Ukraine should avoid the European scenario of excessive regulation, says Managing Director of Philip Morris Ukraine

Managing Director of Philip Morris Ukraine Maksym Barabash called upon the state to maintain a balance between control and business freedom. According to him, excessive regulation could slow down economic recovery.

He made this statement during the Kyiv International Economic Forum.

He also noted that the European model of regulation often serves as an example of excessive state interference in business processes, which reduces the flexibility of enterprises and the investment attractiveness of the economy.

“Europe is suffering, as we see it, from excessive regulation. This even leads to the emergence of such proverbs in the media like, “America innovates, China replicates, and Europe regulates,” Barabash emphasized.

In his opinion, Ukraine should avoid repeating this path by focusing on creating an environment where business and the state work as partners.

“We see that there are countries where this works successfully, for example, in Italy, where there is fruitful cooperation between business and the state at all levels, which has a significant economic multiplier effect and attracts investment to the country,” he mentioned.

The entrepreneur is convinced that the balance between regulation and business freedom will be a key factor in Ukraine's post-war economic recovery.

“For Ukraine, it seems to us that one of the problems we currently face is excessive regulation, which will hinder business and investment,” the speaker concluded.