On September 13, First Vice Prime Minister – Minister of Economy of Ukraine Yulia Svyrydenko met with co-chair of the Group on International Security Guarantees for Ukraine, former NATO Secretary General Anders Fogh Rasmussen. They discussed the economic and security prospects of Ukraine's recovery.
Mr. Rasmussen reported that the Expert Group on International Security Guarantees for Ukraine has developed recommendations for the creation of the Kyiv Security Treaty – a joint document on strategic partnership that will unite Ukraine and guarantor states.
The package of guarantees was presented on the same day at the meeting of Mr. Rasmussen with Head of the Office of the President Andrii Yermak. The Kyiv Security Treaty contains both preventive measures of military, financial, infrastructural, technical, and informational nature to avoid new aggression, and measures to be taken in the event of new encroachment on Ukraine’s sovereignty and territorial integrity.
The key topic of the meeting between the First Vice Prime Minister and the former NATO Secretary General was the post-war recovery of our country. And in this context – the security guarantees for Ukraine, which should contain a significant economic component. That is, the economic guarantees should be a part of the Kyiv Security Treaty.
“Security guarantees are extremely important for Ukraine”, said Yulia Svyrydenko. “However, guarantees on the economic front are no less important. Our partners are asking about them when we are negotiating to attract investments into the economy right now, without waiting for the end of the war. So we are developing several tools that can provide these guarantees.
The first is risk insurance by international organizations that already have such a practice. For example, the Multilateral Investment Guarantee Agency (MIGA), which is a part of the World Bank group. MIGA has successfully implemented projects in the countries experiencing terrorist activities. So this experience of the agency can be applied to wartime conditions in Ukraine.
The second tool that will help bring foreign investors to Ukraine and attract them to reconstruction is guarantees of partner states and their governments for own business. We will talk about this with the G7 countries in the coming days. This mechanism will remove most of the fears of potential investors and will be a strong signal for the entire global business community. Therefore, we are developing a specific mechanism that will protect businesses in the event of losses due to Russian aggression”.
The former NATO Secretary General agreed with the First Vice Prime Minister of Ukraine as well:
“The greatest guarantee of Ukraine's security in the future will be the country's ability to defend itself against the aggressor and prevent new attacks on its territory”, said Anders Fogh Rasmussen. “This requires, among other things, recources to maintain powerful army, as well as many-year stable investments in the defense and industrial sector. So under such conditions the sustainable economic development of Ukraine is strategically important for security situation”.
According to the Minister of Economy of Ukraine, a draft Economic Recovery and Development Plan has already been developed, which is aimed at achieving the goals of economic stability and modernization of the country. This document defines sectoral directions, in particular: defense and ndustrial complex, metallurgy and metalworking, agro-industrial complex. These sectors should contribute to the development of many other sectors.
“Among the important steps that should ensure the implementation of our ambitious tasks, it should be noted the creation of the National Fund for Structural Transformation of the Economy, the introduction of war risk insurance, as well as the development of processing industry and the network of industrial parks”, emphasized Yulia Svyrydenko.