Facilitating access to EU markets, promoting entrepreneurship, learning from EU business experience and modernizing industry – these and other opportunities will be available to Ukrainian businesses under the EU’s Single Market Programme. The process of ratifying the relevant Agreement signed in Kyiv in early February is currently underway.

The European Union’s Single Market Programme is a EUR 4.2 billion financial support program of the EU designed for 7 years (2021-2027). Ukraine will take part in such components of the Programme as strengthening the competitiveness and sustainability of small and medium-sized enterprises (approximately EUR 1 billion) as well as the generation and dissemination of high-quality European statistics (approximately EUR 546 million).

This will enable the provision of various forms of business support and allow Ukraine to participate in an expanded partnership aimed at developing new European statistics using multiple data sources, advanced data analysis methods, smart systems and digital technologies.

At the same time, the European Commission has already announced two grant proposals aimed at supporting Ukrainian entrepreneurs. The initiatives are jointly called ReadyForEU and have a total budget of EUR 7.5 million.

In particular, the Business Bridge initiative with a budget of EUR 4.5 million will provide financial support to Ukrainian SMEs (including relocated companies registered in Ukraine that are now working with the EU) affected by the war. The purpose of the proposal is to establish a Consortium of business support organizations that will select up to 1,500 Ukrainian SMEs focused on growth and sustainable development to receive direct support of up to EUR 2,500.

This support will cover the costs of researching the European market to find partners, legal, organizational or financial advice on setting up a new business or adapting an existing one, advice on intellectual property rights, attending European exhibitions and fairs, etc.

Another initiative, Erasmus for Young Entrepreneurs – Ukraine, with a budget of EUR 3 million, will allow new Ukrainian entrepreneurs to gain business experience in European countries through the existing Erasmus for Young Entrepreneurs program. Up to 430 new Ukrainian entrepreneurs will take advantage of this opportunity.

Such initiatives under the EU’s Single Market Programme will help Ukrainian entrepreneurs find new business partners in the EU and enter new markets. At the same time, it is another opportunity for European businesses to strengthen business ties with Ukraine, invest in Ukrainian business projects and joint the reconstruction of Ukraine.

Links to these grant proposals are available on the website of the European Commission:

http://surl.li/fcumk

http://surl.li/fcumx