The Dos and Don’ts of Doing Business in Ukraine

Pankiv, Yuliia

http://hdl.handle.net/10400.8/9608

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Authors

Pankiv, Yuliia

Advisor(s)

Rodrigues, Susana Cristina Serrano Fernandes

Abstract(s)

Despite facing challenges arising from the ongoing conflict with Russia, the country's market size, abundant natural resources, and skilled workforce continue to attract foreign investment across sectors. Ukraine's transformative journey from a Russian sphere of influence to European integration, coupled with its candidacy for European Union membership and substantial progress in aligning with EU standards, adds a unique dimension to business prospects. Ukraine, with its diverse market, geopolitical significance, and evolving business environment, presents a unique set of challenges and opportunities for business ventures. Ukraine offers many opportunities across various sectors, including agriculture, manufacturing, IT, energy, and services, and serves as a crucial transit corridor for trade and travel between Europe, Asia, and the Middle East. The war has led to a significant refugee crisis, with millions of Ukrainians seeking refuge abroad, potentially impacting labour markets and consumer behaviour, while also offering opportunities for businesses involved in reconstruction and humanitarian efforts. In the last decades, the motivation to write this guide for foreigners interested in doing business in Ukraine has grown significantly. Although there is increasingly more information available about international business practices, there remains a noticeable gap in knowledge specific to Ukraine. To address this gap, this investigation undertakes a comprehensive examination of the dos and don'ts of doing business in Ukraine. The study employs a semi-structured interview approach, engaging with 12 foreign managers working in European companies that have maintained business operations in Ukraine. These interviews provide valuable insights into the unique challenges, cultural nuances, and market dynamics that foreign businesses encounter when operating in Ukraine. The results obtained from these interviews form the foundation for the development of a practical guide aimed at assisting foreigners in successfully navigating the Ukrainian business environment.