As Ukraine stands at the forefront of global attention, the critical discussions at the 20th Annual Yalta European Strategy (YES) Conference, held on September 13–14, 2024, in Kyiv, bore significant weight. Under the theme “The Necessity to Win,” this year’s conference brought together over 700 global leaders, including politicians, diplomats, business executives, and military officials, to deliberate on Ukraine’s future and its broader geopolitical impact. The stakes were s victory is not merely a national priority—it is a global imperative for peace and security.

The Role of Ukrainian Business in Sustaining the Economy During War

"At YES, discussions on security and geopolitics dominated much of the conversation—how to help Ukraine win and how to persuade governments and allies to increase support. But amid those heavy, theoretical debates, Ukrainian businesses stood s economy, they are very practical and real.

Every day, business leaders make tough decisions: whether to open a new branch close to the front lines, how to reskill women to take on roles traditionally held by men, how to find new markets, and even how to motivate their teams after a sleepless night. Yet despite it all, these individuals keep going. The Ukrainian economy works because of them.

When people abroad ask me, “How is the economy still functioning?” I smile. It’s because of these business heroes that it does. For others, it might seem abstract, but for us, it’s a daily reality. No country can survive without a functioning economy, and Ukraine is no exception. Economy and leadership are interlinked in this war—fearless leaders are not just fighting on the battlefield but also in boardrooms, factories, and fields, making decisions that shape our future.

Reflecting on these thoughts, I am reminded of Shimon Peres, who I was honored to once listen to at YES. He said, “The future belongs to those who believe in the beauty of their dreams.” In this spirit, let’s continue to believe in the beauty of our dreams for Ukraine. Together, we can turn those dreams into reality.”

The survey conducted by the American Chamber of Commerce and Deloitte in Ukraine 2024 provides a clear picture of how Ukraine's economy survives thanks to the resilience and leadership of its business community. According to the survey, 76% of companies reported the significant impact of prolonged power outages on their operations, yet 88% of businesses confirmed they are prepared to face these challenges, with most having already developed plans for continuous operations during blackouts​. This reflects the ingenuity and determination of Ukraine’s private sector to maintain operations under extreme conditions.

Ukraine's Strategic Imperative: Security, Growth, and Global Stability

"While the world’s attention often shifts to urgent meetings and global issues, the key moments from the YES conference remain vivid—particularly the powerful speakers and the emotional army panel. A central theme s victory is not only a national priority but a global necessity, essential for the stability of Europe and beyond.

Ukraine’s geostrategic position and its military-industrial potential place it as a vital player in European security. By investing in military technologies and infrastructure, Ukraine can fuel its economic growth and secure its role as a key partner in ensuring the stability of the entire region."

Ukraine's defence sector holds significant potential to strengthen European security through its military-industrial capabilities and strategic location. In 2023, the production capacity of Ukraine’s defence industry was valued at $7 billion, and with proper investments, this figure could potentially triple to $20 billion by 2025. These advancements are crucial not only for Ukraine's economic recovery but also for establishing it as a key player in European defence.

Urgency of Action and New Strategies: The Ukrainian Economy and Path to Recovery

“Time is our most valuable resource. Every day of delay in international support means more losses for Ukraine, both human and material. Economic stability can only be achieved through swift and effective actions. Any discussions of financial aid must reflect the harsh realities on the front lines. While there is uncertainty about further support, Ukrainian defenders sacrifice their lives daily. There is a critical need to swiftly adapt economic strategies to the challenges of wartime”.

Despite the ongoing war, Ukraine's economy continues to recover, with real GDP growing by 6.5% year-over-year in Q1 2024, surpassing expectations despite recent damage to energy infrastructure from Russian attacks. However, while this growth is promising, it remains insufficient for the country’s long-term recovery. According to official statistics, in 2023, GDP growth reached 3.6%, but according to the National Bank of Ukraine, sustainable development will require an additional $50–100 billion in external investments. Key to attracting these investments will be creating transparent business conditions and effectively combating corruption.

Challenges and Opportunities: Ukraine as a Key Player in European Security

“Ukraine does not have the choice between victory or defeat. Defeat would be a disaster not only for us but for all of Europe. Military and economic support from the West is vitally important for Ukraine. Time is not on Ukraine’s side, as any delays in weapon deliveries or funding further exacerbate the situation on the front lines”.

Ukraine’s victory will send a powerful signal to the international community about the possibility of resisting autocracies and fostering global democratic change. Ukraine can become not only the defensive shield of Europe but also an important economic partner if international partners provide timely support.

The Emotional Toll of War: The Human Factor as a Driver of Change

“Hearing the stories of our defenders, we cannot afford to take any pause. Every day of inaction means more suffering and loss. War not only destroys the economy and infrastructure but also leaves deep psychological scars that will be felt long after its conclusion. There is an urgent need for psychological assistance as part of the country’s recovery, as the emotional stress among the population poses long-term social and economic risks”.

According to the Ministry of Social Policy, millions of Ukrainians have endured significant losses and stress, negatively affecting their productivity and quality of life. Effective social and psychological support is a key factor in restoring Ukraine’s human capital.

Conclusion: Towards a Sustainable Future for Ukraine’s Business and Economy

The YES 2024 conference reinforced the critical importance of sustainability in Ukrainian business and the alignment with European standards as Ukraine continues its irreversible path towards European integration. As Ukraine navigates through the challenges of war, it is essential that businesses focus on long-term stability, even as the conflict extends its impact.

WoBua members highlighted that for Ukrainian businesses to thrive, they must prioritize not only immediate recovery but also ensure their operations are changing in line and in spirit to European standards. This focus will not only stabilize Ukrainian businesses in destress but also position Ukraine as a strong economic partner within Europe.

The integration process demands significant investments and structural reforms to create transparent, competitive markets capable of attracting foreign investors. Ukraine’s commitment to European norms and practices will be key to its sustainable growth and its ability to function as a reliable player in the European economy.

As both Ukrainian and international partners take action, the urgency for fostering economic resilience and adhering to European regulatory frameworks cannot be overstated. Ensuring this will be vital not only for Ukraine’s success but also for the stability of the broader European region.

References: Yalta European Strategy Conference Webpage National Bank of Ukraine (NBU) - Summary of Key Policy Rate Discussion Ministry of Economy of Ukraine - Forecast of the economic development of Ukraine for 2024 Ministry of Strategic Industries of Ukraine - Strengthening the defense and industrial complex of Ukraine About the economy in simple terms (based on the July 2024 Inflation Report) Business resilience: how companies are preparing for winter 2024-2025