This document provides an overview of why respected investors such as David Rubinstein, George Soros, and Richard Branson are bullish about investing in Ukraine despite the challenges it faces. It argues that Ukraine now represents a ground-floor investment opportunity due to reforms that have stabilized the economy, improved transparency, and opened opportunities in sectors like IT, manufacturing, and agriculture. Key reforms include increasing gas prices to market rates, privatizing over 300 state-owned enterprises, cleaning up the banking system, and implementing a pro-European agenda that has strengthened civil society and the rule of law.
Важные причины инвестировать в Украину именно сегодня от Horizon CapitalKira Ivanova
Важные причины инвестировать в Украину именно сегодня от Horizon Capital
Инвестиционный фонд Horizon Capital сделал презентацию, которая показывает возможности Украины и призывает инвестировать в Украину прямо сейчас.
В Horizon Capital объясняют, какие перспективы есть у Украины, откуда они берутся, что нужно сделать в стране и какое будущее ее ожидает. В презентации кратко описаны также возможности и риски для инвестора, который отважится вложить деньги в Украину. В Horizon это называют "ground-floor investment opportunity".
Кризис – это не только проблемы, но и новые возможности!
Спасибо Horizon Capital за материалы.
Важливі причини інвестувати в Україну саме сьогодні від Horizon Capital
Інвестиційний фонд Horizon Capital зробив презентацію, яка показує можливості України та закликає інвестувати в Україну прямо зараз.
У Horizon Capital пояснюють, які перспективи має Україна, звідки вони беруться, що потрібно зробити в країні та яке майбутнє її чекає. У презентації коротко описані також можливості та ризики для інвестора, який наважиться вкласти гроші в Україну. В Horizon це називають "ground-floor investment opportunity".
Криза - це не тільки проблеми, але й нові можливості!
Дякуємо за матеріали Horizon Capital.
Ukraine 2015: A ground-floor opportunity at the EU’s frontier – Horizon Capital
Horizon Capital has developed and shared a comprehensive, data-rich report entitled “Ukraine 2015: A ground-floor opportunity at the EU’s frontier”.
The youngest, most pro-business government in the history of modern Ukraine is driving a bold structural reform agenda that is both the right thing to do for the country as well as the clear demand of an active, engaged civil society. From a business perspective, the lasting competitive advantages in export-focused sectors, such as IT, Agriculture, Food and others, open up exciting investment opportunities, made even more compelling by very attractive valuations.
Thais is a brief version of the Horizon Capital presentation.
http://horizoncapital.com.ua/sites/default/files/horizon_capital_press_release_july_24_2015_english.pdf
Horizon Capital Ukraine Ground Floor Opportunity pptHorizon Capital
The document presents a bullish case for investing in Ukraine in 2015, arguing it presents a ground-floor investment opportunity. It outlines Ukraine's lost potential over the past decades due to a lack of reforms but notes the situation has changed significantly. A new pro-Western government elected by both East and West aims to implement structural reforms to attract investment. Recent macroeconomic stabilization and fiscal discipline further improve Ukraine's investment prospects despite challenges remaining.
This document provides an overview of investment opportunities in Ukraine and argues that now is a good time to invest. It notes that Ukraine had potential after the fall of the USSR but failed to realize it due to lack of reforms over 20+ years. However, recent events like the 2014 revolution have led to pro-reform leadership and started structural changes like fiscal discipline, deregulation, privatization and transparency. The document highlights opportunities in sectors like IT, manufacturing, agriculture, and concludes that Ukraine now presents a ground-floor investment opportunity.
This document discusses the growth of the Ukrainian software technology industry. It notes that Ukraine has over 50,000 software engineers, the largest number in Central and Eastern Europe, and that many Fortune 500 companies outsource software development to Ukraine. The IT sector now accounts for around 3% of Ukraine's GDP and is the fastest growing sector, transforming the Ukrainian economy. Many Ukrainian startups are also achieving international success. The document argues that Ukraine's large, skilled IT workforce is delivering high quality software globally and playing an important role in the world economy.
The investment volume in Ukraine's venture capital IT industry reached a record high of $265M in 2017, a 231% increase from 2016. Most of the growth came from large growth and secondary deals and a dozen Series A deals. The number of identified deals was 44, down from previous years. Seed rounds declined in number and volume while Series A rounds hit a record high average size of $4.78M. Foreign capital accounted for 96% of the total investment volume, with investors based in the US, UK, and Israel among the most active. Key sectors like software and online services saw significant growth. There were 5 disclosed exits worth $8M in total.
2014 Developments in Ukrainian IT sector, Yevgen Sysoyev @ IDCEE2014Yevgen Sysoyev
2014 Developments in Ukrainian IT sector, overview of venture capital market in Ukraine. Announce of Dealbook Ukraine. By Yevgen Sysoyev, managing partner of AVentures Capital @ IDCEE2014
Ukraine IT universe by Yevgen Sysoyev, AVentures Capital #idcee2013Yevgen Sysoyev
Comprehensive overview of Ukrainian IT sectors and venture capital ecosystem as of late 2013. Presentation by Yevgen Sysoyev, AVentures Capital at IDCEE 2013.
Важные причины инвестировать в Украину именно сегодня от Horizon CapitalKira Ivanova
Важные причины инвестировать в Украину именно сегодня от Horizon Capital
Инвестиционный фонд Horizon Capital сделал презентацию, которая показывает возможности Украины и призывает инвестировать в Украину прямо сейчас.
В Horizon Capital объясняют, какие перспективы есть у Украины, откуда они берутся, что нужно сделать в стране и какое будущее ее ожидает. В презентации кратко описаны также возможности и риски для инвестора, который отважится вложить деньги в Украину. В Horizon это называют "ground-floor investment opportunity".
Кризис – это не только проблемы, но и новые возможности!
Спасибо Horizon Capital за материалы.
Важливі причини інвестувати в Україну саме сьогодні від Horizon Capital
Інвестиційний фонд Horizon Capital зробив презентацію, яка показує можливості України та закликає інвестувати в Україну прямо зараз.
У Horizon Capital пояснюють, які перспективи має Україна, звідки вони беруться, що потрібно зробити в країні та яке майбутнє її чекає. У презентації коротко описані також можливості та ризики для інвестора, який наважиться вкласти гроші в Україну. В Horizon це називають "ground-floor investment opportunity".
Криза - це не тільки проблеми, але й нові можливості!
Дякуємо за матеріали Horizon Capital.
Ukraine 2015: A ground-floor opportunity at the EU’s frontier – Horizon Capital
Horizon Capital has developed and shared a comprehensive, data-rich report entitled “Ukraine 2015: A ground-floor opportunity at the EU’s frontier”.
The youngest, most pro-business government in the history of modern Ukraine is driving a bold structural reform agenda that is both the right thing to do for the country as well as the clear demand of an active, engaged civil society. From a business perspective, the lasting competitive advantages in export-focused sectors, such as IT, Agriculture, Food and others, open up exciting investment opportunities, made even more compelling by very attractive valuations.
Thais is a brief version of the Horizon Capital presentation.
http://horizoncapital.com.ua/sites/default/files/horizon_capital_press_release_july_24_2015_english.pdf
Horizon Capital Ukraine Ground Floor Opportunity pptHorizon Capital
The document presents a bullish case for investing in Ukraine in 2015, arguing it presents a ground-floor investment opportunity. It outlines Ukraine's lost potential over the past decades due to a lack of reforms but notes the situation has changed significantly. A new pro-Western government elected by both East and West aims to implement structural reforms to attract investment. Recent macroeconomic stabilization and fiscal discipline further improve Ukraine's investment prospects despite challenges remaining.
This document provides an overview of investment opportunities in Ukraine and argues that now is a good time to invest. It notes that Ukraine had potential after the fall of the USSR but failed to realize it due to lack of reforms over 20+ years. However, recent events like the 2014 revolution have led to pro-reform leadership and started structural changes like fiscal discipline, deregulation, privatization and transparency. The document highlights opportunities in sectors like IT, manufacturing, agriculture, and concludes that Ukraine now presents a ground-floor investment opportunity.
This document discusses the growth of the Ukrainian software technology industry. It notes that Ukraine has over 50,000 software engineers, the largest number in Central and Eastern Europe, and that many Fortune 500 companies outsource software development to Ukraine. The IT sector now accounts for around 3% of Ukraine's GDP and is the fastest growing sector, transforming the Ukrainian economy. Many Ukrainian startups are also achieving international success. The document argues that Ukraine's large, skilled IT workforce is delivering high quality software globally and playing an important role in the world economy.
The investment volume in Ukraine's venture capital IT industry reached a record high of $265M in 2017, a 231% increase from 2016. Most of the growth came from large growth and secondary deals and a dozen Series A deals. The number of identified deals was 44, down from previous years. Seed rounds declined in number and volume while Series A rounds hit a record high average size of $4.78M. Foreign capital accounted for 96% of the total investment volume, with investors based in the US, UK, and Israel among the most active. Key sectors like software and online services saw significant growth. There were 5 disclosed exits worth $8M in total.
2014 Developments in Ukrainian IT sector, Yevgen Sysoyev @ IDCEE2014Yevgen Sysoyev
2014 Developments in Ukrainian IT sector, overview of venture capital market in Ukraine. Announce of Dealbook Ukraine. By Yevgen Sysoyev, managing partner of AVentures Capital @ IDCEE2014
Ukraine IT universe by Yevgen Sysoyev, AVentures Capital #idcee2013Yevgen Sysoyev
Comprehensive overview of Ukrainian IT sectors and venture capital ecosystem as of late 2013. Presentation by Yevgen Sysoyev, AVentures Capital at IDCEE 2013.
For optimized reading: http://www.uadn.net/files/ua_hightech.pdf
A comprehensive 250-page review of software R&D and IT outsourcing activities in Ukraine, the country with the largest number of software engineers in CEE. http://www.uadn.net/files/ua_hightech.pdf
Top 100 Ukrainian IT companies by AVentures CapitalYevgen Sysoyev
The document summarizes key data about 105 Ukrainian tech companies. It finds that 49% are headquartered in Kyiv, 50% have a global orientation, and 44% are in the software/online services sector. The majority are profitable or breaking even. Most companies are valued between $1-50 million and were bootstrapped without outside funding. The top sectors are software, e-commerce, online services, and gaming.
The document is an annual report by AVentures Capital covering the Ukrainian tech investment industry in 2020. It summarizes that total funding volume reached a record high of $571 million despite the COVID-19 pandemic, with most funds going to a few global companies with Ukrainian roots. Early-stage funding also hit record highs, though international funds provided the majority. Exits increased in number but most were of moderate value. The software development outsourcing industry saw consolidation trends amid remote work formats.
This document provides an overview of the outsourcing industries and technology landscapes in Belarus and Ukraine. Some key points:
- Belarus and Ukraine have large, skilled talent pools for outsourcing with thousands of IT graduates annually and lower costs than Western Europe.
- Both countries have a strong technological foundation from Soviet times and continue to invest in education. Minsk is considered an emerging outsourcing destination and Kyiv is in the top 100.
- The cultural environment is considered more similar to Western clients than locations like India, with a shared Eastern European mindset, though some differences exist like a preference for discussion over simple agreement.
- Both countries offer government support for outsourcing through organizations that
This presentation reproduces selected statistics from the OECD publication entitled “Challenges of International Co-operation in Competition Law Enforcement 2014”. Access the full text of the report at http://www.oecd.org/daf/competition/challenges-international-coop-competition-2014.htm
Giorgio Anania Photonics Venture Capital Initiatives in Europe Financing Phot...EPIC Photonics Investing
Photonics is a key pervasive technology that enables innovative and revolutionary solutions and products in diverse markets such as lifescience, agrofood, healthcare, security, defence, consumer, environment, energy, telecom/datacom…
The photonics industry is going through a transformation due to the maturity of the technologies and the fact that the implementation of these mature technologies is economically viable. The industry is going through numerous acquisitions, and there are many companies raising capital (www.epic-assoc.com/funding/venture-finance – spreadsheets “List of investments in photonics” & “List of M&A in photonics”).
Yet the photonics industry is hard to navigate both because of the vast amount of companies (there are 5000 companies in Europe involved in Photonics but 86% of them are SMEs), and the intrinsic fact that there are no ‘photonics’ companies but rather companies that develop sensors, lasers, optics, fibres, photonic integrated circuits, …
This is a comprehensive analysis of the agriculture sector in Ukraine. It is a sectoral guide for perspective investors who are exploring opportunities in Ukraine. The report includes key figures characterizing the market, as well as information about the ongoing projects. This report also contains the list of forthcoming reforms and policy development needed to boost Ukrainian agriculture. The report was prepared by the Office of the National Investment Council of Ukraine and presented at the Council meeting in Kyiv, on May 25, 2018
Invest in Ukraine: Transport InfrastructureOfficeNIC
This is a comprehensive analysis of the transport infrastructure sector in Ukraine. It is an integrated guide for perspective investors who are exploring opportunities in Ukraine. The report includes key figures characterizing the market, as well as information about the ongoing projects. This report also contains the list of forthcoming reforms and policy development needed to boost Ukrainian transport infrastructure. The report was prepared by the Office of the National Investment Council of Ukraine and presented at the Council meeting in Kyiv, on May 25, 2018
Assignment ib- twists and turns in globalisation (autosaved)krishymohan
The document discusses the twists and turns in the debate around globalization in light of recent economic crises. It summarizes the subprime mortgage crisis in the US and the EU sovereign debt crisis, and their effects on globalization. Specifically, it argues that (1) the crises have highlighted the need for stricter regulations and fiscal measures to control cross-border capital flows and reduce risk-taking, and (2) international cooperation is required to establish frameworks that promote sustainable globalization and prevent future crises. However, some see the need for protectionist measures as well due to discontentment with globalization following the economic turmoil.
An astounding number of tech innovations around the globe are fueled by talent from Ukraine. You might not realize it, but you have benefited from them if you’ve used Ford’s in-car infotainment system, Reuters' award-winning photography app, Nokia’s customer retail experience, or Deutsche Bank’s Risk Management System.
People are starting to take notice. Last month George Soros announced that he made a significant investment in a tech firm in Ukraine. He has a solid record of making big bets ahead of the curve. Razom/IT invites you to explore that part of Ukraine.
Taiwan's economy has grown steadily in recent years with a GDP of US$529.6 billion in 2014. Taiwan has unique advantages as a top player in the ICT industry and excels in fields like semiconductors. Trade between Taiwan and Belgium totals around US$1.9 billion annually, with Belgium importing chemicals and cars and exporting stainless steel and bikes. The double taxation agreement between the two economies promotes investment and opportunities exist for cooperation in industries like semiconductors, Industry 4.0, and helping Taiwanese SMEs adopt new technologies.
This document provides information about Taiwan's economy and key industries. It lists the names and student IDs of group members studying Taiwan. The major industries in Taiwan are described as electronics, petroleum refining, chemicals, textiles, iron and steel, machinery, and others. Key industries discussed include information technology, semiconductors, telecommunications, and export/import. Taiwan has a developed economy ranking 18th globally in GDP. The economy relies heavily on exports and was impacted by the 2008/2009 global crisis but has seen growth in recent years.
Luxembourg is an advanced economy with the highest per capita income in the OECD, reflecting the dynamic services sector, notably in banking and other financial services.
Relations between Government and IT (Dimitri Podoliev Business Stream)IT Arena
Lviv IT Arena is a conference specially designed for programmers, designers, developers, top managers, inverstors, entrepreneur and startuppers. Annually it takes place on 2-4 of October in Lviv at the Arena Lviv stadium. In 2015 conference gathered more than 1400 participants and over 100 speakers from companies like Facebook. FitBit, Mail.ru, HP, Epson and IBM. More details about conference at itarene.lviv.ua.
This document summarizes key findings from the 2016 OECD Economic Survey of Finland. It finds that reviving productivity and increasing employment are essential for Finland's economy given weak growth, rising debt, and the highest government spending in the OECD. Productivity growth has stalled across industries, though this is a common trend. Unemployment is higher in Finland than other Nordic countries. The document recommends reforms to streamline product market regulations, shift taxes, and boost cooperation between businesses and universities to increase innovation and productivity. It also suggests stepping up activation policies for unemployment benefits and reducing incentives for early retirement to raise employment.
This document provides an overview and summary of the 2015 OECD Economic Survey of Ireland. It finds that while Ireland has recovered strongly from the crisis through reforms and growth, challenges remain around reducing high household debt levels, lowering the high rate of non-performing loans, and making growth more inclusive through measures such as improving access to affordable childcare and reducing disincentives for low-income families to work. The survey also recommends that Ireland can boost productivity growth further through intensifying competition in certain sectors, expanding support for research and development, and ensuring skills training programs are demand-driven.
Smart Specialisation Strategy and Internationalisation: challenges and opport...OECD CFE
Presentation by Simona Iammarino, Professor of Economic Geography, LSE, United Kingdom at the OECD webinar on "The Internationalisation of Smart Specialisation Strategies", held on 28 June 2021.
More info: https://www.oecd.org/cfe/leed/s3-internationalisation.htm
This document summarizes the 2017 OECD Economic Survey of Iceland. It finds that Iceland has made a remarkable economic recovery since the 2008 financial crisis. Unemployment and inflation are now low, and growth is the fastest in the OECD due to increases in tourism and favorable terms of trade. However, rapid growth also brings challenges, like overheating and rising housing prices. The report provides recommendations to preserve macroeconomic stability, make tourism more sustainable and inclusive, and improve effective and inclusive labor relations.
This article discusses the growing technology startup scene in Central and Eastern Europe. It profiles Ionut Budisteanu, a Romanian student who built a lower-cost alternative to Google's self-driving car. The article then discusses how entrepreneurs, programmers, and engineers from the region are challenging stereotypes and building reputations as an emerging tech hub, drawing on strong education systems. It highlights 100 innovators from the region selected by the New Europe 100 project and describes some of their achievements. The article argues that while bureaucracy remains challenging for businesses, foreign investors are increasingly interested in the region's potential for innovation and its skilled, low-cost workforce.
The document discusses Ukraine's economy and potential for growth. It notes that while Ukraine had a reasonably good starting point after the collapse of the USSR, corrupt and incompetent governments resisted reforms, keeping foreign investment away. However, the Revolution of Dignity in 2013 marked a paradigm shift, with an active, pro-European civil society demanding change. Ukraine now has opportunities to transform its economy by leveraging two competitive advantages - its educated population with strong technical skills, and low labor costs. Ukraine ranks highly in math and science education and is a top global outsourcing destination for IT. With continued reforms, Ukraine aims to attract more foreign investment and further develop its economy.
Economies around the world face headwinds to rapid growth: volatile commodity prices, slowing trade and sluggish productivity growth. What are the critical drivers of competitiveness and productivity in France, Europe and elsewhere? How can we ensure that growth is both robust and socially inclusive? What will be the impact of the latest technologies on lives and livelihoods?
Presentation made by World Economic Forum
Rohit Talwar- The Future of Estonian/Lithuanian Tourism 02/02/13 Rohit Talwar
For the Vilnius Tourism Conference, Tourism Opportunities for Lithuania
A look at the current conditions and future possibilities for Estonian/Lithuanian tourism
For optimized reading: http://www.uadn.net/files/ua_hightech.pdf
A comprehensive 250-page review of software R&D and IT outsourcing activities in Ukraine, the country with the largest number of software engineers in CEE. http://www.uadn.net/files/ua_hightech.pdf
Top 100 Ukrainian IT companies by AVentures CapitalYevgen Sysoyev
The document summarizes key data about 105 Ukrainian tech companies. It finds that 49% are headquartered in Kyiv, 50% have a global orientation, and 44% are in the software/online services sector. The majority are profitable or breaking even. Most companies are valued between $1-50 million and were bootstrapped without outside funding. The top sectors are software, e-commerce, online services, and gaming.
The document is an annual report by AVentures Capital covering the Ukrainian tech investment industry in 2020. It summarizes that total funding volume reached a record high of $571 million despite the COVID-19 pandemic, with most funds going to a few global companies with Ukrainian roots. Early-stage funding also hit record highs, though international funds provided the majority. Exits increased in number but most were of moderate value. The software development outsourcing industry saw consolidation trends amid remote work formats.
This document provides an overview of the outsourcing industries and technology landscapes in Belarus and Ukraine. Some key points:
- Belarus and Ukraine have large, skilled talent pools for outsourcing with thousands of IT graduates annually and lower costs than Western Europe.
- Both countries have a strong technological foundation from Soviet times and continue to invest in education. Minsk is considered an emerging outsourcing destination and Kyiv is in the top 100.
- The cultural environment is considered more similar to Western clients than locations like India, with a shared Eastern European mindset, though some differences exist like a preference for discussion over simple agreement.
- Both countries offer government support for outsourcing through organizations that
This presentation reproduces selected statistics from the OECD publication entitled “Challenges of International Co-operation in Competition Law Enforcement 2014”. Access the full text of the report at http://www.oecd.org/daf/competition/challenges-international-coop-competition-2014.htm
Giorgio Anania Photonics Venture Capital Initiatives in Europe Financing Phot...EPIC Photonics Investing
Photonics is a key pervasive technology that enables innovative and revolutionary solutions and products in diverse markets such as lifescience, agrofood, healthcare, security, defence, consumer, environment, energy, telecom/datacom…
The photonics industry is going through a transformation due to the maturity of the technologies and the fact that the implementation of these mature technologies is economically viable. The industry is going through numerous acquisitions, and there are many companies raising capital (www.epic-assoc.com/funding/venture-finance – spreadsheets “List of investments in photonics” & “List of M&A in photonics”).
Yet the photonics industry is hard to navigate both because of the vast amount of companies (there are 5000 companies in Europe involved in Photonics but 86% of them are SMEs), and the intrinsic fact that there are no ‘photonics’ companies but rather companies that develop sensors, lasers, optics, fibres, photonic integrated circuits, …
This is a comprehensive analysis of the agriculture sector in Ukraine. It is a sectoral guide for perspective investors who are exploring opportunities in Ukraine. The report includes key figures characterizing the market, as well as information about the ongoing projects. This report also contains the list of forthcoming reforms and policy development needed to boost Ukrainian agriculture. The report was prepared by the Office of the National Investment Council of Ukraine and presented at the Council meeting in Kyiv, on May 25, 2018
Invest in Ukraine: Transport InfrastructureOfficeNIC
This is a comprehensive analysis of the transport infrastructure sector in Ukraine. It is an integrated guide for perspective investors who are exploring opportunities in Ukraine. The report includes key figures characterizing the market, as well as information about the ongoing projects. This report also contains the list of forthcoming reforms and policy development needed to boost Ukrainian transport infrastructure. The report was prepared by the Office of the National Investment Council of Ukraine and presented at the Council meeting in Kyiv, on May 25, 2018
Assignment ib- twists and turns in globalisation (autosaved)krishymohan
The document discusses the twists and turns in the debate around globalization in light of recent economic crises. It summarizes the subprime mortgage crisis in the US and the EU sovereign debt crisis, and their effects on globalization. Specifically, it argues that (1) the crises have highlighted the need for stricter regulations and fiscal measures to control cross-border capital flows and reduce risk-taking, and (2) international cooperation is required to establish frameworks that promote sustainable globalization and prevent future crises. However, some see the need for protectionist measures as well due to discontentment with globalization following the economic turmoil.
An astounding number of tech innovations around the globe are fueled by talent from Ukraine. You might not realize it, but you have benefited from them if you’ve used Ford’s in-car infotainment system, Reuters' award-winning photography app, Nokia’s customer retail experience, or Deutsche Bank’s Risk Management System.
People are starting to take notice. Last month George Soros announced that he made a significant investment in a tech firm in Ukraine. He has a solid record of making big bets ahead of the curve. Razom/IT invites you to explore that part of Ukraine.
Taiwan's economy has grown steadily in recent years with a GDP of US$529.6 billion in 2014. Taiwan has unique advantages as a top player in the ICT industry and excels in fields like semiconductors. Trade between Taiwan and Belgium totals around US$1.9 billion annually, with Belgium importing chemicals and cars and exporting stainless steel and bikes. The double taxation agreement between the two economies promotes investment and opportunities exist for cooperation in industries like semiconductors, Industry 4.0, and helping Taiwanese SMEs adopt new technologies.
This document provides information about Taiwan's economy and key industries. It lists the names and student IDs of group members studying Taiwan. The major industries in Taiwan are described as electronics, petroleum refining, chemicals, textiles, iron and steel, machinery, and others. Key industries discussed include information technology, semiconductors, telecommunications, and export/import. Taiwan has a developed economy ranking 18th globally in GDP. The economy relies heavily on exports and was impacted by the 2008/2009 global crisis but has seen growth in recent years.
Luxembourg is an advanced economy with the highest per capita income in the OECD, reflecting the dynamic services sector, notably in banking and other financial services.
Relations between Government and IT (Dimitri Podoliev Business Stream)IT Arena
Lviv IT Arena is a conference specially designed for programmers, designers, developers, top managers, inverstors, entrepreneur and startuppers. Annually it takes place on 2-4 of October in Lviv at the Arena Lviv stadium. In 2015 conference gathered more than 1400 participants and over 100 speakers from companies like Facebook. FitBit, Mail.ru, HP, Epson and IBM. More details about conference at itarene.lviv.ua.
This document summarizes key findings from the 2016 OECD Economic Survey of Finland. It finds that reviving productivity and increasing employment are essential for Finland's economy given weak growth, rising debt, and the highest government spending in the OECD. Productivity growth has stalled across industries, though this is a common trend. Unemployment is higher in Finland than other Nordic countries. The document recommends reforms to streamline product market regulations, shift taxes, and boost cooperation between businesses and universities to increase innovation and productivity. It also suggests stepping up activation policies for unemployment benefits and reducing incentives for early retirement to raise employment.
This document provides an overview and summary of the 2015 OECD Economic Survey of Ireland. It finds that while Ireland has recovered strongly from the crisis through reforms and growth, challenges remain around reducing high household debt levels, lowering the high rate of non-performing loans, and making growth more inclusive through measures such as improving access to affordable childcare and reducing disincentives for low-income families to work. The survey also recommends that Ireland can boost productivity growth further through intensifying competition in certain sectors, expanding support for research and development, and ensuring skills training programs are demand-driven.
Smart Specialisation Strategy and Internationalisation: challenges and opport...OECD CFE
Presentation by Simona Iammarino, Professor of Economic Geography, LSE, United Kingdom at the OECD webinar on "The Internationalisation of Smart Specialisation Strategies", held on 28 June 2021.
More info: https://www.oecd.org/cfe/leed/s3-internationalisation.htm
This document summarizes the 2017 OECD Economic Survey of Iceland. It finds that Iceland has made a remarkable economic recovery since the 2008 financial crisis. Unemployment and inflation are now low, and growth is the fastest in the OECD due to increases in tourism and favorable terms of trade. However, rapid growth also brings challenges, like overheating and rising housing prices. The report provides recommendations to preserve macroeconomic stability, make tourism more sustainable and inclusive, and improve effective and inclusive labor relations.
This article discusses the growing technology startup scene in Central and Eastern Europe. It profiles Ionut Budisteanu, a Romanian student who built a lower-cost alternative to Google's self-driving car. The article then discusses how entrepreneurs, programmers, and engineers from the region are challenging stereotypes and building reputations as an emerging tech hub, drawing on strong education systems. It highlights 100 innovators from the region selected by the New Europe 100 project and describes some of their achievements. The article argues that while bureaucracy remains challenging for businesses, foreign investors are increasingly interested in the region's potential for innovation and its skilled, low-cost workforce.
The document discusses Ukraine's economy and potential for growth. It notes that while Ukraine had a reasonably good starting point after the collapse of the USSR, corrupt and incompetent governments resisted reforms, keeping foreign investment away. However, the Revolution of Dignity in 2013 marked a paradigm shift, with an active, pro-European civil society demanding change. Ukraine now has opportunities to transform its economy by leveraging two competitive advantages - its educated population with strong technical skills, and low labor costs. Ukraine ranks highly in math and science education and is a top global outsourcing destination for IT. With continued reforms, Ukraine aims to attract more foreign investment and further develop its economy.
Economies around the world face headwinds to rapid growth: volatile commodity prices, slowing trade and sluggish productivity growth. What are the critical drivers of competitiveness and productivity in France, Europe and elsewhere? How can we ensure that growth is both robust and socially inclusive? What will be the impact of the latest technologies on lives and livelihoods?
Presentation made by World Economic Forum
Rohit Talwar- The Future of Estonian/Lithuanian Tourism 02/02/13 Rohit Talwar
For the Vilnius Tourism Conference, Tourism Opportunities for Lithuania
A look at the current conditions and future possibilities for Estonian/Lithuanian tourism
Report on Ukraine for The Financial Times_August-September 2011 issue_Author ...Nataliya Kozachenko
Ukraine has significant economic potential but has struggled to attract foreign direct investment (FDI) due to instability and poor business environment ratings. While it has natural resources, fertile land, and a skilled workforce, its GDP and FDI per capita are much lower than neighboring countries. To increase FDI, Ukraine needs to improve economic freedom, ease of doing business, competitiveness, and reduce corruption. It also needs a clear investment promotion strategy to change negative investor perceptions and promote stability to keep investors during economic downturns. Key sectors for growth include agriculture, infrastructure, and projects around the upcoming Euro 2012 football tournament.
Global remittance flows have been steadily increasing each year, reaching $636 billion in 2017. Developing countries received $459 billion that year. The top three remittance receiving countries are in Asia Pacific. Remittance costs have marginally declined but still represent around 8% of transaction amounts. Remittances make up a large portion of GDP for some small countries like Tajikistan and Nepal. The European economy experienced an 11% contraction during the recession but its 2020 strategy aims for smart, sustainable, and inclusive growth to help recovery.
Global remittance flows have been steadily increasing each year, reaching $636 billion in 2017. Developing countries received $459 billion that year. The top three remittance receiving countries are in Asia Pacific. Remittance costs have marginally declined but still represent around 8% of transaction amounts. Remittances make up a large portion of GDP for some small countries like Tajikistan, Kyrgyzstan, and Nepal. The European Union remains a major global economy and trading partner despite experiencing an 11% economic contraction during the recent recession period. Europe 2020 aims to promote smart, sustainable and inclusive growth across the region.
This three sentence summary provides the high level overview of the economic development policy paper:
The document outlines the major economic challenges facing Ukraine, including low purchasing power, high unemployment, lack of investment, declining exports and industrial production, and an excessive shadow economy. It then proposes solutions to address these issues through bold institutional reforms to fight corruption, financial stabilization measures, and actions to achieve energy independence such as introducing transparent natural gas pricing and increasing domestic production. The goal is to unlock Ukraine's economic potential by overcoming these systemic problems through targeted policy changes.
Strategy Position Paper of the Ukrainian Association for the Club of RomeViktor Halasiuk, PhD
The document outlines Ukraine's development challenges and proposes a strategy. It notes that while Ukraine has significant human and natural resources, its Soviet-era economy is inefficient and the environment neglected. Over 25 years, Ukraine's GDP contracted 35% amid deindustrialization, corruption and oligarchy. The strategy proposes adapting the EU's eco-social market model to spur sustainable and equitable growth through increased investment, exports, employment and purchasing power while reducing corruption, environmental depletion and human capital loss.
Ukraine: From Evolutionary to Revolutionary Reforms DonbassFullAccess
This document summarizes Ukraine's post-revolutionary economic reform agenda. It identifies the top five reform priorities as: reducing corruption, reforming the inefficient energy sector, reducing excessive regulation, overhauling the bloated civil service bureaucracy, and stabilizing the financial sector. The current political leadership has pledged to implement reforms in these key areas. The international community is providing $40 billion in financial support over four years to help Ukraine stabilize its economy and implement reforms, though disbursement of funds is tied to demonstrable reform progress. Successful reforms are critical for Ukraine to return to economic growth and overcome the challenges left by years of mismanagement.
Africa has experienced periods of hope, decline, and renewed growth since decolonization in the 1960s. After initial optimism in the 1960-70s, economic and social conditions deteriorated in the 1970s-90s due to rising dependency ratios, conflicts fueled by the Cold War, and slowing GDP growth. However, since the 1990s Africa has seen increasing political pluralism, economic reforms, and boosted trade and investment as globalization accelerated. Looking ahead, Africa's growing and youthful population, urbanization, rising middle class, and developing infrastructure present opportunities for expanded consumption, retail growth, technology adoption and increased trade and exports.
Kurt Salmon - Migrants market - A.Arkam, H. Cambournac Aude Arkam
In light of our market watch and interviews with experts, Kurt Salmon point of view provides banks with some key points to succeed in targeting this kind of market
The document discusses several topics related to the efficiency of trade systems over the next decade:
- Supply chains will evolve into more open and interconnected "value webs" that span entire ecosystems and help reduce costs, improve service, mitigate risk, and drive innovation.
- Increased use of technologies like RFID, geo-location tracking, and real-time product/temperature streaming will provide more visibility and traceability across supply chains.
- Autonomous vehicles are expected to significantly improve the efficiency of goods movement over the next 10 years, especially reducing the high costs associated with the "last mile" of deliveries.
1. The Davos 2016 conference focused on the theme of the Fourth Industrial Revolution and the technological changes impacting the global economy.
2. Slowing growth in China and uncertainty around a potential UK exit from the EU were key economic concerns.
3. Growing inequality, concerns over job losses due to automation, and the global migration crisis were discussed as major social issues.
4. Business leaders need to think long-term, embrace collaboration and creativity, focus on trust and authenticity, and commit to personal growth to navigate uncertainty.
development in world economy in past 30yearsElvin Hasanov
The document discusses developments in the world economy over the past 30 years. It highlights two key dynamics that have helped economic growth: 1) development of human capital and institutions, and 2) structural economic transformation through industrialization and new industries. Globalization and trade integration increased dramatically over this period, supported by advances in technology, transportation, and communication. Many developing countries experienced rapid economic growth and rising incomes. Countries like China, India, and others in East Asia helped drive global economic performance through industrialization and integration into global supply chains.
Ukraine's economic freedom score declined in 2015, ranking its economy 162nd out of 176 countries. Its score fell in eight of the ten economic freedoms due to deteriorations in property rights, government spending, and investment freedom. Ukraine has one of the lowest scores in Europe, below the world average, and its economy remains repressed with weak rule of law and a closed investment regime dominated by state-owned enterprises. Recent political instability and conflict with Russia have disrupted trade and investment.
This document is the 2015 OECD Economic Survey of South Africa. It finds that while social progress has been impressive in South Africa, with access to services broadened and poverty alleviated, economic growth is falling behind and has not been inclusive enough. Infrastructure bottlenecks like in electricity need to be tackled. Wage negotiations are too confrontational and less than half of the working age population has a job, driving inequality. The survey makes key recommendations like using independent producers to increase electricity capacity, making wage negotiations less confrontational, expanding affordable public transport and supporting small and medium enterprises.
When Tech meets Culture: perspectives from AfricaSpeck&Tech
ABSTRACT: This talk introduces some of the problematics about International Development Aid going through the highlights of my work experience as ICT manager in an international development project in Sierra Leone. Moreover, it will give different perspectives about Africa compared to the one usually portrayed by media, highlighting some success stories of African innovations and discussing the role of technology in tackling some of the future African continent’s challenges.
BIO: Luca Cimonetti worked as software engineer in several European countries: Austria, Netherlands and France. Following my interest for ICT4D, I recently worked as ICT manager in an international development project in Sierra Leone with the aim of building a national emergency medical service. I am currently working as freelance web developer based in Trento.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise boosts blood flow and levels of neurotransmitters and endorphins which elevate and stabilize mood.
The document discusses the benefits of exercise for mental health. It states that regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help alleviate symptoms of mental illness.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help boost feelings of calmness, happiness and focus.
The document discusses the benefits of exercise for mental health. It states that regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help alleviate symptoms of mental illness.
ТРУДОВАЯ МИГРАЦИЯ В УКРАИНЕ Май 2019 г. Презентация результатов всеукраинского исследования общественного мнения
Опрос проводился в период с 21 по 30 мая 2019 года. Опрошен 2001 респондент в возрасте от 18 лет и старше. Выборка репрезентирует население Украины по полу, возрасту, типу населенного пункта и региону проживания (за исключением неподконтрольных территорий Донецкой и Луганской областей, АР Крым, и г. Севастополь). Метод опроса – личное формализованное интервью (face-to-face). Максимальная погрешность выборки не превышает +/-2,2%
Artificial intelligence, customer journeys, and paid analytics
Quest to be more data-centric and insights-driven
Data-driven CMOs drive omnichannel customer intelligence
Companies turn to paid analytics for enhanced capabilities
The power of now: customer journey analytics rely on integrated data
Harnessing AI for more insight-driven marketing and better customer experiences
2018's IAB Europe survey aims to assess the current adoption of and attitudes...Dmytro Lysiuk
ATTITUDES TO DIGITAL VIDEO ADVERTISING
IAB Europe report, 2018
Executive Summary
SECTION 1 Introduction
SECTION 2 Methodology and Participants
SECTION 3 Current Adoption
SECTION 4 Objectives and Measurement
SECTION 5 Digital Video Inventory Supply
SECTION 6 Cross-Screen: TV and Digital Video
SECTION 7 Future of Digital Video Advertising
Contact Details
IAB Europe is the leading European-level industry association for the digital advertising ecosystem. Its mission
is to promote the development of this innovative sector and ensure its sustainability by shaping the regulatory
environment, demonstrating the value digital advertising brings to Europe’s economy, to consumers and to
the market, and developing and facilitating the uptake of harmonised business practices that take account of
changing user expectations and enable digital brand advertising to scale in Europe.
A comparative phylogenetic study of genetics and folk musicDmytro Lysiuk
This study aimed to investigate if there is a correlation between genetic distances of populations and their folk music traditions. The researchers analyzed genetic data from 42 populations based on Y-chromosome and 56 populations based on mtDNA haplogroup frequencies. They also analyzed folk music melodies from 31 Eurasian nations using automatic overlap analysis of parallel melody styles. They found that close musical relations between populations indicated close genetic distances (less than 0.05) with a probability of 82%. Maternal lineages seemed to play a more important role in folk music traditions than paternal lineages. This suggests a significant correlation between population genetics and folk music. The combination of these disciplines into a new "music-genetics" field could provide a more comprehensive understanding of past population
The document provides an overview of key findings from the 2018 Global NGO Technology Report, which surveyed over 5,000 NGOs worldwide about their use of technology. Some of the main findings include: 92% of NGOs have a website, with 87% being mobile compatible. WordPress is used by 44% of NGOs for their websites. 72% of NGOs accept online donations and 63% regularly send fundraising emails. 93% of NGOs have a Facebook page and 77% have a Twitter profile. Social media is effective for fundraising for 71% of NGOs.
ЧИМ ЖИВУТЬ УКРАЇНСЬКІ НДО. 2018. Звіт за результатами комплексного дослідженн...Dmytro Lysiuk
ЧИМ ЖИВУТЬ УКРАЇНСЬКІ НДО: ОРГАНІЗАЦІЙНІ ПРОБЛЕМИ ТА МОЖЛИВОСТІ РОЗВИТКУ
Київ, 2018
Звіт за результатами комплексного дослідження
Посольство Великої Британії в Україні
This document provides an overview of charitable giving in the UK in 2017 based on a survey of 12,000 people. Some key findings include:
- The total amount given to charity increased to £10.3 billion, driven by fewer people giving more.
- The number of people who donated or sponsored others decreased from 2016 levels.
- November and December were peak months for donations, while June was highest for sponsorships.
- Cash remains the primary method for giving, though its use decreased slightly in 2017.
CAF UK GIVING January 2018
5% of people say they will give more to charity in the next 12 months.
58% of people say they will give the same amount.
9% of people say they will give less.
23% of people are not sure.
The Cambridge Declaration on ConsciousnessDmytro Lysiuk
The Cambridge Declaration on Consciousness
July 7, 2012, a prominent international group of cognitive neuroscientists,
neuropharmacologists, neurophysiologists, neuroanatomists and computational neuroscientists
gathered at The University of Cambridge to reassess the neurobiological substrates of conscious
experience and related behaviors in human and non-human animals. While comparative research on
this topic is naturally hampered by the inability of non-human animals, and often humans, to clearly
and readily communicate about their internal states, the following observations can be stated
unequivocally:
More people in Scotland donate and participate in charitable activities compared to the UK average. Over 90% of young people in Scotland have participated in charitable activities, which is higher than young people in the UK overall. One in ten people in Scotland took part in a demonstration or signed a petition, which is also higher than the UK average. The average donation amount in Scotland is £33.
September 2017, UK charity giving infographicDmytro Lysiuk
How people give to charity in the UK
Our latest infographic provides some interesting insights into donor behaviours – particularly the preferences of men and women when it comes to supporting charities.
CAF World Giving Index 2016
Find out which countries have the most generous givers. This year, 140 countries were surveyed and our latest report reveals our findings. Complete the form below to download a copy of the report.
Facebook is still the dominant social media platform in the Nordic countries, with over 75% of internet users being on Facebook. WhatsApp has gained popularity competing with Facebook in Finland, where it is used almost as widely. Snapchat is most popular in Norway, especially among younger users. YouTube and other platforms are primarily used for entertainment, while LinkedIn and Facebook are used more for professional networking. The most important mobile apps also include several local services like MobilePay in Denmark and BankID in Sweden, alongside global apps like Facebook and Snapchat. Usage patterns differ across countries and age groups.
INTERNET TRENDS 2016 –
CODE CONFERENCE
Mary Meeker
June 1, 2016
kpcb.com/InternetTrends
Outline
1) Global Internet Trends
2) Global Macro Trends
3) Advertising / Commerce + Brand Trends
4) Re-Imagining Communication – Video / Image / Messaging
5) Re-Imagining Human-Computer Interfaces – Voice / Transportation
6) China = Internet Leader on Many Metrics
(Provided by Hillhouse Capital)
7) Public / Private Company Data
8) Data as a Platform / Data Privacy
Over the next two years, China faces significant political and economic risks under President Xi Jinping's increasingly authoritarian leadership. Xi has consolidated power, weakening China's system of collective leadership, but this makes both the political system and Xi himself more fragile. Economically, Xi is struggling to transition China to a consumer-led economy, as fears around arbitrary policies are causing capital flight. China's confrontational approach in the South China Sea also increases the potential for conflict with the US and its allies. While Xi's leadership can likely survive in the short-term, challenges to both political and economic stability mean China's future beyond 2018 remains uncertain.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
The Evolution and Impact of OTT Platforms: A Deep Dive into the Future of Ent...ABHILASH DUTTA
This presentation provides a thorough examination of Over-the-Top (OTT) platforms, focusing on their development and substantial influence on the entertainment industry, with a particular emphasis on the Indian market.We begin with an introduction to OTT platforms, defining them as streaming services that deliver content directly over the internet, bypassing traditional broadcast channels. These platforms offer a variety of content, including movies, TV shows, and original productions, allowing users to access content on-demand across multiple devices.The historical context covers the early days of streaming, starting with Netflix's inception in 1997 as a DVD rental service and its transition to streaming in 2007. The presentation also highlights India's television journey, from the launch of Doordarshan in 1959 to the introduction of Direct-to-Home (DTH) satellite television in 2000, which expanded viewing choices and set the stage for the rise of OTT platforms like Big Flix, Ditto TV, Sony LIV, Hotstar, and Netflix. The business models of OTT platforms are explored in detail. Subscription Video on Demand (SVOD) models, exemplified by Netflix and Amazon Prime Video, offer unlimited content access for a monthly fee. Transactional Video on Demand (TVOD) models, like iTunes and Sky Box Office, allow users to pay for individual pieces of content. Advertising-Based Video on Demand (AVOD) models, such as YouTube and Facebook Watch, provide free content supported by advertisements. Hybrid models combine elements of SVOD and AVOD, offering flexibility to cater to diverse audience preferences.
Content acquisition strategies are also discussed, highlighting the dual approach of purchasing broadcasting rights for existing films and TV shows and investing in original content production. This section underscores the importance of a robust content library in attracting and retaining subscribers.The presentation addresses the challenges faced by OTT platforms, including the unpredictability of content acquisition and audience preferences. It emphasizes the difficulty of balancing content investment with returns in a competitive market, the high costs associated with marketing, and the need for continuous innovation and adaptation to stay relevant.
The impact of OTT platforms on the Bollywood film industry is significant. The competition for viewers has led to a decrease in cinema ticket sales, affecting the revenue of Bollywood films that traditionally rely on theatrical releases. Additionally, OTT platforms now pay less for film rights due to the uncertain success of films in cinemas.
Looking ahead, the future of OTT in India appears promising. The market is expected to grow by 20% annually, reaching a value of ₹1200 billion by the end of the decade. The increasing availability of affordable smartphones and internet access will drive this growth, making OTT platforms a primary source of entertainment for many viewers.
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.AnnySerafinaLove
This letter, written by Kellen Harkins, Course Director at Full Sail University, commends Anny Love's exemplary performance in the Video Sharing Platforms class. It highlights her dedication, willingness to challenge herself, and exceptional skills in production, editing, and marketing across various video platforms like YouTube, TikTok, and Instagram.
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Holger Mueller of Constellation Research shares his key takeaways from SAP's Sapphire confernece, held in Orlando, June 3rd till 5th 2024, in the Orange Convention Center.
Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.
The 10 Most Influential Leaders Guiding Corporate Evolution, 2024.pdfthesiliconleaders
In the recent edition, The 10 Most Influential Leaders Guiding Corporate Evolution, 2024, The Silicon Leaders magazine gladly features Dejan Štancer, President of the Global Chamber of Business Leaders (GCBL), along with other leaders.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
Understanding User Needs and Satisfying ThemAggregage
https://www.productmanagementtoday.com/frs/26903918/understanding-user-needs-and-satisfying-them
We know we want to create products which our customers find to be valuable. Whether we label it as customer-centric or product-led depends on how long we've been doing product management. There are three challenges we face when doing this. The obvious challenge is figuring out what our users need; the non-obvious challenges are in creating a shared understanding of those needs and in sensing if what we're doing is meeting those needs.
In this webinar, we won't focus on the research methods for discovering user-needs. We will focus on synthesis of the needs we discover, communication and alignment tools, and how we operationalize addressing those needs.
Industry expert Scott Sehlhorst will:
• Introduce a taxonomy for user goals with real world examples
• Present the Onion Diagram, a tool for contextualizing task-level goals
• Illustrate how customer journey maps capture activity-level and task-level goals
• Demonstrate the best approach to selection and prioritization of user-goals to address
• Highlight the crucial benchmarks, observable changes, in ensuring fulfillment of customer needs
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How MJ Global Leads the Packaging Industry.pdfMJ Global
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At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
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The structural design process is explained: Follow our step-by-step guide to understand building design intricacies and ensure structural integrity. Learn how to build wonderful buildings with the help of our detailed information. Learn how to create structures with durability and reliability and also gain insights on ways of managing structures.
2. 2
Source: Reuters, Hromadske 2015
“…Next door to Russia there is a
complicated place, but also more
attractive – it has a much better Finance
Minister than anyone you can find in that
part of the world…
Ukraine is an extremely attractive place
to invest and I would look at that place as
a place if you want to take some risk and
you are investing in dollars, but there
aren’t that many people investing in
Ukraine, so you’re probably going to buy
some things that are going to be
relatively inexpensive”
- David Rubinstein, Carlyle Group
"I stand ready. There are concrete investment
ideas, for example in agriculture and
infrastructure projects. I would put in $1 billion”
- George Soros, Soros Fund Management
"Personally, I think that Ukraine is a good
place to invest. I'm hopeful that Virgin would
start doing business in Ukraine”
- Richard Branson, Virgin Group
Invest in Ukraine?
3. Invest in Ukraine?
Why would respected, seasoned
investors like Rubinstein, Soros or
Branson be bullish about investing in
Ukraine when the “bears” are much
louder and more numerous?
3
4. Foreword
The “bear” perspective on Ukraine is clear. The challenges faced by the
country are known and well-documented by analysts and media
throughout the world.
What is missing though, is a contrarian perspective, which, while
recognizing the challenges and risks, also gives a voice to the compelling
reasons to consider Ukraine today as an investment destination.
To that end, this presentation makes a bullish case for Ukraine.
Each crisis opens up opportunities, and the latter is what we have chosen
to focus our attention upon.
For above all, what we see in 2015 in Ukraine is a historical, ground-floor
investment opportunity.
4
5. Outline
1. The lost decades
2. A ground-floor opportunity now
3. Brains: #1 IT engineering force in CEE
4. Hands: lowest-cost manufacturing platform in Europe
5. Grains: the food basket of the world
6. Entry ticket: a 70% discount to … Greek valuations
5
6. 1. The lost decades
How the lack of reforms over 20+ years failed to unleash
much of Ukraine’s potential.
6
7. As USSR collapsed Ukraine had a reasonably good starting point…
7
6.0
0.0
4.0
2.0
7.0
5.0
3.0
1.0
Turkey
4.4
Romania
5.2
Poland
6.0
Brazil
6.7
Ukraine
6.8
Source: World Bank
GDP per capita (PPP) in 1990, thousand USD
8. ..but populist, corrupt, incompetent governments resisted reforms
8
Ukraine’s ranking in Ease of Doing Business
Source: World Bank, 2010-2012
2011 rank
138 Madagascar
139 Micronesia
140 Bhutan
141 Sierra Leone
142 Syria
143 Ukraine
144 Gambia
145 Cambodia
146 Philippines
147 Bolivia
2012 rank
149 Iran, Islamic Rep.
150 Malawi
151 Mali
152 Tajikistan
153 Algeria
154 Gambia
155 Burkina Faso
156 Liberia
157 Ukraine
158 Bolivia
2010 rank
137 Iran
138 Ecuador
139 West Bank and Gaza
140 Gambia
141 Honduras
142 Ukraine
143 Syria
144 Philippines
145 Cambodia
146 Cape Verde
9. …which kept foreign investors away…
9
1,379
4,090
5,966
7,109
8,828
11,634
12,942
15,370
18,995
0
5,000
10,000
15,000
20,000
Estonia Czech Romania UkrainePoland LithuaniaSlovakia Hungary Latvia
Source: Economist Intelligence Unit
Net FDI stock in each country per capita, $
10. …failing to unleash Ukraine’s true potential
10
1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014
400
300
200
100
150
50
250
350
450
Ukraine
Slovakia
Latvia
Poland
Estonia
GDP per capital growth (PPP), indexed scale, 1995=100
Source: World Bank
11. 2. A ground-floor opportunity
Why this time is different and what makes us optimistic
about Ukrainian economy now.
11
12. A critical perspective: ground-floor starting point…
12
Economic Stagnation Authoritarian Legacy
Conflict Black Sheep of Europe
13. … all these countries faced major obstacles 10-15 years ago…
13
Philippines pre-Arroyo Georgia pre-Saakashvili
Colombia pre-Uribe Slovakia pre-Dzurinda
Lost decade, steep GDP decline Vote-rigging president, ousted
by popular revolt
FARC guerillas in a full-scale
war with government
Country missing EU accession boat
14. 14
20
15
5
0
10
1990
+17%
20102000 201420051995
+8%
Dzurinda
Reform
Administration
Starting point: end of 1990s
• Black sheep of Europe
• Missing EU accession boat
• Limited growth
Outcomes:
• Top investment destination
• Zero to highest automotive
output per capita in a few years
• Exports drove growth, from
$19bn in 2000 to $66bn in 2013
• Fastest growing economy in
Europe through 2008
GDP per capita, in ‘000 USD
…yet managed to turn into spectacular successes: Slovakia
15. 15
3
2
1
0
4
+14%
-6%
201420102005200019951990
Saakashvili
Reform
Administration
Starting point: 2004
• Endemic corruption
• Crippling energy blackouts
• Economy in shambles
Outcomes:
• Corruption Perception
ranking: #132 to #51 by 2012
(i.e. higher than Czech)
• From #98th to #8th in Ease of
Doing Business by 2014
• One of the fastest growing
economies in the world
From laggard to leader: Georgia
GDP per capita, in ‘000 USD
16. 16
3
2
0
1
20142010
-1%
+9%
1990 2000 20051995
Macapagal-
Arroyo Reform
Administration
GDP per capita, in ‘000 USD
Starting point: 2001
• Ruinous Asian crisis
• President impeached
• Separatist war in the South
Outcomes:
• Sound national security
• GDP CAGR of 5.4% during
2002-2014
• BPO crucial catalyst, built on
young, cost-competitive
English-speaking generation
From laggard to leader: Philippines
17. 17
10
8
6
4
2
0
+13%
+6%
201420102005200019951990
Uribe Reform
Administration
GDP per capita, in ‘000 USD
Starting point: 2004
• Failed state, recession
• Weak institutions
• War vs. FARC guerillas
Outcomes:
• National security key priority
• GDP CAGR 4-5% thru 2014
• FDI <$2bn to >$16bn in 2013
• Exports up 4.3x to $67bn
From laggard to leader: Colombia
18. Can this be also the story of Ukraine in 2015?
18
Kyiv Maidan, 15 December 2013
The Revolution of Dignity
marks a paradigm shift in
Ukrainian society, politics
and inevitably, the economy
The active, pro-European
civil society – the Maidan
generation, intolerant of
abuses and relentless in
their controlling function,
warrants a point of no
return for the transformation
of the country
19. A critical mass of active, tech-savvy civil society=relentless scrutiny
19
Percent of population using internet,
%
Source: Euromonitor, Internetlivestats, BBC, USAID
6
7
1
2
3
4
5
5.7
Russia
4.5
Romania
3.6
Ukraine
3.3
Czech
2.6
Belarus
Civil Society Organization Index in 2014,
1-7 scale, lower=stronger civil society
+0.1 +0.4 0 -0.2 +0.1
42
38
34
29
23
18
0
10
20
30
40
50
2010 20122008 2014
11
“Throughout this turbulent period,
Ukrainian civil society stepped up to
the plate, playing a key role in
forming the new government’s policy
priorities and providing critical
services to the public”
– USAID, 2015
Improvement vs. 2008
“2014 saw the rise of self-organized
public and a strong volunteer
movement”
20. A president elected for the first time by both, East & West in Ukraine
20
Presidential elections 2004:
Yushchenko
Presidential elections 2010:
Yanukovich
Presidential elections 2014:
Poroshenko
For the first time, Ukrainian people did not split along geopolitical
or language lines. President Poroshenko won in the outright
majority of constituencies
21. A young, technocrat, pro-business, English speaking government
21
45
46
50
56
58
40
45
50
55
60
13 years
Mar-10Dec-07 Dec-12 Dec-14Feb-14
Source: kmu.gov.ua
Average age of ministers in Ukrainian Governments (2007-2014)
Tymoshenko Azarov Azarov Yatsenyuk Yatsenyuk
22. Soviet legacy dying off
22
0
32
27
21
65
123
0
50
100
150
20072006 2012 20141998 2002
Source: Central Election Committee
Communist representation in Parliament, out of 450 seats
The Communist
Party, on a declining
trend since
independence, failed
to reach parliament
in 2014 altogether –
an expression of the
generational change
in peoples’ values
and preferences
23. A clear pro-European majority, for the first time
23
Source: Razumkov Centre, Democratic Initiatives, Kyiv Post
2002 2004 2006 2008 2010 2012 2014
50%
55%
60%
65%
35%
40%
45%
40%
53%
64%
48%
53%
44%
49%
Population support for joining the EU, percent
91%
45%
51%
0%
20%
40%
60%
80%
100%
201420122007
100%
Pro-EU parties support in parliament, %
24. A critical mass of reformers and start of structural reforms
24
Critical mass of
reformers
Fiscal discipline
Deregulation
Privatization
Free trade
Transparency
• New pro-business, pro-reform, pro-Europe government
• Average age 45, fluent English, Western experience and education
• Eliminating intermediaries, open competition for public positions,
electronic state tenders, civic society high engagement
• 19% budgetary surplus in 1Q15, despite near tripling defense spending;
cut energy subsidies costing 10% of GDP, 4x hike in gas tariffs
• Licensing for 26 activities abolished, 16 regulations scrapped
• Rose 56 positions in Ease of Doing business to #96, key reform KPI
• > 300 state owned enterprises to be privatized, years of mismanagement
have led to 2.5% of GDP consumed in annual subsidies
• Historical free trade agreement (DCFTA) signed with EU, eliminating
tariffs and quotas for trade, opening up the largest market in the world
25. Macro: stabilization package with IMF tempered C/A deficit, UAH rate
25
21.1
26.5
16.2
13.0
11.8
0
5
10
15
20
25
30
Feb
’15
Nov
’14
Aug
’14
May
’14
May
’15
Source: Dragon Capital, minfin.com.ua
Hryvnia exchange rate, UAH per USD
0.70.8
-1.3
-0.9
-1.5
-2.3
-8
-6
-4
-2
0
2
4Q132Q13 4Q15F
-1.0
-5.0
-6.0
-3.2
2Q15F4Q142Q14
-0.5
-1.5
Current account balance, USD billion
26. Public finance: fiscally disciplined, despite spike in defense spend
26
Ukrainian state budget, 1Q 2015
UAH mn 2014 2015 YoY, %
Revenues 152,050 198,409 30%
Tax on income of
individuals
22,238 28,676 29%
Corporate income tax 18,948 19,447 3%
VAT 40,668 58,735 44%
Other 70,197 91,552 30%
Expenses (154,718) (178,760) 16%
Debt service (12,411) (25,721) 107%
Military expense (4,393) (11,691) 166%
Other (137,914) (141,348) 2%
Financing (190) (1,156) 507%
Budget deficit/surplus (2,858) 18,493 747%
Source: Ministry of Finance of Ukraine
Finance Minister Jaresko
runs a prudent budget.
Ukraine achieved a 19%
primary surplus despite a
near tripling of defense
expenses
27. Energy: doing away with a ruinous subsidy costing 10% of GDP
27
0.9
2.52.7
4.2
9.7
0
3
6
9
12
UkraineUSACanadaCzechEU-28
-91%
Natural gas prices, 2014, $ cents per kWh
(pre reform)
3.0
5.8
7.07.4
11.2
0
3
6
9
12
-73%
UkraineCzech CanadaUSAGermany
GDP $ produced from 1 kg of oil equivalent
Source: Eurostat, World Bank
Unprecedentedly, the new government had the courage to push through a near 4x hike in gas
tariffs, to be followed by increases to full market parity, ending 20+ years of ruinous subsidies
28. Energy: gas reform, cut reliance on Russia, boost production
28
Imports vs. local production, BCM Sources of gas import, %
92%
74%
37%
26%
63%
8%
100%
80%
60%
40%
20%
0%
5M 20152013 2014
11
22 22 23
8
48 28
20
9
33
0
10
20
30
40
50
60
2013
50
5M15
17
2014
43
2012
55
2011
59
EU RussiaOwn production*Gas import
* includes gas usage from reserves (up to 6% of consumption) Source: Naftogaz of Ukraine, Ukrstat
29. Privatization: shaking-off the inefficient state-owned enterprises
29
State-owned companies contribution, % GDP
Source: Ministry of Economic Development and Trade of Ukraine
-3.0%
-2.0%
-1.0%
0.0%
1.0%
-2.5%
0.2%
Subsidies
Dividends
The Ministry of Economy announced a bold
privatization agenda to address the systemic
inefficiencies of the state owned enterprises
Over 1,800 SOEs generated in 2014 a net loss of
UAH 115 billion and consuming subsidies of
2.5% of GDP
Analysis shows a potential income of at least
UAH 60 billion
Privatization program aims to divest over 300
state enterprises in the first phase
As a first step, data about the top-100 SOEs has
been made public, including financial statements
30. Banking: cleaning up the sector, shutting down “pocket banks”
30
Number of banks where temporary
administration or liquidation was initiated
13
22
7
6
5
0
6
12
18
24
2Q151Q154Q143Q142Q14
Source: National Bank of Ukraine, DGF
The government has to resolve insolvent banks
through recapitalization and liquidation
Since early 2014, over 50 banks out of 180 have
closed their doors, as the NBU has increased
capital requirements and committed to ridding the
system of “pocket banks”
Structural impediments in the system are being
addressed, preventing a wide-spread practice of
channeling excessive lending to insiders
The adoption of the law on strengthening bank
owner responsibility, as demanded by the IMF,
should improve corporate governance and bring
more transparency to the sector, again lowering
the burden on the state to save failing banks
31. Deregulation: ease of doing business a key KPI for government
31
50
100
150
200
2015
96
2014
112
2013
137
2012
152
Source: World Bank, Ministry of Economic Development and Trade of Ukraine
Ukraine’s ranking in Ease of Doing Business,
inversed scale An ambitious deregulation program has
been launched, with over 70 initiatives,
from scrapping a quarantine certificate
for grain transportation, to liberalizing
the land market, to simplifying the
immigration rules for expats
Licensing for 26 business activities has
been abolished and 16 regulations
scrapped
The Ministry of Economy estimates the
program to generate between $2.4 - $3.3
billion in savings for the business
community and dramatically improve
Ukraine’s standing in the World Bank’s
Ease of Doing Business Rating
32. In summary: Ukraine offers a true ground-floor opportunity
• Largest country within Europe
• 45 million population, 99.7% literacy
• 70% live in urban areas
• #1 black-soil bank in the world
• 93% of country open for business
Too big to ignore
• 3x-10x consumption gap vs. peers in basic
categories, from e-commerce to pharma
• 10x-100x+ consumption gap in select
categories ie. life insurance, parcel delivery
• GDP growth expected to restore in 2016
Huge catch-up to peers
• $156 average manufacturing salary
• 2 truck days away from EU
• Free trade area with over 730m consumers
• Leading global positions in Agro & IT
Europe’s most cost-competitive platform
• Liquidity crunch as no lending
• Median EV/EBITDA only 4.3x, 50-60%
discount to Poland, Bulgaria, Turkey
• Median P/E only 4.6x, ~70% discount to
Greece
Bargain valuations
Sources:
1) Ukrstat
2) CIA
3) Euromonitor consumer statistics, Datamonitor
4) IMF, the Economist
5) www.worldatlas.com
6) Capital IQ
32
33. Export champions – the growth engine and safest bet on UA economy
Lviv 400km from Warsaw,
900km from Berlin
Manufacturing wages $1.2 /
hour, 2x lower than China
60% devaluation boosting cost
competitiveness
6.5% exports CAGR between
2009-2014
Exports only 49% of GDP vs
61% for CEE peers
Per capita exports of $1,540
still 3x lower than Poland
Share of EU exports from 20%
to 35% in 5 years
0% duty on most EU exports
20x growth in IT exports in 10 years
Sources:
1) Ukrstat, NBU
2) EU DCFTA text
3) World Bank, the Economist
4) China Statistical Yearbook
5) www.worldatlas.com 33
34. Brains, Hands and Grains: three lasting, competitive advantages
1. Brains 2. Hands 3. Grains
The #1 IT engineering
force in CEE
Lowest-cost manufacturing
platform in Europe
Largest black-soil
bank in the world
Sustainable competitive advantages in IT, Manufacturing, Agriculture
to drive an exports-fueled rebound
34
36. Top math and science education, starting with primary school
36
China 1
US 2
Ukraine 6
Romania 11
Netherlands 13
Germany 16
Czech Republic 32
India 39
France 45
Belgium 59
Source: International Mathematical Olympiad, Eurostat, Ukrstat 2014
Results at the International Math Olympiad,
global rank
10%
4%
2%
8%
6%
0%
4.4%
Romania
4.9%
Ukraine
5.1%
Bulgaria
6.3%
6.8%
Latvia
9.8%
Poland Hungary Lithuania
3.9%
Share of math, science and computing graduates, %
37. Strong technical education ensures high quality of students…
37
United Kingdom 1
Hungary 9
Ukraine 13
Belgium 15
United States 26
Poland 32
Italy 38
Romania 48
India 56
Philippines 115
Source: goodcountry.org, Universitas 21
Good Country Index: Science and Technology
parameters reported to GDP, rank
US 1
UK 8
Germany 14
Hungary 30
Poland 32
Ukraine 41
Romania 42
Indonesia 48
Turkey 49
India 50
Universitas 21, university research quality,
rank
38. …and feeds abundant technical talent into the market
38
Engineering graduates per annum in European countries, thousand students
39
48
56
66
71
75
93
105
130
20
40
60
80
100
120
140
RomaniaItalySpainPolandUKTurkeyGermanyFranceUkraine
Source: World Economic Forum, Forbes, 2014, IVC, www.business-standard.com
39. Programmer salaries among the most competitive in the world
39
Average programmer salary, comparable skills, thousand USD per annum
Source: Stackoverflow, 2014
26
38
43
6263
686869
77
90
0
20
40
60
80
100 -71%
South
Africa
IrelandNew
Zealand
IsraelCanadaUKAustraliaUnited
States
UkraineChina
40. Largest IT outsourcing force in CEE & among top ones globally
40
Kharkiv 6.7%
Kyiv 6.6%
Lviv 3.4%
Zaporizhya 3.1%
Omsk 3.1%
Moscow 2.8%
Minsk 2.7%
Novosibirsk 2.6%
Bucharest 2.5%
Belgrade 2.3%
Source: dou.ua, Elance
3%
Macedonia
3%
Croatia
2%
Moldova
7%
Other
7%Poland
4%
Belarus
4%
Bulgaria
Serbia
8%
21%
33%
Ukraine
Russia
9%
Romania
Top CEE countries by IT freelance outsourcing, % Top CEE cities by IT freelance outsourcing, %
Ukraine is the #1 IT outsourcing country in CEE, by a wide margin;
#3 by freelance outsourcing in the world after US, India
41. As result, IT outsourcing grew at 30%+ annually for over 10 years
41
Total size of the IT outsourcing market, USD million
Source: Ukrainian Hi-Tech Initiative, Symphony-solutions
2,379
2,000
1,400
1,100
874
697
530544
390
250
165110
0
500
1,000
1,500
2,000
2,500
+32%
201420132012201120102009200820072006200520042003
42. Beats growth in global IT outsourcing by a wide margin
42
437
368
257
202
161
128
97
144141
123121112107
111
0
100
200
300
400
500
2007 2008 2009 2010 2011 2012 2013 2014
Growth in Ukrainian IT outsourcing sales vs. the global market, indexed (2007=100)
Source: Ukrainian Hi-Tech Initiative, Symphony-solutions, Gartner
Global IT outsourcing
Ukrainian IT outsourcing
43. 43
Source: Ukrainian Hi-Tech Initiative, Symphony-solutions, Gartner, Ukrstat
Outsourcing emerged as the #2 export service, tripled share
18%
27%
12%
12%
64% 44%
17%
6%
0%
20%
40%
60%
80%
100%
Business services
100%
Other
IT outsourcing
Transportation
2007 2014
Breakdown of Ukrainian service exports, 2007-2014
Already the
#1 exports
category to
United
States
44. Over 100 global companies located software R&D in Ukraine
44
North America Europe Asia
Samsung alone has over 1,000 engineers working on things like computer vision,
information security, artificial intelligence, natural language processing (NLP),
human computer interaction (HCI), computational intelligence and more
45. Ukraine has among the lowest living expenses in the world
45
India 125
Pakistan 123
Ukraine 117
Philippines 112
Romania 105
Hungary 97
Poland 96
China 58
United States 21
Switzerland 1
Source: numbeo.com
Cost of living, including rent, global ranking
(lower = cheaper)
One bedroom rent, month 250
Intercity train Kyiv-Lviv (500km) 14
Two courses in fancy restaurant 12
Dry-clean suit 10
Theater ticket 5
Haircut 4
Taxi trip 3
A bowl of borscht 2
Tomatoes, 1kg 1
Milk, 1L 0.5
Prices of selected items in Kyiv,
USD
46. The beer and burgers are the cheapest in the world too :)
46
Source: Wall Street Journal, The Economist Big Mac Index – February 2015
7,0
6,0
5,0
4,0
3,0
2,0
1,0
0,0
Kyiv
1.7
Dehli
1.8
Berlin
2.6
London
4.5
New
York
5.2
Hong
Kong
6.2
Geneva
6.3
7,0
3,0
6,0
5,0
0,0
4,0
2,0
1,0
8,0
1.2
1.9
UkraineIndia
3.7
Philipp.Germany
4.3
US
4.8
Switzer.
7.5
Average price of a 330ml beer, USD Price of a Big Mac, USD
47. Large, young, urban population
47
Source: Ukrstat
729766
9931,017
1,451
2,868
0
500
1,000
1,500
2,000
2,500
3,000
Kharkiv LvivZaporizhyaKyiv Odessa Dnipropetrovsk
• 70% urban population, concentrated mainly in and
around large cities
• 2.6 million student population with 640,000 graduates
each year
Select Ukrainian cities by population, thousand people
48. And all this in a progressive, cosmopolitan, European country
48
49. Tech talent + cheap living + global outlook = thriving tech ecosystem
49
IT outsourcing is one of the
perennial growth hope stories for
Ukraine, drawing its inspiration
from the Soviet tradition of science
teaching, and the country’s plethora
of scientific institutes that used to
churn out rocket scientists. Under
market conditions, the schools have
switched to producing programmers
– an estimated 16,000 new IT
specialists graduate each year
The huge IT outsourcing sector feeds increasing number of
risk-taking tech talent, with a cosmopolitan outlook, willing
to strike on their own and launch globally-focused tech
startups. The low costs of living and progressive big-city
culture, further add to a thriving tech ecosystem
50. Increasing number of tech UA companies dominate global niches
50
A common theme for all these companies: profitable, self-sustaining business models,
compensating the shortage of venture capital available
Leading app maker for mobile
enterprise productivity
Leading one-stop-shop provider
of online payment solutions
Top-5 global jobs aggregator Cloud based grammar and
spelling solutions provider
Top-5 global stock photos and
videos marketplace
Cloud based CRM solutions
provider
51. A top-10 global, ‘Big’, developing internet market
51
Source: KPCB, Mary Meeker - 2015 Internet Trends
#9 developing BIG
internet market in the
world as per Internet
Trends by KPCB, with
penetration at 42%
and 23% growth in
2014
53. …growing at much faster pace than global market…
53
415
451
361
235
153
100
246
206
177
143
100
0
100
200
300
400
500
2009 2010 2011 2012 2013 2014
119
Ukrainian vs. Global e-commerce sales evolution, indexed growth (2009=100)
Source: eMarketer, Euromonitor, Horizon Capital estimates
Global e-commerce
Ukrainian e-commerce
54. …and with plenty of upside ahead to catch up with peers
54
Source: internetlivestats.com, Euromonitor
20%
40%
60%
80%
100%
0% 20% 40% 60% 80% 100%
Germany
UK
Ukraine
France
Netherlands
Sweden
Italy
Poland
Spain
% of internet users shopping online
%ofinternetusersintotalpopulation
Only ~20% of Ukrainian
internet users shop online
(share doubled over 2 years)
Percent of online shoppers =
3x lower vs Poland, Italy;
4x vs UK, Germany
Share of ecommerce in total
retail is just above 2%, 3-6x
lower vs Western Europe
E-commerce incidence and internet penetration, %
55. “Brains”: recap
• Good education, a strong math and science legacy
• Feeding abundant tech talent to the market – largest IT
engineering force in CEE
• Which led to a thriving IT outsourcing business, up 20x
during last decade
• Tech talent increasingly turning to startups, beyond
outsourcing = increasing numbers of global software
champions from Ukraine
55
57. Plenty of industries remain very dependent on labor cost
57
Source: icrier.org for Emerging Markets, India example
0.30.30.30.30.40.4
0.40.40.4
0.5
0.60.6
0.9
1.0
0.0
0.2
0.4
0.6
0.8
1.0
FootwearStructural
metal
prod.
BicyclesKnit
fabrics
Pasta,
noodles
Luggage Animal
feeds
Apparel Sporting goods Jewelry
Refractory
ceramic
Toys
General purpose
machinery
Furniture
Workers per unit of gross fixed capital stock in manufacturing
58. Unbeatable cost advantage, further enhanced by UAH devaluation
58
Source: U.S. Bureau of Labor Statistics, International Labor Comparisons, Statista, Ukrstat, 2014
1.22.1
8.3
11.311.9
19.4
26.8
35.7
0
5
10
15
20
25
30
35
40
US PolandSlo
vakia
UkraineChinaCzechGreeceSpain
7.9
10.010.510.5
12.6
19.2
0
5
10
15
20
UkraineUSAPolandCzech
Republic
Slo
vakia
Germany
Hourly wages in manufacturing industry
in select countries, USD
Electricity prices for industrial enterprises,
USD cent / kWh
59. Ideally positioned to be a manufacturing and trading platform
59
Source: www.worldatlas.com, www.travelmath.com
Kilometers distance to select cities from Lviv Flight hours to select cities from Kyiv
LvivWarsaw
390
Budapest
570
Berlin
930
Milan
1,560
London
1,990
KyivIstanbul
2
Berlin
2
London
3
NYC
10
Beijing
9
Dubai
5
In a world of tighter supply chains, faster product innovation cycles, Ukraine has a real
chance to emerge as a manufacturing and trading hub at the frontier of EU, Middle East
and Asia. A case in point, Western Ukraine emerged as home to a vibrant automotive
spare-parts manufacturing cluster
60. 60
Source: Kyiv Post, HCA
Light manufacturing Machinery & Equipment
“The production of
Ukrainian workers can
compete with the
European level in terms
of quality. There's a
new, highly-educated
generation of creative
people who want to see
their country strong.
I'm an optimist”
- Dietmar Kung,
Hugo Boss
Proven by top global brands who localized production in Ukraine
61. 61
Source: Ukrstat
Exports to EU rising strongly, marking fundamental shift in trade
38
35
38
34 34
27
27
2630
32
48
38
35
40
15
20
25
30
35
40
45
50
18
2008 2009 2010 2011 2012 2013 2014 1Q
2015
2007
Other countriesEuropeRussia & CIS
Exports split by destination, %
Moving away from
over-reliance on
Russian market as
exports to Europe
grow. Signing of the
DCFTA with the EU
is expected to further
accelerate the trend
62. “Hands”: recap
• Demand for labor remains high, as many industries are still
very labor intensive
• Ukraine enjoys a very attractive location, at the intersection of
the EU, Middle East, Asia
• Signing of historical EU DCFTA to further boost attractiveness
• The manufacturing labor costs are very competitive, even
compared to China
• Cost, advantageous FTAs and proximity to large markets
position Ukraine as ideal manufacturing and trading platform
62
65. Ukraine: already an agro-powerhouse, share of global market rising
65
Source: OECD
1%
0%
2%
4%
6%
8%
10%
12%
14%
1995
0%
2%
2%1%
2%
7%
3%
2%
2005
3%
2015
3%
2000
13%
5%6%
2010
6%
OilseedsCoarse grainsWheat
Ukraine’s share of global exports by commodity, %
66. World’s leading positions in a number of markets
66
Source: Ministry of Agricultural Policy and Food
#1 in sunflower oil
#2 in grains
#3 in corn
#4 in barley
#6 in wheat
#7 in soybean
#8 in poultry
67. Signing the historical EU DCFTA set to accelerate growth
67
Source: Dragon Capital, Institute of Economic Research and Political Consultations
Item Quota, tons
% of quota
used
Wheat 950,000 100%
Corn 400,000 100%
Tomatoes 10,000 100%
Juice 10,000 100%
Cereal groats, meal and
pellets and cereal grains
6,300 100%
Honey 5,000 100%
Barley 250,000 5%
Poultry 36,000 41%
Sugar 20,070 3%
Bran, sharps and other
residues
16,000 12%
EU quotas for export of Ukrainian agro products, 2014
Industry
Old
Tarrif
New
Tarrif
Agriculture, forestry 12.7% 0.3%
Fisheries 12.1% 1.3%
Extraction of fuel energy resources 9.2% 0.0%
Extraction of other resources 22.0% 0.4%
Chemical production 9.2% 0.0%
Rubber and plastic goods 7.5% 0.0%
Leather and leather goods 4.9% 0.0%
Textile and furs 4.3% 0.0%
Production of non-mineral goods 4.1% 0.0%
Auto vehicles 4.1% 0.0%
EU import tariffs on Ukrainian produce
68. A lasting competitive advantage: the most fertile soils in the world
68
Source: Harmonized World Soil Database
Chornozem
Podzoluvisol
Greyzem
Phaeozem
Leptosol
Cambisol
Kastanozem
Arenosol
Water bodies
Gleysol
Fluvisol
Map of Ukraine’s soils
About 1/3 of world’s
most fertile
– chornozem soils –
are in Ukraine
69. Yet the productivity upside potential remains very significant
69
Source: USDA
6
8
2
4
12
10
0
8
9 9
SwitzerlandCanada
11
USA Ukraine
6
Argentina
-45%
Corn yields in select countries, tons per ha
Yields set to rise as
farms keep investing in
modern technology and
methodologies –
opening up significant
investment
opportunities and
upside
70. Leading UA companies show the productivity jump is real
70
Source: USDA, Companies fillings
10
0
2
8
12
6
4
Average
Ukraine
6
Astarta,
Ukraine
7
Argentina
8
MHP,
Ukraine
9
Switzerland
9
Canada
9
USA
11
6
Yields, tons per ha
71. In-country logistics benefit from closer port infrastructure
71
Average distance to port, selected countries, kilometers
300
900
950
1,500
0
300
600
900
1,200
1,500
1,800
USAArgentinaBrazil Ukraine
Source: HCA estimates
73. Thriving agricultural exports to EU, Asia, CIS and Middle East
73
Source: Ministry of Agricultural Policy and Food
EU:
$5.0 bn.
CIS:
$2.6 bn.
Asia:
$6.6 bn.Africa:
$5.0 bn.
74. Local agro-champions operate larger farms than global peers
74
Source: Eurostat, Agricultural Council of America, FAO, Oxford Farming Conference
150
300
450
0
250
5915
GermanyFranceCzech
Republic
18
Argentina USABrazil
(Central/East)
90
Ukraine
6
50
Brazil
(South)
Russia
450
Average farm size, ha
75. As result, fertile soils + better logistics + scale = cost advantage
75
Source: Ministry of Agricultural Policy and Food, USDA, GRDC
123
149
169
210
0
30
60
90
120
150
180
210
240
Australia UkraineCanadaEU
Wheat
79
118
140
153
0
30
60
90
120
150
180
210
240
ArgentinaUSABrazil Ukraine
Corn
Cost of production, USD per ton
76. Sustainable cost advantage = higher profit pool
76
Source: Capital IQ
3%
13%
15%
6%
13%
23%
2%
10%
6%6%
1%
7%8%
5%
9%
32%
6%
24%
36%
0%
10%
20%
30%
40%
Atria
6%
Cherkizovo
11%
20%
MHP,
UA
25%
32%
9%
EnsuikoDhampur
7%
Astarta,
UA
19%
Kernel,
UA
China
Agri
Golden
Agri
2014
2012
2013Vegetable oilSugarMeat
EBITDA margin by agro-sector, %
77. Prone to harvest fluctuations in the long run
77
Source: FAOSTAT
0
10,000
20,000
30,000
40,000
20
30
40
50
60
70
2012201120102009200820072006200520042003
Total Harvest, mn tons
Total Grain Revenue, USD mn
Grain revenue, USD mn (left axis); Grain harvest, mn tons (right axis)
78. Industry moves up the value chain, further increasing margins
78
Source: HCA
Farming
Grain trading
Value-added agri
Agri infrastructure
Valueadd
Grains -> Poultry and Eggs -> Farm Equipment example
Cost advantage in grains enabled growth of eggs and poultry producers, which rely on grains for a
large portion of costs. Companies like MHP, Ovostar, Avangard have achieved global leading
positions in these market segments. Further up the value chain, a thriving poultry and eggs industry,
enabled growth of farm-equipment manufacturers e.g. Texna, which subsequently turned into global
export champions, leveraging their Ukraine base.
79. “Grains”: recap
• Global demand for food keeps rising
• Ukraine is home to 1/3 of the most fertile soils on earth
• Soils, location and scale warrant a lasting cost advantage for
Ukrainian producers
• The room for upside is still large, as further technologization
will keep pushing the yields up
• As the industry matures, it moves up the value chain, boosts
profits, creating a thriving agricultural cluster
79
82. 82
Source: Capital IQ, 10 July-2015
4.6
10.2
11.0
13.714.1
14.8
15.7
0
2
4
6
8
10
12
14
16
18
Turkey Bulgaria GreecePoland
-67%
UkraineRomaniaKazakhstan
Historically low valuations: near 70% discount to Greek companies
Median P/E multiple for selected countries
83. Final recap
• The Revolution of Dignity led to a paradigm shift in
Ukrainian society, politics and inevitably – the economy
• Young, technocratic government leading a bold, structural
reforms agenda
• Uncompromising, active, tech-savvy civil society warrants
the change is lasting = point of no return
• Sustainable competitive advantages in IT, Manufacturing,
Agriculture open up attractive investment opportunities
• Valuations are at historical lows = an ideal time to seize on
the potential upside
83
84. About – Horizon Capital
Horizon Capital is a private equity fund manager that
originates and manages investments in mid-cap companies
with high growth and profit potential in Ukraine and the near
region. Learn more at www.horizoncapital.com.ua
84
85. Contact – Horizon Capital
Lenna Koszarny
Founding Partner and CEO
lkoszarny@horizoncapital.com.ua
Vasile Tofan
Partner
vtofan@horizoncapital.com.ua
85
87. Disclosure
The attached presentation of Horizon Capital does not constitute an offer to sell or a
solicitation of an offer to purchase an interest in any Horizon Capital private equity fund
or sponsored investment.
Certain economic and market information contained herein has been obtained from
published sources prepared by other parties. While such sources are believed to be
reliable, none of Horizon Capital or its affiliates assumes any responsibility for such
information. Recipient should make its own investigations and evaluations of the
information contained herein.
Recipient is cautioned not to place undue reliance on any forward-looking statements,
and Horizon Capital assumes no obligation to update any forward-looking statements as
a result of new information, subsequent events or any other circumstances. Such
statements speak only as of the date that they were originally made.
While presenting the opportunity for monetary gain, an investment in Ukraine will
involve a high degree of risk and is suitable only for investors that have no immediate
need for liquidity of the amount invested and can withstand a loss of their entire
investment. 87