WEF 2020

For the third time in a row, Ukraine opened Ukraine House in Davos.  The aim was to strengthen the image of Ukraine as a modern, European country, has hosted sixteen engaging panels on investment, infrastructure, IT and education, as well as evening receptions and cultural diplomacy events.

Mottos of this year was #Creativity; #Innovation; #Opportunity.

Davos was visited by the President of Ukraine Volodymyr Zelenskyy, Prime Minister of Ukraine Oleksiy Honcharuk, top government officials included David Arakhamia, Secretary of the National Investment Council of Ukraine; Yuliya Kovaliv, Deputy Head of the Office of the President of Ukraine; Vladyslav Kryklii, Minister of Infrastructure of Ukraine.

The communication messages from Ukrainian side in Davos can be read out of the panel’s name:

  • “Power Hour: Investors and Ukraine’s Decision Makers Discuss What it takes to Attract New Investors to Ukraine” with main thought “if you don’t invest in Ukraine now then you will be missing out” and “Ukraine is one of the biggest untapped markets in the world”.
  • “Untapped Potential: Ukraine as Europe’s next Industrial Powerhouse”
  • “The $50-Billion Challenge: How Business and Government Can Create a Win-Win Investment Climate in the New Ukraine”
  • “Ukraine as a Cornerstone: Creating an Integrated Gas Market in Europe”
  • “Tech Founders Share their Stories of Success”
  • “Innovation begins with Education: Fostering the Next Generation of Trailblazers”

Main messages from the President of Ukraine were that Ukraine is becoming a stable and predictable market with significant opportunities for business expansion and could become leader and the investment mecca of Eastern and Central Europe.

New initiatives announced of the President Zelenskyy towards investors were:

–          personal attention by dedicated personnel to guide investors through market entry to project execution from $100 mln.

–          tax and other incentives to those willing to join the big privatization process

–          international court of arbitration in Ukraine

The Prime Minister chaired a meeting of the “National Investment Council of Ukraine” and stated that Ukraine is the best emerging market in the world to invest in now based on following numbers:

–  Ukraine’s economy has grown for 15 consecutive quarters.

–  Central bank reserves are at record highs, in excess of $25 billion.

–  The International Monetary Fund confirmed a new $5.5 billion, three-year program with Ukraine in December.

–  Inflation decreased to 4.1% in 2019 – the lowest rate for the last 5 years.

Both President and Prime Minister underlined that the meetings that were held at the World Economic Forum in Davos demonstrated that Ukraine has the support of investors.

Taking into account current events in Ukraine’s renewable energy sector, it would be good if investors who are implementing their projects today could have confidence in the state’s support. Such confidence could be based on the Government decisions that reflect respect to the guarantees already provided to green tariff investors and that ensure a stable regulatory environment for the RES sector.

Attracting investors is not the final stage of state policy towards investors, but the beginning of a mutually beneficial dialogue that lasts as long as the investment project lasts. The investment climate in Ukraine depends, among other things, on the support of already attracted investments, preservation of guarantees to investors.

About WEF:

The World Economic Forum is the International Organization for Public-Private Cooperation, established in 1971. Founder and Executive Chairman of World Economic Forum is Klaus Schwab.

The Forum strategy is simple and effective: bring together the most relevant leaders from all sectors of global society, and identify the best ways to address the world’s most significant challenges.

For almost 50 years, the Forum has been the catalyst for global initiatives, historic shifts, industry breakthroughs, economic ideas and tens of thousands of projects and collaborations.

To coincide with its 50th anniversary, the World Economic Forum has launched a new Davos Manifesto, a set of ethical principles to guide companies in the age of the Fourth Industrial Revolution.

WEF 2020 theme: Stakeholders for a Cohesive and Sustainable World.

Main themes were: Stakeholder capitalism – that means having corporations focus their profits and priorities not just on shareholders (and stock prices) but also on others: employees, customers, suppliers and communities. In this model, companies pay attention not only to financial but also to ESG (Environmental, Social, and Governance) principles. ESG’s core indicators include tax pay, competitive pay, closing the gap between management pay and employees. 140 companies supported this, including DTEK: 2020 will be the year in which the company will launch a new stage of its long-term strategy based on the United Nations Sustainable Development Goals and compliance with the ESG (Environmental, Social, and Governance) principles.

Other themes were climate mitigation; waste reduction; sustainable consumption; diversity, issues of development of new technologies and possible threats from their implementation; digitalization and cyber-attacks, social mobility: professional development issues and the future of the “labor market”; health issues.

New global initiative were One Trillion Trees to grow, restore and conserve around the world and The Reskilling Revolution Platform to provide better jobs, education, and skills to 1 billion people in the next 10 years.

In 2020, the World Economic Forum brought together about 3 thousand participants from 117 countries. Leaders of 53 states and governments attended the events during WEF.