Ukraine Bankruptcy and Poland

Economic Death?

Economic Death?

“Polish companies have invested about $1m in Ukraine. If Kiev finds a way to avoid an economic breakdown we will continue our economic cooperation with Ukraine,” says Jacek Jan Piechota, the President of the Polish-Ukrainian Chamber of Commerce. Why is the Ukrainian market so important for the Polish economy? Last year Poland was one of the leading exporters of goods and services to Ukraine as well as an important importer. Jacek Piechota: “Ukraine has a favourable investment climate for us and the following example proves it. For the last 25 years Polish businesses have invested about $900m in Ukraine, while only $600m in Russia. Ukraine is a large market with huge possibilities and natural resources, a favourable climate, raw materials and fertile soil. A breakdown of the Ukrainian economy would not be a heavy blow to the Polish economy, but it might lead to investment difficulties and the worsening of economic indicators in Poland. Close Polish-Ukrainian cooperation contributes to the strength of the Polish economy.” Does this mean that Polish companies and their Ukrainian partners are waiting for the announcement of tough reforms from Kiev? Jacek Piechota: “Most certainly. In addition, more than 3,500 Polish business people sell something to Ukraine so Poland has enough experience in cooperation. There are still opportunities for development and Polish businesses are well-prepared for working in difficult conditions. We already experienced something similar after the Orange Revolution. There is an increasing number of questions related to the Ukrainian economic market. It is obvious that any reforms will not bring immediate results, especially with regards to corruption.”

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