International conference "Enhancing Eastern-European Cooperation: Attracting Finance & Mitigating Risks" successfully took place in Kyiv, organized by IBcontacts

Top Quote On November 15, 2012 International conference "Enhancing Eastern-European Cooperation: Attracting Finance & Mitigating Risks" took place in Kyiv, Ukraine, organized by IBcontacts company. End Quote
  • (1888PressRelease) November 29, 2012 - The conference has been dedicated to various issues of bilateral cooperation between Ukrainian companies and their partners from Poland, Hungary, the Czech Republic, and the Slovak Republic; peculiarities of projects implementation and attraction of export trade and project finance as well as minimization of legal and financial risks. Special attention during the conference has been paid to establishment of export credit agency in Ukraine: opportunities for national exporters, international experience and legal initiatives.

    The event is the third in a series of innovative educational events organized by IBcontacts with the support of Ministry of Economic Development and Trade of Ukraine.

    This year international conference has been supported by the Ministry of Economic Development and Trade of Ukraine, Coordination centre for implementation of economic reforms under the President of Ukraine, embassies of Poland, the Czech Republic, Hungary, and the Slovak Republic in Ukraine. The conference involved outstanding number of participants from among leading experts in international finance market and leading companies of almost all spheres of Ukrainian economy.

    Conference participants obtained unique first hand information from speakers recognized all around the world, that hold key positions and make decisions concerning Ukrainian companies in export credit agencies. Thus, key-note speakers of the conference were top-managers of European state export credit corporations such as Euler Hermes (Germany), EGAP (Czech Republic), KUKE (Poland), MEHIB (Hungary), Eximbanka SR (Slovak Republic), as well as Deputy Secretary General of international organization Berne Union, Vice-president of Federation of Business Information Service (FEBIS) and Director responsible for Europe, Middle East and Asia in Association of Executives in Finance, Credit and International Business (FCIB).

    Speaking about program and content of the conference one should mention that the event has become an exceptional platform for Ukrainian business environment for discussion of current issues of international trade development and attraction of international finance by Ukrainian companies.

    First session of the international conference was dedicated to Eastern-European cooperation and international trade relations between Ukraine, Poland, the Czech Republic, Hungary, and Slovak Republic.

    During the second session participants discussed peculiarities of Ukrainian market, risks and barriers that Ukrainian companies face in their activities, and its minimization and overcoming. Namely, foreign experts agreed that the main uncertainties that foreign partners have towards Ukrainian counteragents are first of all connected with lack of appropriate information about Ukrainian companies and their property structure. Among negative factors typical for Ukrainian market were also mentioned complicated bureaucracy procedures for obtaining of permissive documentation and unstable banking system.

    Discussions of the third session were focused on export finance and finance products that European ECAs offer Ukrainian exporters today. It's worth saying that open format of discussions allowed participants to take active part in consideration of actual points during all the event as well as to have a look at projects examples of international finance attraction (CASE-STUDY) and aspects of their implementation together with speakers.

    Moreover, within the framework of the event questions of ECA establishment in Ukraine were discussed publically for the first time.

    Foreign specialists believe that for Ukraine as for the country with developing economy and high country risks, establishment of state export credit agency is one of the key measures to support and develop export activity. "I believe that it is highly important for Ukraine to have own ECA, as the country has export industry which needs complex support from private and state structures. Most important point is that it will help to foster export volumes. Please consider the fact, that all countries-exporters have such an institutions", - said the Head of International Relations Department of PricewaterhouseCoopers (Germany) Mr. Hans-Joachim Pfloksch during the fourth session of international conference.

    "Today Ukraine is the only country, besides a few African ones, that does not have its own export credit agency, - mentioned in her speech Ms. Kateryna Barabash, Managing Director of IBcontacts. - Establishment of Ukrainian ECA will allow to insure risks of Ukrainian exporters and it, in turn, will help them to enter new markets and expend their export".

    Representatives of the Ministry of Economic Development and Trade of Ukraine confirmed that the new version of draft law about establishment of export credit agency in Ukraine is under consideration and will be adopted soon. Experts noticed that the primary task now is to develop export support mechanisms for Ukrainian companies, which will contribute to competitiveness of Ukrainian goods. "Support and risks insurance for Ukrainian producers is one of the central points of the governmental program of export support. While establishment of ECA is an instrument of such institutional support of Ukrainian exporters, - said the Head of Foreign Policy Department of the Ministry Economic Development and Trade of Ukraine Ms. Iryna Ivanova.

    Ms. Yuliya Osmolovska, Coordinator of international economic integration in Coordination centre for implementation of economic reforms under the President of Ukraine, believes that today it is necessary to understand the level of effectiveness of the newly established structure and whether it will become a real supportive mechanism for Ukrainian exporters. Moreover, it is crucial to distinguish the principle, on which the activity of the Ukrainian ECA will be based. "It's going to be s state structure, but the model of state company's positioning may differ from the one offered in the first draft law about state ECA establishment. Now different forms are being designed, in accordance with existing mechanisms of export support. It may be a banking institution that performs export activity". Moreover, it is crucial for Ukraine that the structure will achieve international acknowledgement. "It concerns such an aspect as assigning of international credit rating to Ukrainian institution: one of the features is its membership in international ECA club, first of all Berne union and Prague club", - sais Yulia Osmolovska.

    Fifth session has become a platform for discussion of importance and significance of quality business information in international economic activity and generally has been dedicated to working rules and principles of such information providers and users, procedures of its obtaining and providing. Company's openness to cooperation with such providers and readiness to supply them with relevant information about itself usually is crucial fact for positive decision making in insurance coverage of international trade operations between foreign exporter and Ukrainian importer.

    During sixth session, in CASE STUDY format, participants discussed an example of "MAGO Group practice", namely project on middle-term export finance.

    Speaking about results of the event one should distinguish following points. Firstly, establishment of own export credit agency is one of primary tasks for Ukrainian Government in order to develop end stimulate Ukrainian export. In turn, these measures are positive signal for Ukrainian enterprises, for them it may foster production development as well as to create new working places. Secondly, Ukrainian enterprises, yet it may be hard in Ukraine, may expand their business possibilities already by using schemes of export finance that open international capital markets (i.e. more accessible and long-term) to them.

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