Pressure on business: transfer of assets under state ownership

In 2023, a trend became noticeable: significant companies previously owned by foreign investors or private owners came under temporary or permanent government control. This has caused concern among entrepreneurs and investors. For business, this meant a high degree of risk: investing, expanding, modernizing became more difficult, especially if the project depended on external investment or technology. Many companies have postponed development and abandoned export- or scaling-oriented projects. For the state, this was a way of “consolidating resources”: assets came under control, enterprises could be directed to priorities related to defense, supply, and the domestic market. 2023 therefore became the year when businesses—especially large ones and those oriented toward foreign markets—reconsidered their strategies, and the country’s economy increasingly “moved inward.”