US-Ukraine Business Council

NEWSLETTER/FIRST ANNUAL INTERNATIONAL FORUM ON THE ECONOMIC DEVELOPMENT OF UKRAINE
Economic Development Forum - Ukraine

Washington, D.C., Wednesday,October 28, 2009

––– INDEX OF ARTICLES –––
Clicking on the title of any article takes you directly to the article.
Return to Index by clicking on Return to Index at the end of each article.

1. THE IMPACT OF THE GLOBAL LIQUIDITY CRISIS IN UKRAINE
AND THE ROAD TO ECONOMIC RECOVERY
Early signs of economic recovery in Ukraine, but conditions remain challenging
1st Annual International Forum on the Economic Development of Ukraine
Economic Development Forum - Ukraine, Wash, D.C., Wed, Oct 28, 2009

2. UKRAINE SHOWS FIRST SIGNS OF ECONOMIC RECOVERY, YET SITUATION REMAINS CHALLENGING: GDP MAY FALL BY 14% IN 2009, SAY EXPERTS
Interfax-Ukraine, Kyiv, Ukraine, Friday, October 23, 2009

3. UKRAINE NEEDS REFORMS: VPM NEMYRIA, AMB TAYLOR
Voice of America (VOA), Washington, D.C., Thu, October 15, 2009

4. IMF: UKRAINE NEEDS WEIGHTED 2010 BUDGET
UkrInform, Kyiv, Ukraine, Friday, October 16, 2009

5. STATEMENT BY MEMBER OF CONGRESS ILEANA ROS-LEHTINEN
1st Annual International Forum on the Economic Development of Ukraine, Wash, D.C.
U.S. House of Representatives, Washington, D.C., Thu, October 15, 2009

6. STATEMENT BY CONGRESSMAN JIM GERLACH (R-PA)
1st Annual International Forum on the Economic Development of Ukraine
Economic Development Forum - Ukraine, Newseum, Wash, D.C., Thu, Oct 15, 2009

7. EARLY SIGNS OF ECONOMIC RECOVERY IN UKRAINE,
BUT CONDITIONS REMAIN CHALLENGING
Economic Development Forum - Ukraine, Wash, D.C., Mon, Oct 19, 2009

8. WESTERN INVESTORS WANT REFORMS AND A
TRANSPARENT BUSINESS CLIMATE IN UKRAINE
1st Annual International Forum on the Economic Development of Ukraine
Maria Yunko, Voice of America (VOA), Washington, D.C., Fri, Oct 16, 2009

9. STABILITY AND SECURITY IN EUROPE TO A GREAT EXTENT
DEPENDS ON UKRAINE'S SUCCESS, AMB WILLIAM TAYLOR
Natalia Bukvych in Washington, Ukrinform, Kyiv, Ukraine, Thu, Oct 15, 2009

10.  ENERGY SECTOR IN UKRAINE: CURRENT STATUS & REFORMS
Presentation by Ariel Cohen, Ph.D., Senior Research Fellow, The Kathryn and Shelby Cullom David Institute for International Studies, The Heritage Foundation, Washington, D.C., (PowerPoint used in presentation)
1st International Forum on the Economic Development of Ukraine
Newseum, Washington, D.C., Thursday, October 15, 2009

11. SCM COMMENTS ON UKRAINIAN POTENTIAL AT UKRAINE
ECONOMIC DEVELOPMENT FORUM IN WASHINGTON
System Capital Management (SCM), Donetsk, Ukraine, Fri, Oct 16, 2009

12.  HARD WORK IN HARD TIMES
Ukraine Economic Development Forum in Washington
By Yuliya Melnyk, Special to Kyiv Post
Kyiv Post, Kyiv, Ukraine, Friday, October 16, 2009

13. UKRAINE'S LARGEST NATIONAL INVESTOR CONTINUES TO
HAVE POSITIVE VIEW OF LONGER–TERM INVESTMENT IN UKRAINE
Presentation Talking Points: By Jock Mendoza-Wilson, Director
International & Investor Relations, Systems Capital Management (SCM)
1st Annual International Forum on the Economic Development of Ukraine
Newseum, Washington, D.C., Thursday, October 15, 2009

14. SERHIY TARAN TALKS ABOUT INVESTMENT CHALLENGES
FOR UKRAINE, HEAD OF STATE INVESTMENT AGENCY
Voice of America (VOA) Studio Guest
Myroslava Gongadze, Voice of America (VOA), Washington, Sun, Oct 18, 2009

15. UKRAINIAN MINISTER OF ECONOMY BOHDAN DANYLYSHYN
Voice of America (VOA) Studio Guest
Myroslava Gongadze, Voice of America (VOA), Wash, D.C., Sun, Oct 18, 2009

16. ECONOMY IS RECOVERING..OR, LIKE EARLIER, IS IT DECLINING?
Dzerkalo Tyzhnia, No. 41, Kyiv, Ukraine, 24-30 October, 2009
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1. THE IMPACT OF THE GLOBAL LIQUIDITY CRISIS IN
UKRAINE AND THE ROAD TO ECONOMIC RECOVERY
Early signs of economic recovery in Ukraine, but conditions remain challenging
1st Annual International Forum on the Economic Development of Ukraine

Economic Development Forum - Ukraine, Wash, D.C., Wed, Oct 28, 2009

WASHINGTON, D.C. - The 1st Annual International Forum on the Economic Development of Ukraine was held Thursday, October 15, 2009, at the Knight Conference Center, Newseum, in Washington, D.C. The theme of the Forum was "The Impact of the Global Liquidity Crisis on Ukraine and the Road to Economic Recovery." Over 240 people attended the Forum, which was the largest event ever held in Washington specifically focused on the development of Ukraine's economy.

The Forum discussed the reasons why the global liquidity crisis affected Ukraine more than most emerging markets. It was noted that Ukraine is an open economy with exports representing about half of GDP. But these exports are undiversified, concentrated in a few commodities, mainly metals, and in a few countries, principally in the CIS. As commodity prices collapsed during the crisis, exports dropped by more than 50%, affecting the economy significantly.

In addition, Ukraine was vulnerable to the global liquidity crisis because in the past few years it has been incurring large deficits in its balance of payments, had accumulated large amounts of short term foreign debt, and the banking sector was weakened by increasing levels of bad debts. The possibility that Ukraine will not be able to cover its international financial requirements led to a loss of confidence and a collapse of the currency.

Nevertheless, Ukraine should be able to recover quickly from the crisis, as metal prices are already rebounding. Business executives participating in the Forum were also quite optimistic about Ukraine, noting that, despite the crisis, many Western companies have been able to increase sales and profits.

The Forum concluded there are early signs of economic recovery in Ukraine, but conditions remain challenging. In the short term, Ukraine will require continued financial assistance from the international financial institutions, particularly from the International Monetary Fund, to cover its foreign financing requirements. This will require the country to implement prudent fiscal and monetary policies.

Over the medium term, Ukraine has many favorable conditions that would provide it with a bright future, including an abundant and educated labor force, labor wages that are a fraction of wages in Eastern Europe, a large population, close proximity to the EU, which could be exploited by a forthcoming FTA, significant agricultural potential, and a reasonable infrastructure and technological base. But the realization of this brighter future will require a major improvement in Ukraine's business climate.

KEYNOTE SPEAKER DR. EDILBERTO SEGURA
One of the three keynote speakers at the Forum was Dr. Edilberto Segura, Partner and Senior Economist, SigmaBleyzer and Chairman of the Board, The Bleyzer Foundation (TBF). Dr. Segura's presentation was entitled, "The Impact of the Global Liquidity Crisis on Ukraine and the Road to Recovery."

Dr. Segura stated during his speech, "The international liquidity crisis, which rapidly unfolded across the globe in the fall of 2008, interrupted the growth cycle of Ukraine and many other emerging markets. Amidst these global economic difficulties, Ukraine suffered one of the deepest economic downturns and sharpest currency depreciations during the most severe phases of the crisis. Although the pace of economic slowdown in Ukraine has recently decelerated, overall economic conditions remain challenging."

Dr. Segura's keynote speech at the Forum included a PowerPoint presentation. The PowerPoint presentation used by Dr. Segura, which includes several detailed charts and graphs, can be found at http://usubc.org/news/drseguraeconomicdevforum09.php.

THE BLEYZER FOUNDATION POSITION PAPER:
The Bleyzer Foundation (www.BleyzerFoundation.com) presented a position paper at the Forum entitled, "The Impact of the Global Liquidity Crisis on Ukraine and the Road to Recovery."

The Bleyzer Foundation position paper " is a brief summary of the key economic challenges facing Ukraine. The disproportionately large impact of the recent international liquidity crisis on Ukraine, compared to other peer economies, calls for a thorough assessment of pre-crisis economic conditions and policies. A good understanding of these issues is necessary to evaluate the effectiveness of adopted anti-crisis measures. More than that, this analysis will help to calibrate current macroeconomic policies in order to achieve a quick and sustainable economic recovery."
The major issues covered by the position paper are:

       1.  Why did the international liquidity crisis affect Ukraine more than other emerging economies?
       2.  Ukraine’s main vulnerabilities to the financial crisis in 2008.
       3.  Why the local currency depreciated more than the currencies of other countries.
       4.  Why the real sector, including GDP and exports, declined so dramatically.
       5.  What measures taken by the Ukrainian authorities to deal with the crisis were adequate and what measures were inadequate.
       6.  Measures that the country could undertake to avoid deepening the crisis during the Presidential election period and until a new government is in place.
       7.  Measures that the country should undertake in the medium term to accelerate economic development.

To read a copy of The Bleyzer Foundation Position Paper:

       (1) in English click on: http://usubc.org/reports/TBFPositionPaperForum09En.pdf;
       (2) in Ukrainian click on: http://usubc.org/reports/TBFPositionPaperForum09Ua.pdf.

SPEAKERS, PANELISTS AND MODERATORS
Key note speakers at the Forum in Washington were: (1) Hrygoriy Nemyria, Vice Prime Minister of Ukraine, who spoke on Ukraine’s Response to the Current Crisis and Perspectives for 2010; (2) William B. Taylor, Jr., Vice President, Peace and Stability Operations, U.S. States Institute of Peace (USIP), former U.S. Ambassador to Ukraine, speaking on the US Support to Global Economic Recovery and to Ukraine and (3) Dr. Edilberto Segura, Chairman of the Board, The Bleyzer Foundation (TBF) making a presentation on The Impact of the Global Liquidity Crisis on Ukraine and the Road to Recovery.

Other speakers, panelists and moderators included: (4) Ariel Cohen, Senior Research Fellow, The Kathryn and Shelby Cullom David Institute for International Studies, The Heritage Foundation; (5) Ihor A. Shumylo, Executive Director, Economic Issues, Member of the Management Board, National Bank of Ukraine; (6) Chris Wilson, Assistant U.S. Trade Representative for Europe and the Middle East, U.S. Office of the Special Trade Representative; (7) Michael Bleyzer, Managing Partner, President & CEO, SigmaBleyzer; (8) Bohdan Danylyshyn, Minister of Economy of Ukraine; (8) William Miller, Senior Policy Scholar, Woodrow Wilson International Center for Scholars, former U.S. Ambassador to Ukraine; (9) Ambassador John E. Herbst, Coordinator for Reconstruction & Stabilization, U.S. Dept of State, former U.S. Ambassador to Ukraine; and (10) Chrystia Freeland, U.S. Managing Editor, Financial Times.

Additional program participants in Washington included: (11) George Logush, Vice President Kraft Foods, Area Director: Ukraine, Eastern Europe, Central Asia; (12) Jorge Zukoski, President, American Chamber of Commerce in Ukraine; (13) Jock Mendoza-Wilson, Director of International & Investor Relations, Systems Capital Management (SCM); (14) Dr. Irina Paliashvili, President and Senior Counsel, RULG-Ukrainian Legal Group; (15) Olexandra Kuzhel, Head of the Ukrainian State Committee for Regulatory Policy and Entrepreneurship and (16) Morgan Williams, Director, Government Affairs, SigmaBleyzer, Washington; President, U.S.-Ukraine Business Council (USUBC).

Participating by live TV link from Kyiv included: (1) Martin Raiser, Country Director, The World Bank; (2) Ceyla Pazarbasioglu, Assistant Director of the European Department and Head of the IMF Mission to Ukraine, International Monetary Fund (IMF); (3) Andre Kuusvek, Country Director, European Bank for Reconstruction and Development (EBRD); (4) José Manuel Pinto Teixeira, Ambassador, Head of the EC Delegation to Ukraine; (5) Valery Heyets, Head of the Institute for Economics and Forecasting, Ukrainian National Academy of Sciences; (6) Oleg Ustenko, Executive Director, The Bleyzer Foundation (TBF) and (7) Andriy Kravets, Deputy Minister, Ministry of Finance.
LINK: http://www.usubc.org/news/impactofthegloballiquiditycrisisinukraine_102609.php
LINKS: Economic Development Forum Ukraine, www.edfukraine.com; The Bleyzer Foundation, www.BleyzerFoundation.org;
SigmaBleyzer, www.SigmaBleyzer.com; U.S.-Ukraine Business Council (USUBC), www.usubc.org. If you want any of the Forum documents sent to you in PDF format by e-mail attachment please write to mwilliams@sigmableyzer.com.

Interfax-Ukraine, Kyiv, Ukraine, Friday, October 23, 2009

KYIV - Despite the first signs of economic recovery, the situation in Ukraine in the near-term will remain challenging: Ukraine's GDP may fall by 14% in the 12 months of 2009, experts have said.

This opinion was shared by participants in a press conference in Kyiv on Wednesday, which summed up the First Annual International Forum on the economic development of Ukraine.

The forum, which took place in Washington, the United States, on October 15, 2009, was attended by over 300 representatives from the world's largest companies, international institutions, financial organizations, namely from the International Monetary Fund, the European Bank for Reconstruction and Development, the World Bank, the European Union, as well as high-ranking officials. In particular, among the forum's attendees were Ukrainian Vice Premier Hryhoriy Nemyria and Ukrainian Economy Minister Bohdan Danylyshyn.

Speaking at the press conference in Kyiv, Director of the Institute for Economics and Forecasting under the National Academy of Sciences Valeriy Heyets said that despite the fact that the pace of economic decline in Ukraine has slowed recently, the general economic situation remains challenging.

The CEO of the Bleyzer Foundation, Oleh Ustenko, agreed. He said that the long-term economic forecast for Ukraine remains favorable, although the state of affairs of business environments should be improved to attract investment as a key source of economic growth.

According to the analytical materials issued at the press conference, Ukraine has survived one of the most serious downturns and the strongest devaluation of the national currency at the peak of crisis: in autumn 2008 the national currency fell by over 50% against the U.S. dollar, and the PFTS stock index plunged by over 70%, while real annual GDP shrank by 8% and 19% in Q4, 2008 and in H1, 2009 respectively. Moreover, over the last two months 2008, exports of goods fell by 16% in the annual terms, and in January-July 2009 they fell by 49%.

Starting from spring 2009, more signs that the economic adjustment has reached bottom in the industrial, trade and construction sectors have appeared.

"The further improvement of the economic situation this year will continue thanks to a low statistical base and thanks to recovery of commodity and material stocks and the introduction of fiscal stimuli. The reinforcement of the international economy will promote the more rapid recovery of Ukraine," the experts said.

Among the key achievement of the Ukrainian government in fighting the crisis were agreements with the International Monetary Fund (IMF, the Stand-By program worth $16.4 billion), and with the World Bank and other international financial institutions, which mitigated refinancing of the short-term foreign debt; the high level of fiscal discipline; the cut of the budget's deficit in 2010 to 4% of GDP and satisfaction of IMF quantity criteria regarding the monetary base.

However, the experts said that the Ukrainian government has not drawn up a common coordinated strategy for overcoming the crisis, has not allocated enough funds to support the domestic economy, while the rise in crediting stopped too sharply. The use of funds given by the cabinet to support liquidity was not controlled in the proper manner.

"It's likely that the funds were spent on the purchase of foreign currency to take aboard and not on the recovery of the domestic crediting market. This strengthened the devaluation pressure on the hryvnia," the experts said.

The Ukrainian cabinet has not implemented an IMF requirement to increase prices of gas for households, and on utility public services, to realize a comprehensive strategy aimed at restoration of solvency of Naftogaz Ukrainy and the Pension Fund, to realize initial privatization plans, which affected the financing of the national budget, the experts said.

According to the press conference materials, it is important to receive financial support from the IMF to avoid a worsening of the downturn within the next six months. The authorities should introduce a number of key economic measures agreed with the IMF, reads the document.

"In 2009, the deficit of the national budget should not exceed 6% of GDP, and the national budget for 2010 should foresee a deficit not exceeding 4%. This means that the increase of pensions and minimum wages should not be higher than inflation. Tax relaxations and a moratorium on tax audits should not be adopted.

"The financial state of Naftogaz Ukrainy and the Pension Fund should be improved to a level that will prevent there being a need for extra aid using budget funds," read the materials.

As for monetary policy, the experts said that the NBU should try not to print too much money and refuse proposals to finance projects linked to preparations for the Euro 2012 European football championship using the NBU's profit; to avoid monetization of the deficit of the national budget; improve the transparency of the bank refinancing policy and strictly control target usage of funds allocated to banks.

"The Ukrainian authorities will have to use new ways to increase direct domestic and foreign investment, which will promote growth in production and the creation of new jobs to boost the pace of economic development," the experts said.

LINK: http://www.usubc.org/news/ukrainefirstsignseconomicrecovery_102309.php
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3. UKRAINE NEEDS REFORMS: VPM NEMYRIA, AMB TAYLOR

Voice of America (VOA), Washington, D.C., Thu, October 15, 2009

WASHINGTON, D.C. - Washington perfectly understands the strategic importance of Ukraine's success, said former U.S. Ambassador to Ukraine William Taylor, speaking at a conference on Ukraine's economic development today in Washington.

During the forum, organized by the US-Ukraine Business Council, Taylor also pointed to "wounds that Ukraine caused itself" through political strife, which now hinders its economic development and only exacerbates the already serious economic crisis.

As for the upcoming presidential election, Taylor said that they give Ukraine a chance to get out of the current political paralysis and begin to move towards European integration and the implementation of the requirements of the International Monetary Fund - now a major source of loans for Ukraine. Taylor also stressed the need for legal reforms that would create better mechanisms to protect foreign investors.

Another key speaker at the forum - Deputy Prime Minister of Ukraine Hryhoriy Nemyria - explained why the global economic crisis hit Ukraine so hard.

       [1] Firstly, Ukraine delayed economic reforms too long, including reforming the energy sector.
       [2] Second, Ukraine is too dependent on exports of steel and chemical products, which indicates the need to diversify exports; without this the situation will not change for the better.
       [3] The third problem that only exacerbated existing economic problems is the ineffective political system, where the Prime Minister’s initiatives are obstructed by the President.

According to Nemyria, after the presidential elections Ukraine will have a window of 12-18 months before the next parliamentary elections within which to implemented necessary reforms.

Another conference participant – Ukrainian Minister of Economy Bohdan Danylyshyn will be a guest on today’s program Chas-Time [see link below.]

LINKS: http://www.voanews.com/ukrainian/2009-10-15-voa5.cfm. English translation by the U.S.-Ukraine Business Council (USUBC), Washington, D.C., www.usubc.org; http://www.usubc.org/news/ukraineneedsreforms_101509.php.

LINK: VOA Studio Guest: Minister of Economy Bohdan Danylyshyn, Voice of America, Washington, D.C., 18/10/2009

The 1st Annual International Forum on the Economic Development of Ukraine, organized by the U.S.-Ukraine Business Council, took place recently in Washington. The Ukrainian government was presented by the Deputy Prime Minister Hryhoriy Nemyria and Minister of Economy Bohdan Danylyshyn. Danylyshyn also headed the Ukrainian delegation at a meeting of the US-Ukraine Trade and Investment Council. Myroslava Gongadze spoke with him.
Click on: http://www.voanews.com/ukrainian/2009-10-18-voa2.cfm
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4. IMF: UKRAINE NEEDS WEIGHTED 2010 BUDGET

UkrInform, Kyiv, Ukraine, Friday, October 16, 2009

KYIV - The government's measures for stabilization of economic situation must be supported by all political forces, and taken with understanding by the Ukrainian society.

Ceyla Pazarbasioglu, head of the International Monetary Fund mission to Ukraine, said this during the Kyiv - Washington TV hookup within the framework of the annual international forum on Ukraine's economic development.

The mission head says the first signs of restoration and economic growth have already appeared, which gives grounds for 2010 optimistic forecasts.

Today's key task is to guarantee implementation of system reforms, which would help realize the country's huge potential, Pazarbasioglu says. Another vital challenge, as she put it, is to draft a weighty budget for 2010.

The IMF mission is currently staying in Kyiv. IMF experts have come to evaluate implementation of the stand-by program efficiency criteria in keeping with the July 23, 2009 memorandum of economic and financial policy.

The IMF approved the Stand-By Arrangement with Ukraine in November 2008 in an amount equivalent to about USD 16.4 billion, and allocated the first disbursement of USD 4.5 billion.

On May 12, 2009 Ukraine received the second tranche worth USD 2.8 billion. The third tranche amounted to USD 3.3 billion. The IMF also planned to release the fourth disbursement of USD 3.8 billion to Ukraine before the end of 2009.

NOTE: The 1st Annual International Economic Forum on the Economic Development of Ukraine was held in Washington, D.C. on Thursday, October 15th. During the Forum there was a live two-hour link with a panel of experts in Kyiv.

LINKS: http://www.usubc.org/news/imfukraineneedsweighted2010budget_101609.php; Economic Development Forum Ukraine, www.edfukraine.com; The Bleyzer Foundation, www.BleyzerFoundation.org; SigmaBleyzer, www.SigmaBleyzer.com. U.S.-Ukraine Business Council (USUBC), www.usubc.org.
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5. STATEMENT BY MEMBER OF CONGRESS ILEANA ROS-LEHTINEN
1st Annual International Forum on the Economic Development of Ukraine, Wash, D.C.

U.S. House of Representatives, Washington, D.C., Thu, October 15, 2009

WASHINGTON, D.C. - Dear Participants in the Forum on Ukraine's Economic Development:

I want to acknowledge and express my great appreciation to those who have organized this Forum and to those in attendance, especially to the former and current officials of Ukraine and the United States who are taking the time to participate today.

Any discussion of the future of Ukraine should start with the recognition that that nation has the potential for great economic success. It has capable people, a strong educational system, a strong base in industry and agriculture, and a key role in energy transit for Europe, to list just a few of the building blocks of its potential future.

Prior to the setback caused by the recent global economic crisis, we in fact saw the creation of a foundation for economic growth and prosperity. In particular, the all-important shift to a market-based economy has begun over the years since Ukraine became independent. That movement toward a market economy has not always been quick or perfect, but Ukraine today is not the centrally-planned, totalitarian-controlled marketplace it once was under the Soviet regime — and I am grateful that the United States has been able to provide assistance to Ukraine in its difficult and continuing transformation.

The significant economic growth and decline in unemployment that we saw in Ukraine in much of this decade was a welcome change from the extremely challenging years immediately after Ukraine gained its independence. Perhaps some of you remember those times; when Ukraine's gross domestic product was estimated by some to have fallen by up to 50%. Those were very difficult times, and, in some important ways, Ukraine has not yet fully recovered from them, but it has been making very important progress.

Now, like many other countries around the world, including the United States, Ukraine must cope with the additional impact of a global economic setback. There is, of course, no easy answer to this fresh challenge, but it is clear that the International Monetary Fund has played and will continue to play an important role in helping Ukraine to recover. I hope that the IMF and Ukrainian officials will find a way to move forward in releasing the balance of the loan that was approved last fall.

Ukraine is an important part of Europe, and we must not underestimate the need to help it find its way forward, both economically and politically.

In closing, let me offer these few thoughts:

First, let us recall how difficult the future looked for Russia's economy just a decade ago, when its budget and currency collapsed. However, the depreciation of Russia's currency helped set the stage for its growth of recent years, and, in a similar fashion, we may hope that the currency depreciation Ukraine is now experiencing may ultimately prove to be a stage to new growth.

Also, while its energy dependence is a source of weakness for Ukraine's economy, we should note that many countries around the world that are "blessed" by huge energy resources are equally "cursed" by that same gift, unable to diversify and weighed down by corruption. So, despite its energy challenges, Ukraine can move forward, if it works closely with the United States and the European Union to recreate its energy sector.

And, finally, the purpose of a prosperous economy is to provide the foundation for democratic government. Ultimately, that is why the topics addressed by this forum today are so important.

We should ask — without economic progress, what will be the fate of democracy in Ukraine? And we should ask, if Ukraine does not continue toward prosperity and democracy, what will that mean for Europe?

Please accept my best wishes for a productive and successful conference!

Sincerely,
/s/
ILEANA ROS-LEHTINEN
Member of Congress

FOOTNOTE: Congress of the United States, House of Representatives member, Ileana Ros-Lehtinen (R-FL), is the ranking Republican on the Committee on Foreign Affairs. LINK: http://usubc.org/news/statementbyros-lehtinen_101509.php
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6. STATEMENT BY CONGRESSMAN JIM GERLACH (R-PA)
1st Annual International Forum on the Economic Development of Ukraine

Economic Development Forum - Ukraine, Newseum, Wash, D.C., Thu, Oct 15, 2009

WASHINGTON, D.C. - I would like to thank the Ministry of Economy of Ukraine; the Ukrainian Ambassador to the United States; SigmaBleyzer; the U.S.-Ukraine Business Council (USUBC) and its over 100 members; the Ukrainian Foreign Investment Agency; The Bleyzer Foundation; and the U.S.-Ukraine Business Council Foundation (USUBCF) for their hard-work in bringing all these key groups together to discuss the financial and economic crisis that hit Ukraine in the fall of 2008 and continues to this day.

I would love to be with you at this important forum. Unfortunately, due to prior scheduling commitments, I am unable to be there in person today. Nonetheless, throughout my career in the United States Congress, I have worked toward fostering closer ties between the United States and Ukraine and this relationship must be one that is continually fostered and strengthened, both politically and economically.

Please know that I support the goals and objectives of this important forum. It is my hope that through this dialogue, we will reach a better understanding of the financial crisis in Ukraine and the steps that must be taken to rapidly accelerate Ukraine’s economic growth and development. I stand ready to provide whatever future assistance and support is needed to accomplish that task. Thank you for your kind invitation.

LINK: http://www.usubc.org/news/statementbycongressmanjimgerlach_101509.php

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7. EARLY SIGNS OF ECONOMIC RECOVERY IN UKRAINE,
BUT CONDITIONS REMAIN CHALLENGING

Economic Development Forum - Ukraine, Wash, D.C., Mon, Oct 19, 2009

WASHINGTON, D.C.- PRNewswire-USNewswire -- Over two hundred international experts on Ukraine gathered in Washington, D.C. and Kyiv on October 15th, 2009, to evaluate the country's progress in recovering from the recent global liquidity crisis.

The first annual International Forum on the Economic Development of Ukraine (www.edfukraine.com) concluded that while there are signs of an economic recovery in Ukraine, conditions will remain challenging in the near future.

At the onset of the international crisis, Ukraine had been enjoying strong growth. As the crisis rapidly unfolded across the globe in the fall of 2008, it interrupted the growth cycle of Ukraine and many other emerging markets. Amidst extreme global economic difficulties, Ukraine suffered one of the deepest economic downturns and sharpest currency depreciations during the most severe phases of the crisis.

Although the pace of the economic slowdown in Ukraine has recently decelerated, overall economic conditions remain challenging. Respected economists, business leaders, and senior officials from the U.S. and Ukrainian government gathered at the Newseum in Washington, D.C. and the World Bank Headquarters in Kyiv to review progress and setbacks within the challenging economic environment.

With one of the largest gatherings of Ukraine and regional experts on hand, economic, political and business leaders in both Ukraine and the U.S. conferred over a video teleconference to discuss the financial crisis in Ukraine and the government response.

Also present for the discussion in Washington were Ukrainian Vice Prime Minister Hryhoriy Nemyria and Minister of Economy Bohdan Danylyshyn, along with a 50-person strong Ukrainian Trade and Investment Delegation of business and government officials to the U.S. On the Kyiv side, leading international financial and development officials from the IMF, EBRD, EC, the World Bank and others engaged in a meaningful dialogue on steps needed
to move forward beyond the crisis.

A number of panels and keynote addresses were scheduled to cover the most pressing issues related to the crisis. Among the topics discussed were the impact of the global liquidity crisis on Ukraine and the road to recovery, as well as causes of the crisis and potential solutions, including measures to revive economic development in Ukraine. Participants also discussed Ukraine's response to the current crisis, perspectives for 2010, and US support for global economic recovery and to Ukraine.

According to Dr. Edilberto Segura, Chairman of the Board of The Bleyzer Foundation, the longer term economic outlook for Ukraine is still bright, but significant improvements in the business environment are needed to promote investments as the new source of economic growth.

The event was hosted by the U.S.-Ukraine Business Council (USUBC) and sponsored by SigmaBleyzer and The Bleyzer Foundation.

LINKS: www.edfukraine.com; www.usubc.org; www.SigmaBleyzer.com; www.BleyzerFoundation.org.

REUTERS LINK: http://www.reuters.com/article/pressRelease/idUS117873+19-Oct-2009+PRN20091019.
PR LINK: http://www.prnewswire.com/news-releases/early-signs-of-economic-recovery-in-ukraine-but-conditions-remain-challenging-64730122.html.
LINK: http://www.usubc.org/news/earlysignsofeconomicrecoveryinukraine_101909.php.
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8. WESTERN INVESTORS WANT REFORMS AND A
TRANSPARENT BUSINESS CLIMATE IN UKRAINE
1st Annual International Forum on the Economic Development of Ukraine

Maria Yunko, Voice of America (VOA), Washington, D.C., Fri, Oct 16, 2009

WASHINGTON, D.C. - On Thursday, the 1st Annual International Forum on the Economic Development of Ukraine, organized by the U.S.-Ukraine Business Council, was held in the nation’s capital. Leading American experts on Ukraine, representatives of business circles and economists discussed the effects of the global crisis on Ukraine's economy and ways to overcome them. The Ukrainian delegation was headed by Vice Prime Minister of Ukraine Hryhoriy Nemyria and Minister of Economy Bohdan Danylyshyn.

Among the main reasons why the crisis has been so painful for Ukraine experts cited the Ukrainian currency being tied to the dollar, the unreliability of the banking sector and investment market, and ineffectiveness of the legal system. Hryhoriy Nemyria also noted the lack of coordination between the branches of the Ukrainian government and the failure to implement intensive reforms:

“The Constitutional conflict, because of the far from being perfect Constitution, really aggravated the crisis. At the time of the crisis what needed is coordinated, quick actions, ability to adopt efficient decisions in short period of time and to ensure that proper coordination as far as implementation is accepted. And it was not the case.”

Experts have repeatedly stressed the need for reforms, including the energy sector, which is crucial for sustainable development and energy security not only in Ukraine but also its European neighbors. Ariel Cohen, Senior Research Fellow at The Heritage Foundation’s Kathryn and Shelby Cullom David Institute for International Studies, said:

“If Ukraine sorts out its energy sector now, this will not only improve its economic performance, but also greatly address its security challenges in the future. Ukraine is very important for Europe as a transit country and as a large manufacturing economy, and clearly how the economy functions is important for its political and social stability.”

Western partners involved in investment and trade want the Ukrainian government to create a healthy, transparent, predictable and stable business climate, which requires legislative reform. Participants expressed hope that the next president can restore the confidence of foreign investors.

American experts again assured Ukraine of America’s support and desire for the U.S. government to deepen its dialogue with the Ukrainian government. White House Trade Representative Chris Wilson said:

“I think it is very important for Ukraine to understand that the U.S. is there for Ukraine as a friend. I think that the Vice-President`s visit in July sent very strong signal in that regard. And as a result of that signal we are looking now for ways to strengthen now existing mechanisms and we are looking for other ways to strengthen existing mechanisms of cooperation and dialogue between our governments.”

Former U.S. Ambassador to Ukraine William Taylor said that the U.S. Government has traditionally and continues to recognize the importance of the success of Ukraine to the U.S. national security and European security.

Former head of the World Bank in Ukraine, economist Edilberto Segura said that Western aid is particularly important for overcoming the crisis:

“Ukraine will not be able to survive the next six months reasonably well if, basically, financial support from the international institutions will not come. Clearly, support is very high priority. But I think that fiscal and monetary policy must be very prudent, because otherwise confidence will be not reestablished.”

Western experts hope that after the presidential elections Ukrainian politicians will have the will to introduce necessary reforms.

LINK: http://www.voanews.com/ukrainian/2009-10-16-voa5.cfm. English translation by the U.S.-Ukraine Business Council (USUBC), Washington, D.C., www.usubc.org; http://www.usubc.org/news/westerninvestorswantreformsinukraine_101609.php.
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9. STABILITY AND SECURITY IN EUROPE TO A GREAT EXTENT
DEPENDS ON UKRAINE'S SUCCESS, AMB WILLIAM TAYLOR

Natalia Bukvych in Washington, Ukrinform, Kyiv, Ukraine, Thu, Oct 15, 2009

WASHINGTON - Ukraine has great potential and its strategic importance is understood not only by the American government, but by leaders of other countries as well. Former US Ambassador to Ukraine, William Taylor, emphasized this during the First Annual International Forum on the Economic Development of Ukraine taking place in Washington, reports UKRINFORM’s correspondent.

These are extremely difficult times for Ukraine due to the crisis, and the international factors that caused it were also reinforced by internal factors, noted Taylor. Among the main problems he noted the lack of a joint strategy among the Ukrainian leadership on how to recover from the crisis and appropriate coordination on monetary and fiscal policy. “Ukraine is strong when it’s united and very weak when it’s divided. This truth has been proven numerous times over the past years,” said the diplomat.

In his opinion, Ukraine’s recovery from the crisis is being hampered by the lack of trust in the National Bank and the currency market. He stressed that the Ukrainian leadership needs to focus on creating favorable conditions for foreign investment by reforming the legal system. “This needs to be done regardless of who wins the elections and who’s in the new government,” he emphasized.

Taylor is convinced that after the elections Ukraine will have a new opportunity to overcome factors caused by domestic political processes. “Ukrainian politicians are not split in their strategic view of the country’s development. They are clearly focused on Europe. The issue is only how to realize this strategy,” he noted.

Taylor noted that Washington “always understood and understands now” Ukraine’s special importance. “It’s not only because of its 46 million population or its neighbors, but because stability and security in Europe to great extent depends on Kyiv’s success.”

Taylor assured that the new White House administration will continue to support the Ukrainian government in its plans to implement systematic reforms. “The crisis can be seen as a deciding moment to analyze mistakes and understand where Ukraine is, where it should be, and how to get there,” he concluded.

LINKS: http://www.ukrinform.ua/ukr/order/?id=842976; English translation by the U.S.-Ukraine Business Council (USUBC), Washington, D.C., www.usubc.org; http://usubc.org/news/stabilityeuropeukrainetaylor_101509.php.
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10. ENERGY SECTOR IN UKRAINE: CURRENT STATUS & REFORMS
Presentation by Ariel Cohen, Ph.D., Senior Research Fellow, The Kathryn and Shelby Cullom David Institute for International Studies, The Heritage Foundation, Washington, D.C., (PowerPoint used in presentation)

1st International Forum on the Economic Development of Ukraine
Newseum, Washington, D.C., Thursday, October 15, 2009

WASHINGTON, D.C. - Dr. Ariel Cohen's presentation: http://www.usubc.org/reports/Energy_Sector_In_Ukraine_-_Ariel_Cohen.pdf.
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11. SCM COMMENTS ON UKRAINIAN POTENTIAL AT UKRAINE
ECONOMIC DEVELOPMENT FORUM IN WASHINGTON

System Capital Management (SCM), Donetsk, Ukraine, Fri, Oct 16, 2009

DONETSK - Big Ukrainian business is interested in encouraging Foreign Direct Investment into the Ukrainian economy to help improve competitiveness, and stimulate innovation and introduction of international standards. Foreign investments will give an additional impetus to the country's economic development and raise the level of competition in the real sector of the economy.

This was announced by Mr. Jock Mendoza-Wilson, SCM's Director of International and Investor Relations, at the First Annual International Forum on "The Economic Development of Ukraine" on 15 October in Washington D.C.

The Forum was held in conjunction with the second annual meeting of Investment & Trade Ukrainian American Coordinating Council which aims to develop trade and economic cooperation between the governments of Ukraine and the USA.

The event was attended by over 260 representatives of Ukrainian and American governments, The US-Ukraine Business Council, American Chamber of Commerce, as well as by Ukrainian and American business people. The event was addressed by the Vice Prime Minister of Ukraine Hryhoriy Nemyria and the country's Ministry of the Economy, Mr. Bohdan Danylyshyn and other leading politicians and representatives of international financial institutions.

Addressing the Forum's Delegates, Mr Mendoza-Wilson said: "We highly appreciate the opportunity to take part in the Ukrainian American Business Forum. This is our chance to present Ukrainian economic opportunities to American businesses and investors and also to explain SCM Group's investment in the US.

For the last year, the Ukrainian and Global economies have undergone fundamental changes. Being the biggest national investor, SCM recognises the current challenges but also sees the excellent possibilities for the Ukrainian economy in the future. We are sure that effective and fruitful cooperation between Ukrainian and American capital will contribute to the economic and social development of Ukraine and the increased competitiveness of the country's economy."

LINK: http://www.citylife.donetsk.ua/news/show/scm_103;
LINK: http://www.usubc.org/news/scmcommentsonukrainianpotentialatu kraineedefinwashington_101609.php
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12. HARD WORK IN HARD TIMES
Ukraine Economic Development Forum in Washington

By Yuliya Melnyk, Special to Kyiv Post
Kyiv Post, Kyiv, Ukraine, Friday, October 16, 2009

WASHINGTON - The First International Forum on the Economic Development of Ukraine gathered at the Newseum, the internationally known museum of news, in Washington, D.C., on Oct. 15. The event was held in conjunction with the second bilateral trade and investment relations meeting between the Ministry of Economy of Ukraine and the Office of the U.S. Trade Representative (USTR) on Oct. 14. It was organized by the U.S.-Ukraine Business Council.

The forum, aimed to encourage new investors to Ukraine, brought together a high-ranking delegation from Ukraine headed by Vice Prime Minister Hryhoriy Nemyria and the Minister of Economy of Ukraine Bohdan Danylyshyn, former U.S. ambassadors, experts in economics and representatives of the U.S. businesses either already active in Ukraine or still considering this endeavor.

While tax, pension and other structural reforms are being discussed by the government officials, some U.S. businesses have been making good money, providing jobs to Ukrainians and supplying quality products.

“Ukraine is a great laboratory for learning new skills,” said George Logush, vice president of Kraft Foods, the current market leader in chocolate, coffee and salted snacks in Ukraine. The company is an excellent example of the business which started to develop in Ukraine at the time of depression in 1994-1996 and used the opportunity to become successful. Logush stressed that does not matter which crisis is in the country, Ukraine still has well-educated people to hire, and they are very hard-working.

Even though Kraft Foods came to Ukraine at the most difficult time of 1990s, the company expanded rapidly geographically and was not afraid to introduce new products. “We were learning by doing, it was richness of experience,” said Logush, inspiring the audience and giving practical advice in terms which myths and mistakes U.S. businesses should avoid in Ukraine.

He advises despite of the crisis, to continue advertising, hire strong staff, bring new product to the market and learn local consumers. “We expect new growth. We must be prepared to a new crisis after that,” said Logush, who believes that while crises come and go, it is necessary to work anyway.

Not all of the participants of the forum share such optimism. “We have already heard many plans and promises. Is there a political will [for changes]?” Jaroslawa Zelinsky Johnson from Chadbourne & Parke LLP told the Kyiv Post..

ANALYSIS BY EDILBERTO SEGURA
A thorough analysis of the necessary changes was done by Edilberto Segura. He highlighted that to accelerate economic development, the Ukrainian authorities will need to bring stability and predictability to the legal and judiciary system, introduce measures to deal with corruption, diversify exports (the traditional sources of export growth as metals and chemicals are unlikely to continue at the high rates of growth of the past), make energy sector transparent, improve public administration, and, in general, create better business environment for investors.

AMBASSADOR WILLIAM TAYLOR
“Ukraine was wounded by both world-inflicted and self-inflicted wounds,” said former U.S. Ambassador to Ukraine, William B. Taylor, describing political and judicial issues, lack of unity between the president and the prime-minister. “After the new elections there is a great opportunity for a new president to fix self-inflicted wounds,” Taylor said. He also ensured the audience that “friends of Ukraine can help to heal the wounds,” highlighting that the United States cars about the crisis in Ukraine.

Nemyria and Danylyshyn promised that Ukraine will be able to implement a number of reforms after the presidential elections, including diversification of exports, making the energy sector transparent and others.

Among the potential for future development, mentioned by the experts: cooperation with Japanese companies to develop methane hydrate, a source of energy found in abundance at the bottom of the Black Sea (Dr. Ariel Cohen, Heritage Foundation), implementation of the important structural reforms – pension and tax reforms (Danylyshyn), development of IT sector (former U.S. Ambassador William Green Miller), development of infrastructure and using coming EURO 2012 to advertise Ukraine worldwide (Martin Raiser, World Bank; Jorge Zukoski, U.S. Chamber of Commerce in Ukraine).

The participants of the forum were greeted by Rep. Illeana Ros-Lehtinen (R-FL). A panel based in Kyiv participated in the Forum through state-of-the-art Live TV Link: Martin Raiser (World Bank), Ceyla Pazarbasioglu (IMF), Andre Kuusvek (European Bank for Reconstruction and Development), Jose Manuel Pinto Teixeira (European Commission’s Ambassador to Ukraine), and other experts. The participation of Yulia Tymoshenko announced earlier was cancelled.

The company Vanco’s presence was noticed at the Forum. Houston-based Vanco Energy Corporation was attracted to Ukraine by the hydrocarbons exploration in the Black Sea in 2005. However, after the agreement had been signed, it was revoked and terminated by the Ukrainian government in 2008.

The company didn’t give comment and the company’s corporate office did not return the phone call. Observing such stories, foreign investors feel unsafe, they expect more stable legal system to invest their money. They hope that such forums will keep the issues on agenda and finally the Ukrainian government will have to make decisions to protect investors.

Olexandra Kuzhel, head of the Ukrainian State Committee for Regulatory Policy and Entrepreneurship, highlighted in her comments to the Kyiv Post, that her visit to the United States was very productive and became an excellent opportunity to explain the position of her committee on many issues, for example, the issue with the “recycling fee,” currently opposed by the U.S. Chamber of Commerce.

LINK: http://www.kyivpost.com/opinion/50816
LINK: http://www.usubc.org/news/hardworkinhardtimes_101609.php
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13. UKRAINE'S LARGEST NATIONAL INVESTOR CONTINUES TO
HAVE POSITIVE VIEW OF LONGER–TERM INVESTMENT IN UKRAINE
Presentation Talking Points: By Jock Mendoza-Wilson, Director
International & Investor Relations, Systems Capital Management (SCM)

1st Annual International Forum on the Economic Development of Ukraine
Newseum, Washington, D.C., Thursday, October 15, 2009

WASHINGTON, D. C. - Firstly, thank you for the generous introduction and I would like to thank the Ministry of the Economy and the U.S.-Ukraine Business Council (USUBC) for inviting me to take part and speak at this event. I shall keep my remarks to 8-10 minutes as I would rather focus on discussion and questions.

(2) While I know that many of my Ukrainian colleagues here today are very familiar with System Capital Management, it is probably valuable to give a brief overview to our American colleagues who may not be too familiar with our business.

(3) System Capital Management is Ukraine’s leading financial and industrial group. We are the largest domestic investor in Ukraine and arguably the largest Ukrainian investor in the US, at least as far as investing in the real economy is concerned. And I will talk specifically about our investment in the United States in a moment.

(4) SCM focuses on six core areas of business, mining and metals, energy, banking and finance, telecommunication, media and real estate. We are a major contributor to Ukraine’s GDP and the nation’s single largest tax payer. Just to give you an idea of scope and size of our business and the contribution it makes to the Ukrainian economy here are some key figures. Our accounts, audited by PriceWaterhouseCoopers to international (IFRS) standards confirm that in 2008 SCM had: Total Assets of $18.075bn; Total revenue $15.985bn; Number of people employed 150,000; Profit $3.000bn; Tax paid $0.805bn

(5) SCM plays an important role in the Ukrainian economy, not just because of our revenue, profitability and contribution to the national budget, but primarily because of our openness, transparency good corporate governance and our mission to meet the highest international standards in each area of our operations.

(6) In line with this commitment to be an open and transparent business, our consolidated financial figures to IFRS standard have been published each year since 2004. Last year we were the first Ukrainian financial and industrial group to publish a sustainability report covering corporate responsibility issues produced to GRI standards and audited by Ernst and Young.

We are also a founding signatory in Ukraine to the United Nations global compact, the world’s leading programme on corporate responsibility.

(7) Why do I mention these points? Well to illustrate the point that SCM is a Ukrainian business which in its structure, operations, values and standards mirrors that of any leading US or European business.

(8) This commitment to the global standards has helped SCM and companies in the group to compete in global markets and also to be able to access international capital markets to invest in the long term future of our businesses, both in Ukraine and internationally.

(9) SCM is already a truly international business. Metinvest, our vertically integrated metals and mining business, has operations in Italy, Switzerland, Bulgaria the United Kingdom and the US. While our energy business, DTEK, (which is also vertically integrated) is already exporting coal to Turkey and the EU, and in the future plans to export electricity to EU markets.

The recent signing of the memorandum of understanding of Ukraine’s membership of the EU Energy Community mentioned earlier this morning by Vice Prime Minister Nemyria will help in making these plans a reality.

(10) Here in the US, SCM has already made a significant investment. As many of you in the room today are aware, in April this year, Metinvest made its largest and most significant investment with the purchase here in the United States of the United Coal Company.

(11) UCC has 4 mines in Virginian, West Virginia and Kentucky and primarily produces high energy, metallurgical coal which is used to produce coke, a vital component in steel production. The company has coal reserves of 160m tones and an annual production capacity of 5.1m tones and employs 1089 people directly.

(12) The purchase of United Coal added to Metinvest’s existing mining operations in Ukraine will give the company complete coverage of its needs for coking coal.   The coal will be exported from the U.S. to Ukraine and already two shipments have been sent. Metinvest’s import of metallurgical coal will grow through time as it moves away from using natural gas in the steel making process to using higher quantities of coke.

The company is also in the process of developing a new port facility at the black sea city Sevastopol to handle bulk imports of coal from the US.

(13) We have plans for significant growth and development of UCC’s mines, increasing production from about 4 mil. metric tones of clean coal to 8-9 mil. metric tones in the long run. To implement the plan for significant growth and development of UCC mines, we will make significant further investment here in the US.

Let me now turn my attention briefly the question of improving the investment climate in Ukraine

(14) We have heard some excellent contributions today on the economic climate in Ukraine and how the country has responded to the difficult environment. While the Ukrainian authorities are to be applauded for their quick reaction last year to the crisis and involving the IMF at an early stage one of the key problems since then has been the continued political instability.

This fact has led to a lack of quick and clear decision making, particularly on key economic policy questions, has undermined the economy’s real performance and, in the minds of investors and bankers, increased dramatically the risk of investing in Ukraine. I hear this point consistently from international bankers and potential investors in the country.

This instability has had real economic consequences for business and for investment. As Michael Bleyzer said earlier today, market sentiment is a powerful force and it is currently negative towards Ukraine.

(15) While at this point the country should be considering its move out of recession instead it faces potentially a further uncertain six months due to continued political instability in the run up to presidential elections and with the IMF placing question marks around the continued disbursement of the standby facility.

(16) However, despite the short-term challenges, we continue to have a positive view for longer-term investment in Ukraine. SCM is the country’s largest national investor and we continue to believe that it offers excellent opportunities for investing now and in the future.

What we would ask of this or future governments is a focus on good governance and reform and a return to stability so that business can continue to grow and develop and so that foreign direct investors will attracted to take advantage of the excellent medium and longer-term opportunities the country offers.

LINK: http://www.usubc.org/news/ukraineslargestnationalinvestor_101509.php
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14. SERHIY TARAN TALKS ABOUT INVESTMENT CHALLENGES
FOR UKRAINE, HEAD OF STATE INVESTMENT AGENCY
Voice of America (VOA) Studio Guest

Myroslava Gongadze, Voice of America (VOA), Washington, Sun, Oct 18, 2009

WASHINGTON, - The 1st Annual International Forum on the Economic Development of Ukraine, organized by the U.S.-Ukraine Business Council, took place recently in Washington. Among the participants was Serhiy Taran, head of the newly-created National Agency for Foreign Investment and Development. Myroslava Gongadze spoke with him.

LINK: http://www.voanews.com/ukrainian/2009-10-18-voa1.cfm
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15. UKRAINIAN MINISTER OF ECONOMY BOHDAN DANYLYSHYN
Voice of America (VOA) Studio Guest

Myroslava Gongadze, Voice of America (VOA), Wash, D.C., Sun, Oct 18, 2009

The 1st Annual International Forum on the Economic Development of Ukraine, organized by the U.S.-Ukraine Business Council, took place recently in Washington. The Ukrainian government was presented by the Deputy Prime Minister Hryhoriy Nemyria and Minister of Economy Bohdan Danylyshyn. Danylyshyn also headed the Ukrainian delegation at a meeting of the US-Ukraine Trade and Investment Council. Myroslava Gongadze spoke with him.

LINK: http://www.voanews.com/ukrainian/2009-10-18-voa2.cfm

Dzerkalo Tyzhnia, No. 41, Kyiv, Ukraine, 24-30 October, 2009

LINK: to the Dzerkalo Tyzhnia article: http://www.dt.ua/2000/2020/67527/

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LINKS: Economic Development Forum - Ukraine, ww.edfukraine.com; The Bleyzer Foundation, www.BleyzerFoundation.org; SigmaBleyzer, www.SigmaBleyzer.com; U.S.-Ukraine Business Council (USUBC), www.usubc.org. If you would like to receive any of the Forum documents in PDF format by e-mail attachment please write to mwilliams@sigmableyzer.com.

This Economic Development Forum - Ukraine Newsletter was produced in cooperation with the Action Ukraine Report (AUR); The Bleyzer Foundation, the U.S.-Ukraine Business Council (USUBC); SigmaBleyzer and the Trade and Economic Mission of the Embassy of Ukraine to the USA.