Igor Mazepa on how has domestic economy changed over 30 years of Ukraine's independence?

Concorde Capital CEO and Owner Igor Mazepa comments trends and developments in Ukraine's economy over the thirty years of independence

Igor Mazepa, investment banker, CEO and Owner of Concorde Capital investment company, comments trends and developments in Ukraine's economy over the thirty years of independence.

Factors of production have seen change in the ownership structure. As distinct from 1991 when the share of private companies was quite insignificant, now private ownership dominates the domestic economy.

The share of the services sector has grown, while the role of industry and agriculture has decreased. This has resulted in respective changes in the employment structure.

When we look at the structure of industry, comments Igor Mazepa, we see no drastic changes. As in Soviet times, mining, metals, and basic engineering dominate the economy. Ukraine has failed to refocus on more high-tech production.

Ukraine has built a functional financial system and utterly changed the exchange relations. The banking sector now plays a significant role in the economy. Ukraine has introduced financial forms of interaction between the State and production (the tax system).

Currently, we do not see any factors that could help make an economic breakthrough in the years to come. The economy needs huge investments, which are impossible without improvements in the investment climate. Favourable investment climate includes protection of property rights, efficient judiciary, and low corruption risks”, - summerized Igor Mazepa.