Owner of one of Ukraine’s largest agricultural producers, UkrLandFarming Agro Holding, Oleg Bakhmatyuk says “miracles don’t happen – you just need to invest in infrastructure, added value, and improve all state institutions.” He believes that global economy trends will allow Ukraine to do without external borrowing within the next three years, but this period should be used for investment in the country’s infrastructure and the creation of added value.

He made the comment during an interview with the Ukrainian Tyzhden (“The Ukrainian Week”) news outlet, as reported by the Ukrainian News Agency on April 26.

According to Bakhmatyuk, the Ukrainian economy is still holding on thanks to the raw materials sector, namely the agriculture and iron ore, as well as IT and Ukrainian citizens who work abroad and transfer their funds to Ukraine. “Ukraine’s economy will hold out on these ‘pillars’ for the next three years. But due to the interest in our raw materials on the part of other states, in particular Asian countries (Japan, Korea, China, Indonesia, and the Philippines), Ukraine can receive investment in advance and inject the funds into the development of territories, and elements of added value, and these are innovative things,” he said. “It’s also no secret that the whole world is moving towards inflation in general terms. Developed countries such as the EU [member states] and the United States are raising the level of income instead of fighting the inflation. This makes it possible to accumulate surplus money in their economies. During the next three years, Ukraine won’t need money since iron ore, grain, and oilseeds are trendy things that will provide a huge inflow of funds. Oddly enough, but remittances from our [labor] migrants grew by 8% over the past year, and they continue to grow. The IT sector is also developing.”

The businessman believes that taking advantage of such trends in the global economy, Ukraine will be able to make an economic breakthrough. “Everyone talks about Poland as a ‘miracle.’ But don’t forget that Poland managed to raise US$40 billion – US$50 billion at the very start of its development. Miracles don’t happen – you just need to invest in infrastructure, added value, and improve all state institutions, that is, improve courts, eradicate corruption, and reform public administration. The private property principle will ensure transparency, absence of corruption, and budget revenue. If the issue is resolved with state-owned enterprises (most of them need to be privatized/sold), 90% of corruption in Ukraine will disappear, because such enterprises are a ‘manger’ for all lawmakers, officials, and ministers,” he summed up.

UkrLandFarming is one of the largest agro-industrial holdings in the country, which is engaged in growing grain and oil crops, seeds, animal husbandry, and the production of eggs and egg products (Avangardco IPL). The enterprises of the group of companies operate in 600 villages and towns in 22 Ukrainian regions. The owner of the holding is businessman Oleg Bakhmatyuk.