According to the Council on Foreign Relations, nearly $486 billion will be needed to rebuild Ukraine over the next decade, with $15 billion needed in 2024 alone for immediate recovery needs. At the same time, post-war reconstruction is a difficult task that requires not only significant investments, but also deep systemic changes in the country. Particular attention should be paid to structural reforms, the fight against corruption, and digitalization.
Economic reforms
The tax system. The priority should be to reform the tax system – its flexibility and transparency will stimulate private investments. The introduction of tax incentives for companies that invest in strategically important sectors of the economy, such as IT, green technologies and agribusiness, can significantly increase interest from international investors.
Licensing. Another important aspect is the simplification of the process of obtaining licenses and permits, which reduces barriers to doing business.
“At the same time, the fight against corruption should be a priority. It is necessary to create new effective or reboot the existing anti-corruption bodies and ensure their effective work. At the same time, it is important not to forget about judicial reform, as Ukrainian courts are known for their amazing decisions,” says Alona Lebedieva, owner of the Ukrainian multi-sector industrial investment group Aurum Group.
Digitization
Electronic services. A decisive step towards the modernization of the economy is the digital transformation of public services, which will make processes more efficient and transparent. The introduction of electronic document management and the expansion of public services available online will significantly simplify the interaction of entrepreneurs with the state.
“At the same time, it is necessary to develop the Internet infrastructure to ensure broadband access to the Internet in all regions of the country. Then we will be able to talk about the development of online services,” she says.
Infrastructure financing
Reconstruction. Investments in physical infrastructure, especially in housing, transport, industry, agriculture and energy, are critical. Necessary and affordable infrastructure will facilitate the return of internally displaced persons and refugees, stabilizing the situation in the country.
“Given the complexity and scale of the tasks, comprehensive recovery requires not only international support and solidarity, but also a clear vision and strategy on the part of the Ukrainian government, which will turn post-war challenges into opportunities to create a stronger and more stable state,” says Alona Lebedieva.