Meeting with Levan Varshalomidze (National Investment Council) and Sergiy Tsivkach (UkraineInvest)

On July 24 the International Council of Business Associations and Chambers in Ukraine met with the Secretary of the National Investment Council of Ukraine Levan Varshalomidze and the Chair of the Executive Board of UkraineInvest Sergiy Tsivkach to discuss the state of the investment climate of Ukraine, processes of both positive and negative nature influencing it, and steps by the Ukrainian authorities necessary for making Ukraine attractive for investors.

The matters in public procurement, renewable energy, tax, and market of deep processing were among the topics discussed. The participants also touched upon the high importance of the rule of law, and defined the issue of building trust as one of the key tasks for Ukraine to be perceived by the world as a reliable partner to make business with.

Mr. Varshalomidze stressed the intention of the government to establish a direct contact with businesses, while ICBAC expressed its willingness and possibility to provide experts from among its members to work on essential matters for improving Ukrainian business climate.

The participants agreed to have a hands-on business-oriented approach in further cooperation.


We are happy to share with you an invitation to a Two-Day Online Conference, organized by the International Trade Club (ITC) and members of the Dnipropetrovsk Chamber of Commerce and Industry on August 4-5, 2020.

The program provides a session of short presentations of opportunities and prospects for cooperation from members of the ITC, as well as B2B negotiations. For more detailed information, please check enclosures ( Invitation, Program ), and/or contact Mr. Oleksandr Vanidovsky, the General Secretary of ITC (a.vanidovsky@gmail.com, +380969400060).
Participation in the conference is free.

Please confirm your participation to Mr. Vanidovsky until July 21, 2020.


Meeting with Prime Minister of Ukraine

Today International Council of Business Associations and Chambers in Ukraine has had a meeting with the Prime Minister of Ukraine Denys Shmyhal. The meeting was organised with an aim to strengthen and deepen the level of business dialogue with the Government of Ukraine in order to foster the development of better conditions for doing business in Ukraine.

Among the discussed topics were:
- activation of trade and investment cooperation involving representatives of the ICBAC to the organization of joint business events and meetings;
- free trade agreements, in particular between Ukraine and Canada, Ukraine and Turkey;
- problematic issues of the companies that are ICBAC members.

For more information, please check out here and some photos here


ICBAC Statement on Resignation by Governor of National Bank of Ukraine, Yakiv Smoliy

ICBAC is deeply concerned about the current development in light of the yesterday’s all of a sudden wish of governor Yakiv Smoliy to resign, citing continuous political pressure as the reason for that, and appeals to the President, the government, and the parliament to stick to the former trajectory and not to let Ukraine slip into a financial crisis again.

To read the full text, please see enclosure.


ICBAC in support of USUBC statement on "green tariff"

ICBAC fully supports the statement of our member U.S.-Ukrainе Business Council to the Office of the President, Prime Minister’s office, Minister of Energy and Environmental Protection, Ministry of Foreign Affairs, Embassy of Ukraine to the U.S.A. and Embassy of the U.S.A. to Ukraine, the Office of the National Investment Council, UkraineInvest, Business Ombudsman Council, and several other addressees on the recent “green tariff” negotiations in Ukraine’s energy sector.

See this statement enclosed.



ICBAC Statement in support of Ukraine’s Economy and Businesses during the Corona-Crisis

HE Volodymyr Zelenskyy
President of Ukraine
HE Denys Shmyhal
Prime Minister of Ukraine
HE Dmytro Razumkov
Speaker of the Verkhovna Rada of Ukraine

Ref.: Response to the Coronavirus Crisis

Dear Messrs. President, Prime Minister and Speaker,

The International Council of Business Associations and Chambers in Ukraine (ICBAC) represents 10 Ukrainian and foreign chambers of commerce and business associations listed below, which unite over 9,000 businesses, representing the majority of employers in Ukraine as well as the companies which have made most foreign investments in Ukraine.

ICBAC believes that COVID-19 poses an immense threat to the global health, physical and economic alike. Our countries employed complexes of measures which include various intensities of testing, carrier tracking, and quarantine-like regimes with varying results, with one thing remaining true – early acknowledgement of the problem leads to lower morbidity. Politicians face tough choices: keep face-to-face interaction to a minimum to stop the spread of the infection and have the GDP plummet – or keep the businesses at least somewhat open to minimize the unemployment and risk a wider virus spread. Reopening economy too early, while desirable economically in short term, can also cause a resurgence in infection.

Ukraine is rather vulnerable to both the healthcare and the economic risks, short-term and long-term, posed by the pandemic. We understand that as a developing economy Ukraine can devote only limited funds to the healthcare measures as well as to the support of business to allow employers to keep the staff on the payroll, even if part-time in these trying times.

ICBAC welcomes the recent steps by the Verkhovna Rada of Ukraine and the Cabinet of Ministers to partially relieve the economic and regulatory pressure from the business under these strenuous conditions and to create the Council for Economic Development of Ukraine under the Prime Minister of Ukraine. ICBAC and its member associations stand ready to assist Ukraine’s authorities in developing a comprehensive anti-crisis measures package, including through sharing the experience of the member associations’ countries.

ICBAC member associations believe that, in order to minimize the effect of the COVID-19 crisis, the most urgent tasks which Ukraine’s authorities should take as fast as possible, yet having carefully thought them through:

(1) Securing financing for the substantial budget deficit, including continued cooperation with the IMF, which would unlock other funding sources, and with other international financial institutions (IFIs), obtain bilateral assistance from other states and international organizations like WHO targeted specifically at countering the COVID-19 healthcare effects;

(2) Keeping the banking system stable and countering the imminent risk of an increase in under- or non-performing loans;

(3) Developing and promptly implementing a systemic anti-crisis package of measures to support the businesses, including SMEs and those larger businesses which do not have the financial safety cushion, through injection of liquidity into sound business, including through state and local procurement orders for medical consumables and equipment from businesses that switch from their regular activities to producing such items, and various other measures which we discuss in the attachment;

(4) Supporting the neediest in the population by strictly targeted programs;

(5) Clearly and regularly communicating the reasons for these packages of measures as well as rules and mechanisms for their use, and for any other anti-crisis measures in the media and through business, volunteer, and other associations.

The following attachment provides more details on the development of crisis scenarios in various countries and measures taken in the developed and other economies as a guidance for urgently needed action by Ukraine’s authorities.

Yours sincerely,

Alfred F. Praus m.p., General Secretary
International Council of Business Associations and Chambers of Commerce in Ukraine

To download Open Letter

To download Attachment on the development of crisis scenarios in various countries and measures taken as a guidance for urgently needed action by Ukraine’s authorities




The International Council of Business Associations and Chambers in Ukraine (ICBAC) was established in 2017 in Ukraine. With our 9 leading bilateral chambers and business associations as well as the Ukrainian Chamber of Commerce and Industry we are representing more than 9,000 Ukrainian and foreign companies in Ukraine and abroad. Our prime aim is to improve the business conditions in Ukraine and promote foreign direct investments.

In our today’s meeting we were discussing how to cope with the impact of coronavirus on business. Whereas we are principally understanding and backing the severe measures taken to prevent further spreading of the virus, we however doubt the appropriateness of banning the entry of foreigners to Ukraine: without doubt foreign investment is constituting one of the main drivers for growth and prosperity.

We will contribute the experience and expertise of our members to such end.

Alfred F. Praus, General Secretary


On September 23, 2019 ICBAC has hosted a Concert and Reception at National Philharmonic Hall in Kyiv.

For more information, please check our press release and some photos here.



On 23 September 2019, ICBAC is organizing a concert and gala reception at Philharmonic Hall in Kyiv. Up to 350 top executives of ICBAC-member companies and 100 personalities from economy, politics and culture are expected to attend and enjoy classical music, followed by high-class networking.

The event will happen with the support of the following partners and sponsors:

Концерт та гала-прийом ICBAC 23 вересня 2019 Концерт та гала-прийом ICBAC 23 вересня 2019 Концерт та гала-прийом ICBAC 23 вересня 2019 Концерт та гала-прийом ICBAC 23 вересня 2019 Концерт та гала-прийом ICBAC 23 вересня 2019



ICBAC is proposing the establishment of a political risk and conflict insurance in Ukraine in order to foster investment, mainly foreign direct investment which had been extremely poor in the past years keeping growth of Ukrainian economy at an inadequate level indeed.

Based on an earlier initiative by Bate C Toms, Chairman of the British-Ukrainian Chamber of Commerce, ICBAC is both lobbying political stakeholders in the international community being potential donors of guarantees as well as addressing President Zelenskyi and his team to include such proposal into the agenda of the Ukraine Reform Conference in Toronto on July 2 – 4.

For this purpose ICBAC has given interviews in UA-TV and has posted a pertinent resolution as well as a commentary thereon in Kyiv Post – see pages 2 and 3 of the issue dated June 27 enclosed. Kyiv Post_27.06.2019


ICBAC-initiative on establishment of a political risk insurance fund

Ukraine urgently needs investment in order to grow and prosper. Foreign Direct Investment would be much higher in the absence of political risk.

Alfred F. Praus/President of UAA and General Secretary of ICBAC moderating the discussion with Daniel Bilak/President of UkraineInvest, Bate C. Toms/Chairman of BUCC who had taken the initiative on such topic, and people from the audience such as Viacheslav Andriyko/General Director of Willis Towers & Watson, Alexander McWorther/Managing Director of Citibank Ukraine, Ukrainian President team and Canadian Embassy. ICBAC-proposal is planned to be presented at the Ukraine Reform Conference on July 4 in Toronto. Still some lobbying ahead to hopefully make it a success.

For more information, please check our PRI press release and some photos here.


Interview with General Secretary of ICBAC at UA-TV

General Secretary of ICBAC Alfred F. Praus presents ICBAC at UA-TV on March 11.

To check the interview, please follow the link: https://www.youtube.com/watch?v=WtSLhCdrXUQ


2019 Second Regular Meeting of ICBAC

On February 28 it was decided to specifically deal with political risk insurance, strategies and measures for curbing labour outflow and brain drain, foster further development of Ukrainian IT-industry in a proper legal format.


2019 First Meeting of ICBAC

On February, 11 a regular meeting of ICBAC members was held.

The President of Ukrainian-Austrian Association Alfred F. Praus, appointed as General Secretary in 2019 of ICBAC, has taken over the main tasks to make ICBAC more active and visible.

ICBAC will continue to deal with specific issues, which are basic prerequisites to increased foreign direct investments as the main driver for growth and hence enhanced prosperity. The practical experience and recommendations of its member companies will be brought forward to the competent ministers and other relevant institutions. Besides education and training in order to improve standards of Ukrainian business, strategies and measures to curb the labour outflow are among the priorities set.

For that purpose ICBAC-members will reconcile actions by way of monthly Jour Fixes and envisage to organize several events, among them a large conference in cooperation with UCCI in September 2019.