Three key topics for Davos 2025: artificial intelligence, Trump's return, and the war in Ukraine.

Leaders of international companies at a meeting organized in Zurich by the European Business Association shared their impressions and conclusions from this year's main economic forum in Davos.

"In Davos, there are more and more businesspeople and fewer politicians. But perhaps that's for the better," shared Timofey Milovanov, president of the Kyiv School of Economics and former Minister of Economy of Ukraine, reflecting on this year's event.

"The 'Unnatural Problem' of Artificial Intelligence"

Perhaps it was the composition of the participants that influenced the discussions, but the main topic at this year's Davos turned out to be a matter quite distant from state politics — artificial intelligence.

"This year, quite a number of participating companies had some sort of 'AI label'," shared Brian Herd from Aon Cyber Solutions Global.

Oliver Girlichs, managing director and CFO of Bayer in Ukraine, recalls that last year's Davos also saw organizers and participants trying to raise the topic of artificial intelligence. However, at that time, it still seemed rather forced. Now, the relevance of this topic felt much more natural.

The world, including the business sector, is trying to understand how to navigate life in the age of artificial intelligence. Yet, businesses do not envision any apocalyptic scenarios — such as a conflict between humans and computers.

On the contrary, Tatiana Lukinyuk, CEO of Google in Ukraine, admits that she personally feels not fear towards artificial intelligence, but rather excitement and an enhanced sense of freedom.

"Artificial intelligence is already changing our world. Self-driving cars are starting to appear on the streets, and 'smart homes' are becoming a reality. AI doesn't so much replace us as it frees up our time for creativity. This applies to both science and business," Tatiana Lukinyuk explains.

She reminds us that artificial intelligence is already analyzing and systematizing vast amounts of analytical data for businesses and science. Companies are beginning to utilize AI to enhance service and customer support — particularly by studying consumer behavior, developing new products and services, as well as for more personalized advertising and optimizing production processes.

According to her forecast, the financial sector and retail will clearly benefit from the use of AI. Medical services will also gain: the focus here is not on replacing doctors with artificial intelligence but on enhancing their skills and expertise with AI.

Oliver Girlichs from Bayer supports this idea, predicting that thanks to artificial intelligence, the treatment process could change significantly for the next generation. AI will enhance diagnostics and have a significant impact on biochemistry and pharmaceuticals. It will help to interact more effectively with cells. And likely, the treatment process will involve not just swallowing pills and surgeries, but rather injections of the appropriate cells.

At the same time, representatives of major international corporations assure that despite the war, artificial intelligence is actively developing in Ukraine as well. In particular, as stated by Anton Ashvanden, public policy manager at Google’s Swiss office, Google has already supported around a hundred startups in the field of (or involving) artificial intelligence in Ukraine. Since November 2024, Google, in collaboration with the Ministry of Economy and some other ministries, has launched an online platform for resources to study AI. According to Tatiana Lukinyuk, around 200,000 Ukrainians have already undergone training in the use of artificial intelligence, placing Ukraine among the leading countries in this field.

However, Europe tends to approach artificial intelligence with caution. As was joked in Davos, "Americans produce more, Chinese copy more, and Europeans regulate more."

Brian Herd added that it is essential not only to learn how to use artificial intelligence in work but also to establish a certain ethics regarding what can and cannot be done with AI.

"Artificial intelligence won't replace humans but will change their lives and the economy — just as steam engines, electric currents, cars, or airplanes did," predicts Brian Herd.

Trump's Speech in Davos

A certain "elephant in the room," which was publicly ignored yet discussed by everyone in one way or another during Davos, was Donald Trump's potential return to the White House, as reported by Pascal Tisseyri, vice president of PPG Industries.

In his opinion, Trump's return brings a completely new business perspective and a different type of leadership (especially when compared to the European Union).

"This year's Davos and the statements from the new Trump administration provide a sense of hope for Ukraine — in terms of having a specific action plan (to stop the war) and in terms of having leaders who can ensure powerful changes. This contrasts sharply with last year's Davos. And it truly gives hope," believes Maxim Barabash, CEO of Philip Morris Ukraine, who is attending Davos for the third time this year.

Timofey Milovanov, former Minister of Economy, also shares similar optimistic feelings regarding the new U.S. President's statements. Although he notes that Trump traditionally addresses different audiences (primarily American voters), some of his remarks indeed offer hope for Ukraine and Europe as a whole, given that Europe is also interested in containing Putin.

In particular, Trump's statements about the willingness to negotiate with Saudi Arabia on reducing oil prices (including to curb inflation in the U.S.), preliminary talks with China to apply pressure on Moscow to end the war, and demands for NATO member countries to increase defense spending, according to Milovanov, align with the strategy of the new administration to contain the Russian Federation.

"Currently, there is a sort of 'competition' between Ukraine and Russia over who will provoke Trump first. So far, Putin is clearly winning this 'competition.' And that’s good news for Ukraine. Trump will build a system of leverage over the Russian Federation — both by reducing global oil prices and through real enforcement of sanctions. Because sanctions are like speed limits on the road: if there’s no police or cameras, even the strictest rules and penalties won’t work," explains Timofey Milovanov.

Transfer of "Frozen" Russian Assets to Ukraine: Not "If," but "How"

A shift in rhetoric is occurring regarding assistance to Ukraine. Specifically, in such a challenging issue for Europe as directing frozen Russian assets to finance support for Ukraine.

Recall that of the approximately 300 billion dollars of Russian assets frozen in so-called "unfriendly" countries towards the aggressor, two-thirds (209 billion dollars) are held in Euroclear (Belgium). Another 19 billion are frozen in France, and 15.5 billion in the United Kingdom.

As Oliver Girlichs recalls, "just two years ago at Davos, no one even dared to discuss the possibility of transferring frozen Russian funds to Ukraine. Last year, the legality of such a step was debated. But this year, more practical steps for implementing such a decision are already being discussed. It’s no longer about 'if' a decision will be made; it’s about how to implement it."

Of course, Davos is not just about security; it's also about the economy. However, in Ukraine's case, these two issues are directly linked. Thus, the presence at Davos of companies that continue to invest in Ukraine or develop these opportunities for others — even during the war — is particularly encouraging.

For instance, Brian Herd from Aon reminded that his company, in collaboration with the European Bank for Reconstruction and Development (EBRD), already provided 465 million dollars for reinsurance of military risks in Ukraine last year.

"This is a direct signal to investors. Our few hundred million dollars can ensure several billion dollars of direct risk insurance for businesses in Ukraine from Ukrainian insurance companies. The main thing that business dislikes is volatility. This step is aimed at reducing volatility," explains Brian Herd.

Another participant at Davos, Philip Morris Ukraine, invested 30 million dollars in its new factory in the Lviv region, which was opened during the war — in May 2024. CEO Maxim Barabash says that the hardest part was not even the renovation or setting up equipment — the most difficult task was relocating about 250 employees from the Kharkiv region (where the Philip Morris factory was hit by missile fire in the early days of the full-scale war) to Lviv.

"The key factor is people. We organized not only logistical support for our employees but also cultural support. For example, our colleagues complained that the borscht in the new location tastes different from that in Kharkiv. So, we even found a chef who prepares borscht just the way it is most loved by Ukrainians from Slobozhanshchyna," shares the CEO of Philip Morris Ukraine about the human aspect of investing in Ukraine and maintaining jobs during the war.

In turn, Oliver Girlichs from Bayer in Ukraine recounts that he has already suggested to Ukrainian authorities an approach for attracting additional investments: if an investor enters the Ukrainian market during martial law, they should be granted some temporary tax benefits.

In response from the Ukrainian authorities, he was told that similar tools were not applied in other countries in similar situations.

"But if we acted in such a way — not doing what hasn’t been done before — we would never have, for example, Google. We always need to do something new and better. However, the