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11 April 2014 Federation of Employers of Ukraine

Dmitry Firtash urged business to follow the logic of “economic patriotism”

The President of the Federation of Employers of Ukraine Dmitry Firtash called business in Ukraine not to stop and continue operating despite the difficult economic situation.

“Since the year started, Ukrainian banks have lost UAH 100 billion deposits. These are funds that stopped working for the economy. Therefore, the main task for today is to revive trust in the Ukrainian economy and banking system. Businessmen can show by their example that they believe in the future of Ukraine. Thus, it is important not to stop enterprises and retain jobs even if it takes some time to operate at a loss”, said Dmitry Firtash.

According to him, small and medium business is the most vulnerable sector in a difficult economic situation. Access of SMEs to public procurement should be among urgent measures supporting entrepreneurs.

“There is a practice in Russia, India, United Arab Emirates, where governments provide small and medium enterprises a guaranteed quota of 10-20% of public procurement volume for certain goods items. For Ukraine it is about UAH 40 billion per year of guaranteed contracts for small businesses. Even if there are no funds in the budget, contracts can be put in the banks as a guarantee for getting a working capital at low interest rates at level of the government securities cost. This can intensify lending”, said the President of the FEU.

 The President of the Federation of Employers urged big Ukrainian business to follow the logic of “economic patriotism” and purchase from domestic producers also. "If there is a choice, we should give preference to domestic products. Economic patriotism is the basis of the internal market growth in all developed countries”, said Dmitry Firtash. 

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