“Kyiv Consensus” for Ukraine’s Economic Renaissance

“Ukraine’s Economic Renaissance” was the name of the International Forum held on November 20–21 at Vadym Hetman Kyiv National Economic University. The forum became a logical continuation of discussions on critical aspects of Ukraine’s renaissance at platforms such as the European Parliament (EU Parliament Summit ) and the United Nations (UN Seminar ) in October and November this year, initiated by the Ukrainian Peace Council. 

The forum was organized by the Ukrainian Peace Council, Vadym Hetman Kyiv National Economic University, the Institute for Economics and Forecasting of the National Academy of Sciences of Ukraine, the Ukrainian Union of Industrialists and Entrepreneurs, the Ukrainian Foreign Policy Association, the Sikorsky Challenge Ukraine National Innovation Ecosystem, the International Council for Environmental Safety, and nearly a dozen other co-organizers, including the Ministry of Economy and the Ministry of Education and Science of Ukraine. Their goal was to discuss the prospects and directions for Ukraine’s post-war economic revival. 

“We face the challenge of a large-scale restructuring of the country aimed at fostering innovations, progressive solutions, and the development of human capital,” said the Chairman of the Ukrainian Peace Council, Academician of the National Academy of Sciences of Ukraine, Mykhailo Zgurovsky, during his opening address. 

With the initiative of the Ukrainian Peace Council, strongly supported by the forum hosts and other participating organizations, the forum was launched. It is envisioned to become an annual event and serve as a permanent platform for ideas, discussions, and proposals. 

Addressing a task as immense as the country’s economic revival cannot be limited to the efforts of ministries, the government, or even combined branches of authority. It requires the involvement of the entire nation: its communities, public organizations, international partners, and the academic and educational spheres, among others.

Developing a strategic vision, planning, and calculating the foundations, resources, human capital, goals, and objectives for the transformation—and understanding its impact on Ukraine’s position in the new global economic system—must begin today. 

New Reality and Strategic Partnership 

Two keynote speeches were central to the plenary session: “Prioritization in Ukraine’s Post-War Renaissance Program” by Valeriy Heyets, Director of the Institute for Economics and Forecasting of the National Academy of Sciences of Ukraine, and “Ukraine’s Recovery in the Paradigm of the Intellectual Economy: The New Mission of Universities” by Dmytro Lukyanenko, Rector of Vadym Hetman Kyiv National Economic University. 

Economic revival must become Ukraine’s new reality, but it depends on both internal and external factors, noted Academician Heyets in his presentation. The world is facing global shocks: alarming climate phenomena, biodiversity loss, poverty, and the erosion of the middle class. Achieving the Sustainable Development Goals now appears unattainable. Even the 2024 UN resolution “The Pact for the Future” states that without a change of course, humanity risks plunging into crisis and decline. 

Europe is also experiencing uncertainty in assessing current events and future plans. The continent is facing the largest war since 1945, ignited by Moscow’s aggression in Ukraine. The speaker cited former European Central Bank President and Italian Prime Minister Mario Draghi, who warned that if nothing changes, the EU faces a slow agony. 

In such conditions, Ukraine is embarking on its transformation process. Valeriy Heyets outlined the starting position: Ukraine’s economy is a “small open economy.” There were years when the country’s foreign trade turnover exceeded 100% of its GDP. However, its specificity lies in the fact that economic growth dynamics almost entirely depended on price fluctuations, primarily for mineral and raw material resources.

Over the past decades, the country has suffered, as he said, “significant losses in economic potential.” At the same time, Ukraine possesses advanced technologies and the ability to provide scientific support and further develop them. This primarily applies to nuclear energy, power engineering, space and aviation, high-tech chemistry, and the training of scientific and engineering personnel. These assets can be successfully utilized. 

For instance, by advancing nuclear energy and utilizing Westinghouse technologies, Ukraine could save $5–7 billion per nuclear power plant construction through domestic power engineering capabilities. 

Even after halting its own space programs, Ukraine continued providing high-tech services to numerous countries, including the United States, generating, as experience shows, five hryvnias in budget revenue for every hryvnia invested. 

The speaker also highlighted Ukraine’s titanium reserves, which are substantial. The global market demand for titanium is estimated at $20 billion. However, leveraging the scientific and technical achievements of the E.O. Paton Institute of Electric Welding at the National Academy of Sciences of Ukraine could enable a much higher level of cooperation with partners in utilizing natural resources. 

At the same time, the country’s current economic capabilities are incomparable with the scale of destruction in Ukraine and the resources required for recovery, clarified Heyets. The reality for Ukraine is an “exceptionally high uncertainty” regarding actions in such conditions. Therefore, the post-war economic recovery program requires an innovative organizational framework to create a post-war space for global cooperation. The Institute for Economics and Forecasting at the National Academy of Sciences of Ukraine is working on such a framework, named the “Kyiv Consensus.” This is a set of principles and approaches for implementing Ukraine’s post-war economic recovery program, agreed upon by all national and foreign participants. It is modeled after the Seoul and European consensuses. The “Kyiv Consensus” aims to establish real conditions and opportunities for rebuilding the economy with a modern industrial and financial-economic structure, adhering to the “Build Back Better” principle. 

The question lies in how well Ukraine can internally organize itself, negotiate with investors given its exceptionally limited national resources, and move forward together. 

No One but Universities Can Fulfill This Mission 

Both keynote speakers addressed the critical task facing the country: recovery or revival. There is no doubt—it is revival. “The country does not need recovery as a restoration of the economic model we had, which failed to reach the 1990 level in 30 years,” said Dmytro Lukyanenko, Rector of Vadym Hetman Kyiv National Economic University and Doctor of Economic Sciences. He emphasized that Ukraine’s path lies in revival with a focus on modern post-industrial competitive values. 

The role of universities in preparing professionals for this economy is crucial. As shown by the recent Global Innovation Index, Ukraine, despite challenging times, has maintained its educational and intellectual level. One of the strengths of Ukrainian universities is their focus on modern digital information technologies. 

Kyiv National Economic University (KNEU) conducted research on the country’s scientific and educational potential. According to Professor Lukyanenko, Ukraine performs well in many indicators. Ukrainian universities, as participants in the global innovation ecosystem, stand out for their innovative thinking and competence. A significant number of university staff conduct scientific research, and universities exhibit multidisciplinary approaches and experience in intellectual property management. 

“There is no need to prove that universities hold a unique position in the modern intellectual innovative economy,” noted Lukyanenko. Universities concentrate talent, ensure the fundamental sustainability of knowledge, and most importantly, create an environment—faculty, researchers, and students—where ideas to solve global problems are generated. This is one of the university’s missions.

The key triangle for modern transformations is universities, the state, and business. Higher education institutions play an integrative role in this triangle. The interaction of these entities shapes intellectual capital. 

KNEU has developed a competitive model for different types of universities. It includes high academic quality, the integration of research and teaching, creative thinking and culture, advanced digital infrastructure, entrepreneurial motivation, and diversified funding systems. Professor Lukyanenko assured that this model would help make universities competitive and innovative. 

Currently, like the entire nation, Ukrainian universities face challenging circumstances, noted the speaker. However, Ukrainian education, as experience shows, is among the most resilient. This resilience underscores why universities must become centers of innovative revival. Special hope is placed on displaced universities, which, upon returning home, will co-create ecosystems for innovative recovery. Beyond universities, few can fulfill this mission. Therefore, universities today must actively engage in developing programs and projects for Ukraine’s economic revival, serving as laboratories for shaping a new economy and the future Ukrainian society. 

Not Donations but Investments 

A government session held as part of the forum exemplified effective dialogue with authorities. Hanna Deliusto, Head of the Economic Strategy Department at the Ministry of Economy of Ukraine, introduced participants to the details of the Ukraine Facility program, which envisages financial support for Ukraine from the EU for 2024–2027. Notably, €50 billion will be allocated to finance Ukraine’s state budget, stimulate investments, and provide technical support for program implementation. Deliusto presented Ukraine’s plan for the program, approved by the government in March. Priority sectors include energy, transportation and logistics for exports, agriculture, critical materials, the green transition, and digital transformation. 

Human capital is the key to Ukraine’s recovery, emphasized Albina Tsyatkivska, Director General of the Directorate for International Cooperation at the Ministry of Education and Science. According to her, Ukraine has much to offer the world today: solutions in MilTech, crisis management in agriculture, overall digitalization, and distance education in particular. “Finding funding is the task of all stakeholders in Ukraine: ministries, agencies, universities, along with international organizations, funds, and institutions,” noted Tsyatkivska. “At all levels, it must be articulated loudly that this support is not just donations but investments.” 

Financing Mechanisms 

One of the forum’s reports, delivered by Oleksandr Sharov, Chief Researcher at the Institute for Economics and Forecasting, focused on finding the best financing mechanism for economic recovery. Forum participants supported his proposals to establish a Kyiv Creditors’ Club (to address external debt restructuring) and a Kyiv International Financial Center (to attract private investments). Additionally, it was suggested to further explore the use of existing financial and banking institutions and create a special financial entity for accumulating and allocating funds for Ukraine’s post-war economic recovery program. 

Many speakers emphasized the need for collaboration between scientists and business representatives to achieve Ukraine’s revival goals. Anatoliy Kinakh, Chairman of the Ukrainian Union of Industrialists and Entrepreneurs, highlighted the importance of informational cooperation between government structures and businesses, particularly communication with the National Recovery Council of Ukraine. 

Victor Ivchenko, Chairman of the National Science and Technology Association of Ukraine, expressed confidence that creating innovative clusters should be a key element of economic revival, especially since such a program was previously approved by the National Academy of Sciences of Ukraine. 

Zoryana Lutsyshyn, Professor of the Department of International Finance at KNEU, and Member of Parliament Nina Yuzhanina presented an in-depth vision of the financial security challenges facing the state during wartime, the resolution of which is a necessary prerequisite for Ukraine’s post-war economic recovery.

In her address, Professor Viktoriia Kolosova, an expert from the National Institute for Strategic Studies, examined in detail the issue of cooperation with international financial institutions. Highlighting the extraordinary circumstances of war as a force majeure, Professor Kolosova emphasized that Ukraine must strive to revise existing financial agreements, particularly in terms of restructuring loans and easing repayment conditions. 

An essential element of the institutional framework for accumulating and distributing funds for reconstruction is the creation of a National Development Institution. Its mandate would be limited to supporting entrepreneurship, reconstruction, and post-war recovery. Professor Tsezar Ohon, from the Department of Finance at Kyiv National Economic University (KNEU), informed the audience about the preparation of a corresponding draft law, which is set to be reviewed by the Verkhovna Rada of Ukraine. According to Professor Ohon, the analysis of the draft, which proposes a special status for this institution with distinct credit and financial functions, demonstrates that it could play a pivotal role in post-war recovery. A historical example of such an institution is the Kreditanstalt für Wiederaufbau (KfW), established in post-war Germany in 1948 as part of the Marshall Plan. 

Former head of the International Monetary Fund (IMF) representation in Ukraine, Alex Sundakov, presented the results of his study on global experiences in post-war economic recovery in countries devastated by war or natural disasters. Earlier, he had proposed the creation of a Ukrainian Compensation Fund, an idea supported by the forum participants. 

Contributions from International Participants 

Numerous foreign participants at the forum also presented compelling ideas and proposals. Renowned economists and political scientists, including Prince Michael von Liechtenstein (Liechtenstein), Ruben Azizian (New Zealand), Roberto Paura (Italy), Ethan Wilson (USA), and others, expressed their support for developing a program for Ukraine’s post-war economic recovery. Moreover, they confirmed their intentions to participate in and partner with this initiative.

Address to the Civilized World 

The forum’s recommendations and proposals, along with the final summary, will be submitted to relevant government bodies, with hopes that they will be utilized in preparation for the next international conference on Ukraine’s renaissance, scheduled for spring 2025 in Rome. According to Volodymyr Novokhatskyi, Deputy Chair and Director of the Ukrainian Peace Council, the forum’s appeal will be widely disseminated internationally to draw global attention and align a unified approach to Ukraine’s post-war economic renaissance program, the “Kyiv Consensus.” 

“The unprecedented level of global economic challenges and threats in modern history requires new responses and approaches for developing and implementing renaissance programs,” the appeal stated. “The philosophy and design of such a program for Ukraine must not only aim for quantitative restoration of key macroeconomic indicators but also the formation of a national innovation ecosystem for the digital era. This should involve the effective utilization of next-generation technologies, domestic resources, and intellectual capital.” 

The organizers and participants of the International Forum “Ukraine’s Economic Renaissance” called on Ukraine’s civil society, government authorities, intellectual elite, business community, and all foreign partners, international organizations, governments of individual states, and private investors to unite around the national idea of sustainable, human-centered economic renaissance. They emphasized building a 21st-century economy and a networked society with high social quality. Participants expressed confidence in the inevitability and feasibility of implementing a future economic model for Ukraine within the European community of democratic nations, open to growth and prosperity. 

Recognizing the global significance of Ukraine’s post-war renaissance, the forum participants resolved to appeal to Ukraine’s Ministry of Foreign Affairs with a proposal to submit the issue for discussion within the United Nations Economic and Social Council (ECOSOC) under the platform of European economic policy. 

The organizers will soon present a final version of the appeal, incorporating input from the six panel discussions held during the forum. 

Summarizing the forum’s outcomes, Mykhailo Zgurovsky, Chairman of the Ukrainian Peace Council and Academician of the National Academy of Sciences of Ukraine, highlighted key points: 

• Unanimous Support: “Participants expressed unanimous support for the state during this extraordinarily challenging time,” he noted. “Key directions for recovery were identified, forming the foundation for building a modern, innovative, and economically self-sufficient country. Achieving this goal requires a systematic approach, international support, and decisive reforms.” 

• Mobilizing Resources: According to Zgurovsky, the forum marked a significant step in mobilizing resources and efforts to implement the Ukrainian President’s Resilience Plan while consolidating the international community around this strategic goal. 

• Broad Collaboration: The forum brought together representatives of government, politicians (regardless of party affiliation), civil society, and international partners around a shared vision for Ukraine’s revival. 

Zgurovsky stressed that Ukraine’s renaissance is a long-term process, expected to span decades. To ensure the forum does not remain a one-off event, it is essential to continue the intellectual dialogue by establishing a permanent expert platform for government officials, politicians, businesses, and international partners. 

Over 500 participants from 16 countries attended the forum. Under the auspices of Sikorsky Challenge Ukraine, a High-Tech Innovation Festival was held, showcasing startups from across Ukraine. The path to Ukraine’s economic renaissance continues.

Larysa Ostrolutska, 
Dmytro Shulykin, 
Photography by Dmytro Shulykin.

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STATEMENT 

of the participants of the International Forum "Economic Revival of Ukraine" 

Kyiv, Ukraine, November 20–21, 2024 

For over a decade, the Russo-Ukrainian war has inflicted devastating consequences not only on Ukraine but also on the established system of international relations and global security. The international community faces unprecedented challenges and threats. Ukraine bears the heaviest human and material losses, becoming the epicenter of a clash between opposing values and civilizational orientations, a struggle between good and evil, democracy and dictatorship, within a fragile geopolitical and geo-economic landscape.

The post-war economic revival of Ukraine is crucial not only for its future but also as a driver of new structural dynamics in the global economy. This issue has been reflected in international conferences in Lugano, London, and Berlin, as well as on national and regional platforms, emphasizing the need for consolidated efforts to establish Ukraine as a stable, democratic, competitive European state with a developed market economy.

The unprecedented level of global challenges and threats demands new approaches to the formulation and implementation of post-war recovery programs. The philosophy and design of such a program for Ukraine must consider not only the quantitative restoration of macroeconomic indicators but also the formation of a national innovative ecosystem for the digital era. This involves the effective use of cutting-edge technologies, domestic resources, and intellectual capital.

A top priority in achieving this strategic goal is creating a new structure for the national economy aligned with leading global transformational trends. Science, technology, and innovation must become the cornerstone of economic revival. Accelerating innovative ideas and uniting available domestic and international resources for breakthrough research and developments aimed at producing competitive products for global markets, boosting macroeconomic growth, and restoring national infrastructure is essential.

With its unique wealth of natural resources—including lithium, titanium, graphite, rare earth metals, iron ore, agricultural resources, and more—Ukraine should transform these assets into the foundation for high-tech production, creating products with high added value. The Forum participants urge the international community to partner for sustainable development, innovative processing, and environmental responsibility. Investments in Ukraine's economy will contribute to a global movement focused on modernization, environmental preservation, and the establishment of transparent economic relations. Joint efforts will lay the foundation for a new era of cooperation that ensures economic growth and a sustainable future for Ukraine and the world.

A key role must be played by integrating Ukrainian science into global research networks and digital innovation hubs, as well as maximizing the advantages of international open science platforms.

To ensure post-war economic growth, innovative financial instruments must be introduced, the financial system's transparency enhanced, accounting and reporting processes digitized, external debt managed transparently, and proper donor monitoring implemented in collaboration with the European Union.

The organizers and participants of the International Forum "Economic Revival of Ukraine" appeal to:

• civil society,
• the government of Ukraine,
• the intellectual elite and business community,
• international partners, including governments, international organizations, and private investors.

We call for united efforts to implement the national idea of Ukraine's sustainable, human-centered economic recovery, building a 21st-century economy and a networked society with high social quality.

We are confident in the necessity and feasibility of creating in Ukraine an economic model of the future within the European community of democratic nations.

We hope that the conclusions of our Forum will be presented by the official delegation of the Government of Ukraine at the next international conference on Ukraine's economic recovery, scheduled for spring 2025 in Italy. We also anticipate the active participation of civil society, business representatives, and experts in forming a consensus vision for our shared future.

Given the international significance of Ukraine's post-war recovery, we urge the Ministry of Foreign Affairs of Ukraine to initiate a discussion on this issue on the platform of the United Nations European Economic Policy within the framework of the United Nations Economic and Social Council (ECOSOC).

Organizing Committee of the Forum 

"Economic Revival of Ukraine"