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

Ukraine Economic Development Forum, 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
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FOOTNOTE: FORUM SPEAKERS, PANELISTS AND MODERATORS
Keynote 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).

Other speakers, panelists and moderators on the Forum program in Washington 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; (9) William Miller, Senior Policy Scholar, Woodrow Wilson International Center for Scholars and (10) Former U.S. Ambassador to Ukraine; Ambassador John E. Herbst, Coordinator for Reconstruction & Stabilization, U.S. Dept of State, Former U.S. Amb to Ukraine,

Additional program participants in Washington were:(11) Chrystia Freeland, U.S. Managing Editor, Financial Times; (12) George Logush, Vice President Kraft Foods, Area Director: Ukraine, Eastern Europe, Central Asia; (13) Jorge Zukoski, President, American Chamber of Commerce in Ukraine (“Chamber”); (14) Jock Mendoza-Wilson, Director of International & Investor Relations, Systems Capital Management (SCM); (15) Dr. Irina Paliashvili, President and Senior Counsel, RULG-Ukrainian Legal Group: (16) Olexandra Kuzhel, Head of the Ukrainian State Committee for Regulatory Policy and Entrepreneurship and (17) Morgan Williams, Director, Government Affairs, SigmaBleyzer, Washington; President, U.S.-Ukraine Business Council (USUBC). 
                               
Those 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.  
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CONTACT: U.S.-Ukraine Business Council (USUBC)
1701 K Street, NW, Suite 903, Washington, D.C. 20006
Telephone: 202 437 4707; Fax: 202 223 1224
mwilliams@usubc.org; www.usubc.org