Trust, transparency and development: why openness is vital for businesses and Ukraine – Astarta's experience and expert views
Trust, Transparency, and Growth: Why Openness Matters for Business and Ukraine – Insights from Astarta and Experts
SPonsored by astarta
22 august 2025
This year, Astarta marks 19 years since its listing on the stock exchange – a milestone significant not only for the company but also for Ukraine. In August 2006, Astarta became the first Ukrainian company to list its shares on the Warsaw Stock Exchange, gaining access to international capital and setting new standards of transparency and corporate governance.
The listing signalled to global investors that Ukrainian businesses are capable of meeting high international standards and acting as reliable partners. For Ukraine, it marked a new stage of integration into the global economy.
In a series of short videos, Ekonomichna Pravda experts – Ukrainian and international economists, investors, financiers and company executives – reflect on transparency, public accountability and openness as essential tools for trust, stability and business development during wartime.
Leaving the shadows is beneficial: transparency and trust between the state and businesses
Transparent business is not only about disclosure but also about trust, partnership and the ability to act openly, even in times of crisis. In Ukraine, the issue is especially relevant: almost a third of the economy once operated in the shadows, and the war has further underscored the importance of open business practices.
"Unfortunately, many continue to choose the path of non-transparency," says Hlib Vyshlinskyi, Executive Director of the Centre for Economic Strategy. "This prevents businesses that could grow and become more efficient from doing so. Without transparency, scaling becomes impossible. Speaking of non-transparency, we usually mean the avoidance of fair taxation. However, there are many other risks linked to non-transparency."
On the other hand, Vyshlinskyi notes that transparent companies have ample opportunities. They can attract funding from international investors for a range of needs, including rebuilding damaged assets or making new investments. Companies with clear financial reporting and a transparent ownership structure can easily apply for financing. International partners even offer funding packages that include insurance against war-related risks.
Fair play = reputation: the role of transparency in wartime
Business transparency is vital for Ukraine's economy to survive today. A strong military, revived exports and a resilient economy are impossible without open rules of the game. Public companies – those listed on the stock market – lead the way, showing the highest standards of transparency.
"The stock market requires a certain degree of transparency," says Serhii Fursa, Deputy Director of Securities Trading at Dragon Capital. "You are dealing with many investors, and to earn their trust – whether to sell your debt or attract shareholders – you need to disclose a lot of information about yourself. This is exactly what a company does when it enters the stock market, which is why it is called public."
"When you are public, it becomes much harder to deceive anyone," Fursa added. "Of course, there have been cases in Ukrainian history where companies exploited their public status to mislead and scam investors but for a typical business, it works like this: enter the public arena, and you become transparent."
"Such companies are all about the efficiency and transparency of the entire economy," he stated. "We need people to pay taxes so the budget can redistribute the funds, so that inequality in the country is less pronounced, and so that the market stays competitive."
"When you are public, it becomes much harder to deceive anyone," Fursa added. "Of course, there have been cases in Ukrainian history where companies exploited their public status to mislead and scam investors but for a typical business, it works like this: enter the public arena, and you become transparent."
"Such companies are all about the efficiency and transparency of the entire economy," he stated. "We need people to pay taxes so the budget can redistribute the funds, so that inequality in the country is less pronounced, and so that the market stays competitive."
Public accountability as a strategic choice and contribution to the economy
For Astarta, being a public company is not just a legal status but a strategic, value-driven choice that fosters a culture of effective management, a strong reputation and trust among all stakeholders. Over 19 years as a public company, it has proved that openness and transparency lay the groundwork for both global and local partnerships, attract investment in innovation, and make it possible to build modern production facilities even under the most challenging conditions of war.
Astarta's contribution to Ukraine's economy over this period is estimated at more than US$3.12 billion, showing how the company's public status and sense of responsibility translate into tangible economic benefits for the country.
"Public status is a value that has shaped our philosophy and culture for 19 years," says Viktor Ivanchyk, founder and CEO of Astarta-Kyiv agricultural holding. "We feel completely at ease in this role and cannot imagine ourselves any other way. Being a public company is primarily about openness, transparency, and responsibility – towards our shareholders, society, the state, and our external partners. It opens up new opportunities, avenues for growth, and, I believe, enormous prospects for the future."
International investors see potential in Ukrainian business
The international community is impressed by how Ukrainian companies continue to produce and export goods despite the war, staying modern and technologically advanced without state subsidies. The crisis also presents opportunities: stable businesses like Astarta are investing in new technologies, developing value-added products, and helping Ukraine shift from a raw materials exporter to a producer of high-quality agricultural goods.
"I always say that Ukrainian companies often deliver higher quality than many in the Western world because they are modern," says Gilles Mettetal, an international investment expert and non-executive director of Astarta's Board of Directors. "Many were established recently, so their infrastructure is up to date. Their way of working is more modern, and, as I mentioned, they do not rely on subsidies. Ukrainian agriculture is among the least subsidised in the world."
"In essence, they are resilient because they rely on their own profits," Mettetal noted. "The international community is impressed, seeing Ukraine continue to export grain and food products while producing its own to cope with the current challenges."
"I am confident that the task is to be able to continue creating added value for products," he added. "Not to export grain but to export processed grain. You know, this is what happens with chicken. Or, for example, with sugar. You don't export sugar beets; you export finished sugar, which has a higher value. Astarta does the same with soybeans – first producing soybean oil and meal, and then further processing it into soy protein, which is used, for instance, in fish feed."
"In essence, they are resilient because they rely on their own profits," Mettetal noted. "The international community is impressed, seeing Ukraine continue to export grain and food products while producing its own to cope with the current challenges."
"I am confident that the task is to be able to continue creating added value for products," he added. "Not to export grain but to export processed grain. You know, this is what happens with chicken. Or, for example, with sugar. You don't export sugar beets; you export finished sugar, which has a higher value. Astarta does the same with soybeans – first producing soybean oil and meal, and then further processing it into soy protein, which is used, for instance, in fish feed."
Transparency as the key to international financing
International financial institutions evaluate Ukrainian companies based on transparency, accountability, proactive communication and a clear strategic vision. By openly sharing information about their operations, companies can secure financing, strengthen trust with partners and boost their attractiveness even amid the challenges of war.
"We have recently signed a new project worth US$40 million to build a soy protein concentrate plant", emphasises Olena Voloshyna, Head of the International Finance Corporation (IFC) in Ukraine. "This is an entirely new project, built from the ground up. We had collaborated on it for many months before providing financing. It was made possible because Astarta is a transparent company. Its owner has a visionary outlook on where he is going. These investments are crucial for Ukraine. We all say that it is necessary to develop processing rather than export raw materials. Here it is, deep processing. It is a product that is in demand in Europe. Therefore, we could not help but support such an interesting project.
Astarta's experience demonstrates that transparency and openness in business are not merely ethical principles but strategic tools for the growth of both the company and Ukraine's economy. Openness fosters trust among investors, partners and society, attracts international financing, supports the development of modern production facilities and enables the creation of products with high added value.
In wartime, transparent businesses are vital for economic stability, supporting the military and reviving exports. Being a public company is more than a legal status – it is a strategic choice that delivers tangible economic benefits for Ukraine, integrates the country into global markets and adds value for the state, society and the nation's future victory.
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Please add a reference (hyperlink for online publications) when using our publications.
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Address: 48, 50A Zhylianska St., Kyiv, 01032, Ukraine
Phone: +380 95 641 22 07