Budanov at the Entrepreneurship Support Council: It is Necessary to Open New Opportunities for Business, Not Create Barriers

Kyrylo Budanov, the head of the Office of the President of Ukraine, expressed the necessity of opening new opportunities for businesses rather than creating barriers during a session of the Entrepreneurship Support Council. According to him, supporting entrepreneurship is not just a matter of comfort but also a question of the state's competitiveness, as a strong economy is one of the key components of victory in wartime.

"The issue of supporting entrepreneurship is not about comfort; it is about the competitiveness of the state, as a strong economy is not a result of victory, but one of the main components of that victory. Today, we must not only think about stabilizing the economy but also collaboratively shape the model for its further development," Budanov emphasized.

The meeting of the Entrepreneurship Support Council was attended by Prime Minister Yulia Svyrydenko, government officials, deputies of the head of the President's Office, and business representatives. Budanov highlighted that Ukraine is currently in global competition for capital, investments, and entrepreneurs, contending not only with the risks posed by war but also with other countries.

"Ukrainian businesses are already operating under the gradual integration into the Western market with new rules, standards, requirements, and unfortunately, new challenges. Our task is to ensure that this process opens new opportunities for businesses rather than creating additional barriers," he stated.

Prime Minister Yulia Svyrydenko also emphasized that the Cabinet of Ministers is actively working on attracting external funding and expanding business support programs. Recently, the government approved the 'Point of Support' program, which provides compensation for part of the salaries of employees of enterprises during forced downtime due to the consequences of Russian attacks, as well as compensation for the single social contribution (SSC) for employers. Since the beginning of the year, the opportunity for military risk insurance has also been opened, along with grants for business development and equipment recovery after enemy attacks.

"I urge everyone to join in the joint effort towards deregulation and creating additional opportunities for businesses. The government is ready to work specifically and interact. Thank you for your work, resilience, and readiness to build a strong Ukrainian economy together, even in wartime," Svyrydenko underscored.

Taras Kachka, the Deputy Prime Minister for European and Euro-Atlantic Integration, noted that Ukraine has received requirements from the European Union across all areas: from the rule of law and statistics to regional policy and budgetary issues. He emphasized that the EU has become Ukraine's key trading partner over the past ten years. In the first quarter of this year, Ukrainian goods exports amounted to $10.1 billion, of which $5.9 billion was exported to the EU.

"Yesterday, we approved a nationwide program for adapting Ukrainian legislation to that of the European Union, which was coordinated, in particular, with the business community. We received suggestions until the last moment. The program is very ambitious – it includes 1,875 measures," Kachka added.

Business representatives also highlighted the need to improve the military risk insurance system and compensation for damages caused by Russian attacks, particularly for enterprises in the Ukrainian defense industry. They called for expanded support for businesses located in frontline regions and the implementation of new credit programs to create additional generation and connect it to the energy grid.

The head of the President's Office instructed the Council Secretary to document the issues raised and identify those responsible for addressing them. The next meeting of the Entrepreneurship Support Council is scheduled for two months ahead.

It is worth noting that on March 25, President Volodymyr Zelensky approved a new personal composition of the Entrepreneurship Support Council, which is chaired by the head of the President's Office, Lieutenant General Kyrylo Budanov.

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