On October, 23 leading experts of KPMG in Ukraine held a seminar on "Current issues in the field of Ukraine’s consumer goods markets". The meeting was attended by the representatives of the largest companies in the sector of consumer goods and retail chains.
The meeting provided practical advice to Ukrainian producers and retailers to conduct business in the context of the Association Agreement with the EU. In particular, it analyzed the positive opportunities such as reducing corruption in Ukraine, cancellation of fees, dues and other payments, access to the largest market in the world, transparent competition, approximation of trade standards, industrial cooperation of business, and so on.
However, despite a number of advantages of doing business in terms of the EU Association Agreement the experts of KPMG in Ukraine drew attention to possible risks, including the long period of adaptation to new standards and increased costs associated with the transition to EU standards, raising the cost of administrative and legal changes, worsening relations with the CIS countries, and similar.
In addition, the workshop noted the positive developments in Ukraine. In particular, the process on legal harmonization in the context of the EU Association Agreement has already begun. An important positive factor is that anti-corruption legislation is changing and improving. Also recently some amendments to corporate law have been introduced and its further improvements are expected, tender legislation changes, technical regulations are gradually adopted, State Register is opened, the process of central government optimization has started.
The meeting program also covered practical advice on contract pricing, debt portfolio restructuring and preparation for sale of business, and aspects of inspection by customs authorities.
You are welcome to address for additional information to Alina Sevastyuk, Chief Operating Officer, Markets, at KPMG in Ukraine.