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How can Ukrainian business be supported – tools for the EU 



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 Two effective tools for such assistance have been named. VOX UKRAINE, FOR EP. A nd both can be useful not only for Ukraine, but also for the European Union.

How easy it is now to help Ukrainian business - without attracting large financial resources and even with the benefit of European entrepreneurs.

There are two things to do.

The first is to extend the employment support tool to Ukraine, and the second is to finance the voucher system, according to a VOX UKRAINE article published in the EP.

This will increase the demand for products of Ukrainian companies and allow them to enter the EU market.

 Saving jobs

The EU introduced the job-saving tool at a time when almost all countries around the world were facing the problem of employing millions of people. This happened in 2020 with the beginning of the Covid-19 pandemic. The EU then set up the SURE fund, which implements job retention schemes. It was allocated 100 billion euros for this.
From these funds, the fund pays employers subsidies to pay workers who are not involved in work during the crisis. Businesses that have faced declining incomes and would otherwise simply lay off workers receive the money.

Subsidies allow companies that find themselves in a difficult situation to pay wages to their employees, but for a reduced working day or for temporary paid leave.  That is not in full. To save hundreds of thousands of jobs in Ukraine, the EU must replenish SURE and provide Cabinet grants to implement the system, according to VOX UKRAINE.

Technical assistance will be needed to establish the rules and implement the scheme.

Importantly, in times of war, the preservation of jobs will facilitate the return of internally displaced persons and refugees to their places of residence.

Voucher schemes

 A voucher is a document that entitles you to a non-refundable financial aid that can be used to reimburse in full or in part the value of goods or services. Figuratively speaking, this is a gift certificate.

There are many voucher schemes in the EU at national and local levels, as well as at the level of cross-border cooperation. According to surveys, in half of the cases the cost of vouchers does not exceed 10 thousand euros and only 13% it is more than 20 thousand euros.

EU voucher schemes can be used to support cooperation between Ukrainian and European businesses. Some of them need to be adapted and supplemented.  

There are three purposes for such support. 

  1. Short-term cooperation, for example, in the form of purchase of goods and services. 

  2. Long-term cooperation, for example, through the entry of Ukrainian business into the network of international cooperation and value chains. 

  3. Joint projects in the fields of research, development, innovation and digitalization.

As the proposals are based on existing EU instruments, they will be easy to modernize and implement simply by including Ukraine as a beneficiary.

Technical aspects of support can be improved in the process of dialogue between Ukrainian and EU stakeholders, for example, between the Cabinet of Ministers and business associations. But first a decision must be made at the political level.

The full material can be read on the Economic Truth website.

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