By James Rogers
As Ukraine continues to claw back territory lost following Russia’s invasion, members of the Kyiv-based American Chamber of Commerce are confident that Kyiv will prevail and win the war.
Ukraine’s military has been enjoying dramatic successes, recapturing land in the country’s east and south, marking the latest in a series of setbacks for Russia.
In the Chamber of Commerce’s latest business climate survey, 92% of respondents said that Ukraine will win the war. Some 77% of the Chamber’s members believe the war will end in 2023 and 12% believe it will end in 2024.
The Chamber says that 131 CEOs and top managers from its member organizations took part in the survey, which was conducted between Sept. 26 and Oct. 3.
With regard to changes in revenues, 45% of the members surveyed forecast an increase in revenue in 2023, while 29% forecast a decrease and 29% said that revenues will remain unchanged. Some 98% of the Chamber’s members plan to continue their operations in Ukraine in 2023, and 2% said they don’t know yet.
“Despite the challenges brought by Russia’s brutal and unprovoked war against Ukraine, business continues to believe and work in Ukraine,” said Andy Hunder, president of the American Chamber of Commerce in Ukraine, in a statement.
When asked about the post-war reconstruction period, 37% of respondents said that it will last five or more years, 31% said it will last 10 or more years, and 22% think it will last up to five years.
Earlier this month, a joint assessment by the Ukrainian government, the European Commission and the World Bank estimated that the current cost of recovery and reconstruction in Ukraine is $349 billion. That figure is expected to grow as the war continues, they added.
The American Chamber of Commerce in Ukraine is an affiliate of the U.S. Chamber of Commerce. The organization was founded in 1992, a year after the country’s independence.
One of the highest profile members of the American Chamber of Commerce in Ukraine is McDonald’s Corp. /zigman2/quotes/203508018/composite MCD +0.11% . In August the Associated Press reported that the fast-food giant is set to reopen some of its restaurants in Ukraine, a move welcomed by Ukrainians on social media, including Oleksandr Tkachenko, the country’s minister of culture and information policy.
“McDonalds reopening in Ukraine it is a good sign of economic and investment activity for other world companies,” he tweeted on Aug. 11.