
  • Introduction of a strategy for socio-economic reforms for 2017-2020
  • Adoption of the SME Development Strategy 2020 (under support of EU4Business FORBIZ project)

Despite the positive changes described above, SMEs still work under tough economic conditions facing such challenges as:

  • Unstable economic and political environment
  • Complicated and constantly changing regulatory environment, including taxation rules
  • Limited access to finance, high interest rates on loans
  • Lack of international experience and limited abilities for entering new markets