This EU4Business report provides an in-depth analysis of the economic situation in Ukraine as well as presents the EU4Business projects currently being implemented in the country. It also focuses on current national policies and future measures planned in the national strategy for SMEs.
In 2016, Ukraine made some progress in terms of economic reforms impacting SMEs. The main 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 these positive changes SMEs still face serious challenges, such 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
