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reGiONs
eUrOPe



PrOFile: YUlia tYmOShenkO

Calmamid thechaos
The PasT few years haVe beeN TurbuleNT eVeN by ukraiNe’s sTaNDarDs,
buT Prime miNisTer yulia TymOsheNkO iNsisTs The siTuaTiON will seTTle
afTer NexT year’s PresiDeNTial eleCTiONs, wriTes Courtney Fingar



                           F
CUrriCUlUm Vitae                 rom the outside looking in, it is difficult       ahead of her keynote address. She is a contro-
                                 to see how exactly Ukraine works as an            versial yet charismatic figure with a compli-
yulia TymOsheNkO                 entity, or how it stays together. It is a frac-   cated biography, from oligarch and so-called
2007                       tious, bipolar country, all but pulled in half by       ‘gas princess’ who made a fortune in the
Ukraine                    tensions both internal and external. So, how            energy industry, to antagonist in the Orange
Prime minister
                           to go about pursuing a co-ordinated, cohesive           Revolution that followed questionable presi-
1999-2001                  investment promotion strategy and national
                           economic development plan?
                                                                                   dential elections in November 2004 and
                                                                                   brought her erstwhile ally Viktor Yushchenko
Ukraine
Vice-premier minister          That question was a hot one at the Lviv             to power (whom she will challenge in presi-
                           International Economic Forum, which was                 dential elections in January 2010).
1998                       held in early October. InvestUkraine, the                   Speaking to fDi (in Ukrainian) on the side-
Ukraine Parliament
Deputy of parliament       national centre for investment promotion, is            lines of the forum, she is every bit the parti-
                           working to resolve the question, and its new            san, pinning the blame on political opponents
1998                       director, Olena Hantsyak-Kaskiv, was on hand,           and positioning her bloc as the solution to the
Strategic Committee on     taking lots of notes throughout discussions             instability, although, it must be said, with no
Budgeting of the Ukraine   and eager to glean best practices from the              small amount of charm.
Parliament
Chairwoman                 international participants.                                 “Indeed, right now there is a political crisis
                               The most interesting domestic participant,          in Ukraine that has been caused by two factors.
                           however, was the one who is a central player in         First of all, it’s an absolutely unprofessional
                           the divisive, tumultuous politics of the coun-          constitutional reform conducted during the
                           try but also perhaps the only one with the star         last presidential elections with all its conse-
                           wattage to raise (if not improve, which is a            quences right now; and, secondly, [we are fac-
                           matter of opinion) its profile internationally.         ing] the next presidential elections which
                                                                                   always, in any democratic society, mean com-
                           Charismatic figurehead                                  petition and today complicate relations
                           Appearing at the final session of the event,            between all presidential candidates,” she says.
                           prime minister Yulia Tymoshenko draws a                     “However, I do hope that by the middle of
                           standing-room-only crowd – a diminutive, doll-          next February the rivalry will be over, and
                           like figure who sits demurely with ankles               then the Ukrainian parliament, and all pol-
                           crossed wearing a white lace dress and famous           itical forces, will be ready for a new con-
                           blonde braid wrapped around the top of her              stitutional reform that would clean this intol-
                           head, while introductory remarks are made               erable chaos.”

                                                                                   Opportunities remain
                                                                                   Chaos, certainly, is not a state that investors
                                                                                   enjoy – economic, political or otherwise. Yet
                                                                                   the prime minister would urge investors not to
                                                                                   bide their time while she works the political
                                                                                   angle and while the economy seeks a way back
                           immense possibilities                                   from the brink.
                           lie in the energy                                           “I believe that even today neither the politi-
                           sector, where Ukraine                                   cal situation nor the current crisis should pre-
                                                                                   vent investors from bringing investments into
                           lags behind in an                                       Ukraine, as right now there are most suitable
                           efficient power-                                        opportunities for that,” she says.
                                                                                       Foremost among these opportunities, from
                           consUming of both                                       the prime minister’s perspective, include the
                           indUstrial and                                          energy sector – an area she knows intimately
                                                                                   and a hot-button issue if ever there was one,
                           hoUsehold sectors.                                      given the geopolitical complexities surround-
                           we need investors                                       ing European energy dependency on Russia,
                                                                                   and Russia’s willingness to make full political
                                                                                   use of this upper hand.
                                                                                       “Ukraine indeed offers great opportuni-

36                                                                                                         October/November 2009
reGiONs
                                                                                                                              eUrOPe




ties; particularly, immense possibilities lie in
the energy sector, where Ukraine lags behind
in an efficient power-consuming of both
industrial and household sectors. That’s why
Ukraine needs investors particularly in this
sector,” she says.
    The prime minister devoted a decent
chunk of her speech at the forum to promot-
ing renewable energy initiatives. “Today we
have everything in place for Ukraine to join
the common efforts for using alternative
sources of energy,” she said.

tax benefits on renewable energy
From January 1, 2010, new legislation will
come into force under which companies
involved in using alternative regenerative
sources of energy will be exempt from paying
taxes for 10 years. It is a significant change.
    “Currently in the whole spreadsheet of the
Ukrainian energy consumption, it’s only 0.83%
that is generated from using alternative
energy sources. At the same time in [devel-
oped] countries, where they are much more
involved in this matter, a share of energy com-
ing from those sources is up to 15% and in cer-
tain cases even to 25%,” she says.
    “We have to remember that Ukraine has
simply unlimited resources that can be used
as regenerative alternative sources of energy.
That’s why I would like us to work more on
this problem... This is the exciting and new
prospects for the potential investors into our
economy.”
    Days after the Lviv event, she told local
media that Ukraine will cut purchases of
Russian gas next year, following a statement
by Gazprom CEO Alexei Miller that the com-
pany will not reduce the volumes of gas sup-
plied to Ukraine in 2010.
    Energy sector importance aside, Ukraine is
still largely an agricultural country. It offers
“the highest-quality soils”, which have not
been fully exploited for agribusiness. “That is
why it is necessary for the future investors to
come here and assess the current situation to
decide what investments are needed and how
they would work in the most efficient way,”
Ms Tymoshenko comments to fDi before mak-
ing her way through the crush of people all
shouting for her attention. “They have to come
here to work as this sector offers great oppor-
tunities and markets for the produce, as well      clockwise from top: Ukraine prime minister yulia tymoshenko; president viktor yushchenko;
as fantastic export potential.” ■                  gazprom, the russian oil company which Ukraine has been at odds with


  October/November 2009                                                                                                                        37

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FDI article about Ukraine

  • 1. reGiONs eUrOPe PrOFile: YUlia tYmOShenkO Calmamid thechaos The PasT few years haVe beeN TurbuleNT eVeN by ukraiNe’s sTaNDarDs, buT Prime miNisTer yulia TymOsheNkO iNsisTs The siTuaTiON will seTTle afTer NexT year’s PresiDeNTial eleCTiONs, wriTes Courtney Fingar F CUrriCUlUm Vitae rom the outside looking in, it is difficult ahead of her keynote address. She is a contro- to see how exactly Ukraine works as an versial yet charismatic figure with a compli- yulia TymOsheNkO entity, or how it stays together. It is a frac- cated biography, from oligarch and so-called 2007 tious, bipolar country, all but pulled in half by ‘gas princess’ who made a fortune in the Ukraine tensions both internal and external. So, how energy industry, to antagonist in the Orange Prime minister to go about pursuing a co-ordinated, cohesive Revolution that followed questionable presi- 1999-2001 investment promotion strategy and national economic development plan? dential elections in November 2004 and brought her erstwhile ally Viktor Yushchenko Ukraine Vice-premier minister That question was a hot one at the Lviv to power (whom she will challenge in presi- International Economic Forum, which was dential elections in January 2010). 1998 held in early October. InvestUkraine, the Speaking to fDi (in Ukrainian) on the side- Ukraine Parliament Deputy of parliament national centre for investment promotion, is lines of the forum, she is every bit the parti- working to resolve the question, and its new san, pinning the blame on political opponents 1998 director, Olena Hantsyak-Kaskiv, was on hand, and positioning her bloc as the solution to the Strategic Committee on taking lots of notes throughout discussions instability, although, it must be said, with no Budgeting of the Ukraine and eager to glean best practices from the small amount of charm. Parliament Chairwoman international participants. “Indeed, right now there is a political crisis The most interesting domestic participant, in Ukraine that has been caused by two factors. however, was the one who is a central player in First of all, it’s an absolutely unprofessional the divisive, tumultuous politics of the coun- constitutional reform conducted during the try but also perhaps the only one with the star last presidential elections with all its conse- wattage to raise (if not improve, which is a quences right now; and, secondly, [we are fac- matter of opinion) its profile internationally. ing] the next presidential elections which always, in any democratic society, mean com- Charismatic figurehead petition and today complicate relations Appearing at the final session of the event, between all presidential candidates,” she says. prime minister Yulia Tymoshenko draws a “However, I do hope that by the middle of standing-room-only crowd – a diminutive, doll- next February the rivalry will be over, and like figure who sits demurely with ankles then the Ukrainian parliament, and all pol- crossed wearing a white lace dress and famous itical forces, will be ready for a new con- blonde braid wrapped around the top of her stitutional reform that would clean this intol- head, while introductory remarks are made erable chaos.” Opportunities remain Chaos, certainly, is not a state that investors enjoy – economic, political or otherwise. Yet the prime minister would urge investors not to bide their time while she works the political angle and while the economy seeks a way back immense possibilities from the brink. lie in the energy “I believe that even today neither the politi- sector, where Ukraine cal situation nor the current crisis should pre- vent investors from bringing investments into lags behind in an Ukraine, as right now there are most suitable efficient power- opportunities for that,” she says. Foremost among these opportunities, from consUming of both the prime minister’s perspective, include the indUstrial and energy sector – an area she knows intimately and a hot-button issue if ever there was one, hoUsehold sectors. given the geopolitical complexities surround- we need investors ing European energy dependency on Russia, and Russia’s willingness to make full political use of this upper hand. “Ukraine indeed offers great opportuni- 36 October/November 2009
  • 2. reGiONs eUrOPe ties; particularly, immense possibilities lie in the energy sector, where Ukraine lags behind in an efficient power-consuming of both industrial and household sectors. That’s why Ukraine needs investors particularly in this sector,” she says. The prime minister devoted a decent chunk of her speech at the forum to promot- ing renewable energy initiatives. “Today we have everything in place for Ukraine to join the common efforts for using alternative sources of energy,” she said. tax benefits on renewable energy From January 1, 2010, new legislation will come into force under which companies involved in using alternative regenerative sources of energy will be exempt from paying taxes for 10 years. It is a significant change. “Currently in the whole spreadsheet of the Ukrainian energy consumption, it’s only 0.83% that is generated from using alternative energy sources. At the same time in [devel- oped] countries, where they are much more involved in this matter, a share of energy com- ing from those sources is up to 15% and in cer- tain cases even to 25%,” she says. “We have to remember that Ukraine has simply unlimited resources that can be used as regenerative alternative sources of energy. That’s why I would like us to work more on this problem... This is the exciting and new prospects for the potential investors into our economy.” Days after the Lviv event, she told local media that Ukraine will cut purchases of Russian gas next year, following a statement by Gazprom CEO Alexei Miller that the com- pany will not reduce the volumes of gas sup- plied to Ukraine in 2010. Energy sector importance aside, Ukraine is still largely an agricultural country. It offers “the highest-quality soils”, which have not been fully exploited for agribusiness. “That is why it is necessary for the future investors to come here and assess the current situation to decide what investments are needed and how they would work in the most efficient way,” Ms Tymoshenko comments to fDi before mak- ing her way through the crush of people all shouting for her attention. “They have to come here to work as this sector offers great oppor- tunities and markets for the produce, as well clockwise from top: Ukraine prime minister yulia tymoshenko; president viktor yushchenko; as fantastic export potential.” ■ gazprom, the russian oil company which Ukraine has been at odds with October/November 2009 37