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Bringing foreign investment to the Ukrainian economy during wartime

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Published on Thursday, 12 January 2023

As a result of Russia’s invasion of Ukraine, many scholars and scientists have left the country. More than 30 Ukrainian researchers displaced by the war have temporarily joined the University of Luxembourg mainly as research fellows and in some cases under temporary contracts funded by the FNR. In this series of interviews, we briefly present the researchers and their work.

Yuliia Teres, Ph.D. is the Head of Department for ensuring the implementation of paid services Taras Shevchenko National University of Kyiv, and she is a visiting researcher at the Faculty of Law, Economics and Finance at the University of Luxembourg, within the Department of Finance.

What is your research field and which specific topic are you working on?

Before the war my main scientific interests were focused on the problems of public debt management and investment policy of Ukraine.

Along with scientific and research activity during the last years as the head of the department, I have been engaged in administrative questions of the search for additional sources of financing of the University development, and establishment of contacts with representatives of Ukrainian businesses. Our department worked with the Ministry of Defence of Ukraine and other state organisations and structures on organising and holding seminars and training for state authorities.

In the post-war restoration of the system of higher education, the activity of universities in Ukraine is impossible without cooperation with university circles of Europe. I hope that my experience gained at the University of Luxembourg and my scientific contacts will be useful for the renewal and modernisation of administrative management and the development of international scientific cooperation.

At University of Luxembourg, my research is related to the transformation of public finances in the conditions of war. First of all, I am interested in the existing international experience of reforming the activity of financial institutions in the conditions of war and its possible application in the realities of Ukraine. Currently, my research topic is entitled “Attracting foreign investments for the development of the Ukrainian economy: the wartime challenges and postwar prospects”.

What would you like to achieve in your research work here, in Luxembourg?

First of all, I would like to thank the University of Luxembourg, Faculty of Law, Economics & Finance for giving me the opportunity to continue my research at the University of Luxembourg, to continue my work in my field, and, of course, for the invaluable financial support.

Having joined the scientific community of the University of Luxembourg, I can continue and expand the sphere of research. Now I have an opportunity to focus on the collection and analysis of literature and sources of information I have access to. I have an opportunity to participate in seminars, conferences, and other events, to establish scientific contacts in the environment of scientists at the University of Luxembourg. All this gives me an opportunity to continue working on a specialty and to get acquainted with the experience in administration, training, and management at the University of Luxembourg.

An important scientific area is the analysis of financial assistance to Ukraine from the Grand Duchy of Luxembourg and other EU countries during the war.

Will your research have a potential impact on people’s everyday life?

Millions of people in Ukraine are now dependent on the stability of the financial system, and international financial assistance that allows them to withstand the hardships of war, finance university education, and pay wages and pensions. Balanced financial policy and rational use of financial resources are important factors in beating the enemy, as well as a quick transition to peaceful reconstruction. I hope that my research will contribute directly to this.

Identifying ways to increase the effectiveness of investment policy to minimise risks and reduce debt pressure on the state budget and ensure macroeconomic stability in the current wartime have the utmost importance. Assessment of approaches to the formation of public debt in wartime is a primary necessity of spending for the security of the economic existence of our country, getting the just victory over the aggressor and opening opportunities for the stability and peaceful development not only for Ukraine and Ukrainian people, but also for the European Union and the whole world, which are badly impacted by russian aggression.

In addition, a post-war development strategy is needed, including the role of investment policy in ensuring the macroeconomic stability in Ukraine after the war. Thus, impacting economic growth, wellbeing of people, and further steps of Ukraine on the way to the EU.