Nurturing Optimism

24 July 2023

The full-scale war in Ukraine became a real test of viability not only for all of us, but also for the Executive Search market. 

The war meant that many companies significantly reduced hiring volumes in Ukraine, or closed, or left the Ukrainian market; most had to stop, postpone or curtail non-critical projects. 

However, Ukrainian business is finding strength for recovery and a steady movement forward - business is gradually adapting. Many organizations have become more mobile or even global overnight because the war forced them to either transfer production to the western regions of Ukraine, or to enter new markets outside the state, and in a very short time. 

Even in the most difficult conditions, Ukrainians continue to look ahead with optimism and are already planning the future for economic development.

It is admirable that, despite the war and all the challenges associated with it, organizations are rebuilding production facilities and opening vacancies for talented specialists, and every week the number of offers on job portals is increasing. 

  • The Ukraine Recovery Conference 2023 in London was a coalition to rebuild Ukraine. It brought together the international community from 59 countries to support Ukraine's recovery and ambitions for a more modern and resilient economic future
  • The European Bank for Reconstruction and Development (EBRD) and 19 financial development institutions (DFIs) signed a Memorandum of Understanding at the Conference on Reconstruction of Ukraine in London to promote joint investments in the private sector of the Ukrainian economy
  • Over 100 Ukrainian strategic companies that will remain in state ownership
  • Investment company Tattarang and Fortescue Metals together with Black Rock will invest $ 500 million in the Development Fund for Ukraine UDF
  • European Investment Bank (EIB) will allocate EUR 840 million in 2023 to restore Ukrainian infrastructure
  • Ukraine's largest mobile operator Kyivstar will receive $600m of investment from its parent company Veon over the next three years to implement infrastructure projects
  • Ukraine will become the largest builder and construction site in Europe, with hundreds of towns and villages in need of restoration
  • PJSC Ukrnafta has a strategic goal to ensure Ukraine's energy independence in oil products by 2027 by doubling its oil and gas production
  • Danish special investment fund, created for Ukraine which is about $133 million will finance projects with the use of the best Danish technologies and innovative solutions and will be available for both public and private sectors
  • The World Bank in January 2023 predicted rapid growth of Ukrainian GDP: by 3.3% this year and by 4.1% next year
  • Kernel Agro Group is completing the construction of the Starokonstantinov Oil Extraction Plant (SEP) in Khmelnitsky Oblast  

The war is a huge shock for any country, but despite everything, people in Ukraine continue to go to work, look for work, and reorganize their businesses.

Ukrainians are proving that optimism is a truly invaluable phenomenon. 


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