Consulting teams excels at addressing the most complex challenges — where solutions are simple, our involvement isn’t necessary
Nicolai Kiskalt, Partner at KPMG in Germany, has emerged as a prominent figure in Ukraine’s transformation following the invasion. With over 20 years of experience in corporate and strategy consulting, Kiskalt’s expertise has played a crucial role in guiding Ukraine’s recovery, helping the country navigate complex challenges and build a path toward long-term prosperity.
As Head of the Central and Eastern Europe Desk at KPMG in Germany, Kiskalt uses his deep understanding of market dynamics and business transformation to connect international companies and investors with Ukrainian opportunities. His work focuses on facilitating sustainable growth and fostering strategic market entries, leveraging KPMG’s global reach and local insights to support Ukraine’s rebuilding efforts.
“My goal is to help Ukraine emerge stronger, more resilient, and integrated into the European Union,” said Kiskalt. “Ukraine’s recovery requires the best expertise, clear strategies, and international collaboration. We are working to bring together the best minds to help rebuild Ukraine’s future in Europe.”
Kiskalt’s Role in Shaping Ukraine’s Transformation
Nicolai Kiskalt extends beyond the traditional bounds of management consulting, emerging as a pivotal architect of Ukraine’s early post-invasion economic strategies. As the founder of a strategy consulting firm in Kyiv established in 2018, Kiskalt was central to the launch of the book “KYIV RYSING” in October 2022 — a pro bono initiative that offered a detailed blueprint for Ukraine’s economic resurgence and European Union integration mere months after the invasion commenced. This project, which integrated Kiskalt’s strategic advisory prowess with frontline insights from Ukraine, has profoundly influenced the nation’s recovery framework, engaging more than 175,000 readers worldwide.
Kiskalt’s distinctive insights into Ukraine’s economic, societal, and political spheres are rooted in his direct experiences, including monthly commutes to the country since 2018. He delivered firsthand reporting on the evolving crisis, ultimately departing Ukraine as the last German citizen in February 2022 while orchestrating the evacuation of his employees to Germany. After stabilizing the firm in 2023, Kiskalt joined KPMG in early 2024, where he continues to drive Ukraine’s transformation efforts, with a focus on economic diversification, resilience enhancement, and the cultivation of a stable ecosystem conducive to both domestic development and international investment. At KPMG in Germany Nicolai is the Lead Partner for all Ukraine related topics.
A Proven Strategy for Economic Diversification and EU Integration
With his extensive background in corporate consulting and business transformation, Kiskalt is dedicated to advancing Ukraine’s sustained economic diversification. Drawing inspiration from pivotal historical shifts like Germany’s Reunification and the EU’s Eastern Expansion, he promotes targeted reforms that harmonize government oversight with private enterprise expansion. His objective is to foster a broader, more adaptable economy capable of navigating ongoing geopolitical pressures.
“Diversification is key to Ukraine’s future. The country needs to expand beyond its traditional “earth industries” such as agriculture or mining. It is in Europe’s geopolitical interest to help build a stronghold in the East – therefore Ukraine will be empowered to transform fast-forward. Ukraine positioned strategically important on the European continent might leverage changes in the global landscapes impacting the EU. Especially when it comes to Manufacturing, Energy, or Outsourcing – which all three played a significant role for EU’s growth,” Kiskalt noted. “The integration of Ukraine into the European Union is a critical element of this process, and we must support this journey through clear, actionable strategies.”
Foreign Private Sector investments will be the key to Ukraine’s EU Accession
Nicolai is actively engaged in advocating for Ukraine’s membership in the European Union, in addition to his work on economic diversification. The European Union’s nominal GDP is anticipated to reach $20 trillion in 2025. Germany, France, and Italy are the three greatest economies in the European Union, representing approximately 52% of the total GDP of the EU. The level of investment from German, French, and Italian companies in the Ukrainian market will be one of the indicators that will be monitored in the coming years. Ultimately, each accession is a business case and is contingent upon the EU’s business attractiveness.
There remains considerable effort required to better prepare both the European Union and Ukraine for mutual integration. For Ukraine to secure a strong and enduring foothold in the European market, it must cultivate a more diversified, resilient, and somewhat complementary economy. Any aspiring EU member should be viewed as an enhancement to the existing union, rather than a rival or potential risk. To support a productive integration process, open dialogue is crucial — not just at the political level, but also within business and civil society spheres. Nicolai Kiskalt places high importance on forging reliable “bridges” between Ukraine and Europe. These connections should be fair and mutually beneficial, addressing the needs of both sides equally. While Ukraine faces substantial changes ahead of potential EU membership, it is vital to pursue a “lighthouse transformation” that lays the groundwork for lasting success.
Nicolai serves as a Special Advisor to the United Nations (UN) Global Compact Ukraine and as an Honorary Advisor to Ukrainian regions including Lviv and Odesa. In these capacities, he helps shape policies that encourage private sector involvement and strong governance to support Ukraine’s ongoing evolution. He advises international firms and investors on key market prospects, while also promoting an ecosystem that nurtures innovation and growth in investing nations.
Nicolai Kiskalt: Top Advisor in Ukraine’s Transformation
Nicolai Kiskalt’s contributions extend far beyond traditional management consulting; he is profoundly dedicated to Ukraine’s prosperity. His distinctive blend of strategic acumen, direct involvement, and unwavering commitment to the nation’s evolution distinguishes him as a pivotal influencer in Ukraine. The network of international expatriates in the country — spanning management consultancies, audit and tax advisory services, and law firms — diminished during the pandemic and contracted sharply following the invasion. Presently, only a handful of foreign senior management consultants remain active in Ukraine, with Nicolai Kiskalt standing out among them due to his exceptional proficiency as an entrepreneur, connector, business architect, corporate advocate, and champion of transformation. He is also among the most prominent voices on LinkedIn, boasting over 31,000 followers who benefit from his shared expertise.
As Ukraine persists in its reconstruction and reforms, Kiskalt’s guidance, perspectives, and initiatives will continue to play a vital role in fortifying the nation, enhancing its resilience, and facilitating its seamless integration into the European Union. His endeavors exemplify the strength of partnership, specialized knowledge, and a forward-looking strategy for sustained economic advancement and stability.
About Nicolai Kiskalt
Nicolai Kiskalt is a Partner at KPMG in Germany, specializing in corporate and strategy consulting. With over two decades of experience, he has become a key figure in Ukraine’s economic recovery, providing strategic guidance and advisory services to both international investors and Ukrainian stakeholders. Kiskalt’s work spans market entries, business transformation, and EU integration, making him an essential leader in Ukraine’s post-invasion transformation.
Connect via LinkedIn www.linkedin.com/in/nicolai-kiskalt-908476106
Connect via KPMG Nicolai Kiskalt – KPMG in Germany
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Website: Transformation Ukraine – Together into the future – KPMG in Germany