The Ministry of Economy, together with partners, is developing an architecture for insurance of military risks, in particular in investment insurance. Deputy Minister of Economy of Ukraine Oleksandr Hryban said this while opening the First Ukrainian-Scandinavian Economic Forum. The event organized by the Ukrainian Chamber of Commerce and Industry gathered more than 250 business representatives from Denmark, Norway, Finland, Sweden and Ukraine.

“Together with international financial institutions and representatives of partner countries, primarily the G7, we are working to establish a targeted Trust Fund that will ensure that the private reinsurance market will become active again in Ukraine. This, in turn, intensifies the private capital market,” emphasized Oleksandr Hryban. 

The Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, is already considering applications from foreign investors to cover investment risks. The Japanese government recently announced that the country had already made the first tranche to the Trust Fund in the amount of USD 23 million to cover military risks when investing in Ukraine.

Speaking about the conditions for doing business and opportunities for expanding cooperation, the Deputy Minister of Economy noted that the Scandinavian countries are traditionally very important partners for Ukraine. 

“Companies from the Scandinavian countries have always been active in Ukraine and we would like to pave the way for them to financially expand their businesses in our country and restore business relations. With all the current challenges, we have the opportunity not only to recover but also to change Ukraine for the better. Therefore, we call on all international partners and investors to consider the country as a potential for business development of companies. After all, Ukraine has many advantages to attract attention: we have skilled professionals who can handle numerous challenges and tasks. We offer ready-made solutions for businesses, namely from the industrial sector. After all, industrial parks in Ukraine not only offer turnkey facilities but also provide their residents with a number of tax benefits,” added Oleksandr Hryban.

Today, a number of export credit agencies (ECAs), in particular the British and German ECAs, demonstrate a proactive position and are already ready to provide insurance for their investors. Oleksandr Hryban called on Scandinavian business representatives to involve the ECAs of their countries to review and expand the limits for Ukraine. In addition, the Deputy Minister of Economy reminded that the U.S. International Development Finance Corporation (DFC) was granted a special mandate and supports not only American companies but also any investors who are ready to invest in Ukraine. Currently, the team of investment banking professionals of the Advantage Ukraine platform, working with the support of the USAID Competitive Economy of Ukraine Program, selects investment applications, verifies them and provides the necessary assistance in the preparation of projects as well as consults potential investors. In the future, the UkraineInvest government office will follow up those who decide to invest.