The war bleeds Ukraine’s economy dry. And the blood of the economy is money. It is money not only needed by the Armed Forces of Ukraine but also required for the functioning of domestic business contributing to our victory.
There are only two ways to quickly find this money for the economy – borrow it and shape the environment for investment in the domestic business. Yes, even in times of war, one can work and attract investments.
However, before counting on investors’ interest, a lot of work is to be done, organizational and normative. Most of this work is the responsibility of public institutions: parliament, government, and regulatory agencies.
For instance, to consolidate efforts in establishing favourable organizational and economic conditions for attracting investments in the organization and conduct of gambling, on 09 August 2022, the Commission for Regulation of Gambling and Lotteries (CRGL) and the Investment Promotion Office (UkraineInvest) State Enterprise concluded Memorandum of Cooperation.
Cooperation between institutions will include holding business meetings, counselling on attracting investments, organizing and holding joint events (meetings, round tables, and videoconferences), etc.
However, attracting investment requires more than just efforts from the executive branch. It is crucial to remember the need to amend the tax legislation, that is, adopt the draft law No. 2713-d, which alone can make powerful international brands enter the Ukrainian market.
However, not only the authorities but also the business should make efforts to attract investment. UGC continues to work with our partners from SBC (Sports Betting Community) to raise awareness of the Ukrainian gambling market.
In June 2022, UGC participated in the World Gaming Executive Summit, a conference for the world’s leading online/offline gambling operators and their top executives responsible for software, services, marketing, and regulation.
A major international gambling event, the International Masters of Gaming Law (IMGL) 2022 Autumn Conference, should take place in September. One of the IMGL panels this year is devoted entirely to Ukraine and the impact of the war on the domestic and global gambling markets.
The panel title, “Gambling and Geopolitics: The Ukrainian Crisis and Its Impact on the Global Gambling Industry,” itself suggests that the international professional gambling community closely follows the war in Ukraine and realizes that our country is now facing the gruesome reality of the russian invasion.
The panel discussion, where I will be one of the speakers, will address the impact of the russian war against Ukraine on local gambling and other businesses associated with Ukraine and the long-term effects of the war on the global gambling industry.
I clearly understand that Western companies are willing to invest in Ukraine even today. It is especially true for online businesses. And only joint efforts of the government and business will allow us to move this readiness from the category of “plans” to “action.”