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Ukraine, never black or white - by Cristina Muntean
The recent appointment of Ukrainian pro-Russian Prime Minister Viktor Yanukovich might have appalled some Czech companies lured by the rich potentials for investment and development of the Ukrainian market, but Monika Hošková, head of the Kiev office of the Czech law firm Peterka & Partners, says the local business environment has nevertheless improved considerably after the Orange Revolution.
On June 15, when they opened a fully operating office with 10 lawyers in Kiev, Peterka & Partners appointed Monika Hošková, a Czech national who has worked with the company since its creation in 2000, to head their Ukrainian operations. Three months after the opening of the office, Hošková said the business was doing well, providing services mainly to foreign investors, who are attracted by the country’s 46.7 million inhabitants, their roughly $200 (Kč 4,430 /€ 156) average salary in the regions and $300–400 in Kiev, and a 25 percent corporate flat tax.Prominent Czech names such as power utility ČEZ or financial group PPF are trying to reach the Ukrainian market. In August, PPF acquired three Ukrainian financial institutions – PrivatInvest, PrivatKredit and Bank Agrobank, while Škoda Auto has a car assembly plant in Solomonovo. Still, Hošková said that a persistent bureaucracy and a confusing legal system in Ukraine keep giving headaches to investors.
Peterka & Partners, which belong to the worldwide network of independent law firms TerraLex, will organize its 16th annual general meeting between Sept. 13–17 in Prague.
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