“Development of Ukrainian business in Europe is the economic bridge connecting our markets,” Yurii Voievoda

Integration of Ukraine into the European Union through the development of Ukrainian business in Europe is an inevitable process which continues despite the war. Yurii Voievoda, Head of Investment Business Department at Pivdenny Joint Stock Bank, said at Brave CFO Gathering, which took place within XXI CFO Forum.

According to him, today Europe is the biggest Ukraine’s trading partner – a share of exports to the EU increased from 40% in 2021 to 63% in 2022. Thus, growth took place against the background of blocking of our ports, the fall in GDP and our exports, but an increase of the share of the EU is as well a long-term trend of the last 10 years, which the war made more visible.

“Ukrainian business is quite powerful, independent, knows how to work hard, the war did not and will not break it. And now it faces an important task – to continue building ties and active integration into the European market to permanently connect Ukraine and Europe economically. This is similar to the construction of an imaginary economic bridge with two-way traffic: European business will come and invest in Ukraine, participate in the reconstruction of Ukraine, and we really need this. Ukrainian business will also invest in Europe. An economic bridge cannot have only one direction, there must be two directions - then it will be effective. This is an inevitable European integration process,” Yurii Voievoda noted.

The Pivdenny West Bridge program, which was implemented by the teams of Pivdenny Bank and Regionala Investiciju Banka (RIB), Latvia, has been successfully helping businesses build this bridge for almost a year. The successfully implemented cases within the program include: financing the acquisition of a production complex in Romania by Biosphere Corporation, the largest Ukrainian household goods manufacturer and distributor, opening a credit line and overdraft to the European division of DTEK for the development of energy trade in the European market, financing the purchase of a new ferry by UkrFerry shipping company, etc.

“The European integration process of Ukraine is inevitable, and we, as a bank, also take part in it, because we are always ready to offer a financial shoulder to Ukrainian business that seeks to go forward,” Yurii Voievoda emphasized.

You can learn more about the Pivdenny West Bridge program, which helps Ukrainian businesses to get financing for development in Europe, at the link.