On December 12, the 10th International Conference "Doing Agribusiness," organized by the "Ukrainian Agribusiness Club" Association together with the UCABevent agency, took place. The year-end summary event outlined the macroeconomic, regulatory, and legislative changes of 2018, and defined trends and prospects for the following year.

A series of trade conflicts is leading to the desynchronization of the global economy. While the US economy is growing very rapidly, China is slowing down, and Europe is stagnating. The high degree of integration among the world's economies means that trade wars inevitably affect countries that might seem to have no direct involvement. Tymofiy Mylovanov, Honorary President of the Kyiv School of Economics, is convinced that Ukraine faces greater challenges than other countries: a weak economy, dependence on the international market, record external public debt repayments, high social expenditures, inefficient allocation of funds in education, healthcare, and pension provisions, upcoming presidential and Verkhovna Rada elections, an imperfect state apparatus structure, and a lack of investment inflows. "The Ukrainian economy grew amid rising global prices for the goods we export. If the global economy enters a recession, we will face economic problems. Another issue is that it is difficult for us to exist without external support, and the Ukrainian government is forced to borrow at high interest rates (9–10% per annum in US dollars)," noted Tymofiy Mylovanov.

Ukraine's economic growth is severely insufficient. Moreover, its low growth rate is widening the gap with other countries in the Eastern European region. "The third-quarter statistics for the current year are very unfavorable. Ukraine is falling short of 3% growth, while growth leaders Romania and Poland are soaring past 7%. The only way to accelerate growth is to change the growth model and sharply increase investment inflows into Ukraine. An investment-driven growth model implies that Ukraine must actively compete for global financial investment resource flows. As a result, the country will have the opportunity to make an economic leap and improve its business climate," believes Oleh Ustenko, Executive Director of the Bleyzer Foundation.

During the second session, "How to Build a 'Champions League' Team: Soft Skills vs. Hard Skills," participants analyzed key factors in forming an effective team. Attracting and retaining employees is one of the most critical tasks for employers, according to Olha Horbanovska, Partner and Leader of People Advisory Services at EY in Ukraine: "The sooner companies react and find a special approach to their employees, the more talents will remain in Ukraine."

Gerard de La Salle, founder and head of Alfagro, shared advice based on his own experience for investors considering investing their capital in Ukrainian agribusiness: "You need to have long-term plans — about 10–15 years for independent development and 5–10 years for business development. At the same time, you must constantly adjust them to account for the external environment. It is essential to integrate comprehensively and deeply into local life. It is imperative for an investor to be physically present at their business location." In Mr. Gerard's view, investors will not be deterred by the expected turbulence in Ukraine next year related to the elections. "Ukraine's strategic path is defined; it is fundamentally moving forward and toward the better," he added.

During the fifth session, "Largest Ukrainian Agrarian Investors," conference participants examined potential directions and prospects for attracting investment. "Investors are interested in the transport infrastructure, oil and gas extraction, and alternative energy sectors. Ukraine's task now is to open access to these markets for private capital by creating conditions for fair competition. There is also interest in the IT sector — particularly in establishing R&D centers and regional IT clusters in Ukraine," said Yuliia Kovaliv, Head of the Office of the National Investment Council of Ukraine. Undoubtedly, the agricultural sector is one of the priorities. However, how quickly we move from talking about Ukraine's colossal agricultural potential to implementing concrete projects depends on opening the land market.

Reminder that registration for the XІ International Conference "Doing Agribusiness in Ukraine" is already open. We look forward to welcoming everyone who cares about the future of Ukrainian agribusiness on December 5, 2019.