The Ministry of Economy of Ukraine and big business started work to implement investment projects in promising sectors of the Ukrainian economy, and also discussed the possibilities of building strong international partnerships on the Ukraine Business Compact (UBC) platform, which has already been joined by more than 700 international companies.

Among the surveyed international business representatives who joined the UBC, 34% of respondents said that they are already investing in the Ukrainian economy during the war, and another 39% are considering such a possibility. Deputy Minister of Economy Volodymyr Kuzio announced this during his speech at the opening of the first seminar within the framework of the UBC platform, which was attended by 238 participants.

“Our priority this year is attracting investments into the real sector of the economy. Ukraine offers opportunities for investment in various sectors, from energy and infrastructure to agriculture and high technology. Our Government strives to create a favourable business environment that encourages entrepreneurship, stimulates growth and promotes innovation and environmental competitiveness,” Volodymyr Kuzio emphasized.

According to him, Ukraine is actively involved in creating mechanisms to support investors and mitigate risks, including initiatives to insure military risks and provide financial guarantees for investments. The Government closely cooperates with international organizations and export credit agencies.

He also said that the Ministry of Economy is working on the development of an investment attraction agency that will work as a ‘single window’ for investors. The main idea is to join forces with international partners to attract and further support investors.

“We are working on expanding the military risk insurance infrastructure that was launched last year. This year, we reserved funds to support significant investment projects and the development of industrial parks. The second area of our work is aimed at attracting investments through international financial institutions and development financing institutions. In addition, we expect to deepen cooperation with the international business community by involving Ukrainian business in global production and supply chains. I believe that the UBC will become a bridge that will unite the efforts of the Government and business,” Volodymyr Kuzio said.

Volodymyr Kuzio also invited interested companies to participate in Ukraine Recovery Conference (URC-2024), which will be held in Berlin on 11-12 June 2024.

Deputy Minister of Economy of Ukraine Oleksii Sobolev presented a list of priority reforms and the Plan of Ukraine for the implementation of the Ukraine Facility programme, which provides for the implementation of structural reforms in the public sector, the implementation of a number of economic reforms aimed at the development of the business climate and entrepreneurship, as well as steps for the development of priority sectors that can ensure rapid economic growth. The implementation of the Plan will contribute to the European integration of Ukraine and the further sustainable development of the economy.

During the question-and-answer session, representatives of the Ministry of Economy of Ukraine answered questions of interest to company representatives. In particular, it was about procurement rules, investment guarantee mechanisms, localization of production in Ukraine and many others. Deputy Minister of Economy of Ukraine – Trade Representative of Ukraine Taras Kachka answered questions about the prospects of unblocking the Ukrainian-Polish border. Representatives of UkraineInvest, the Government office for attracting and supporting investments, told entrepreneurs about state incentives for investments. In general, during the communication from the business side, more than a hundred practical questions were submitted, the answers to which will be discussed by experts of the Ministry of Economy and UkraineInvest before the next session.

In the next two months, seminars will be held in sectoral groups in priority areas for investment, and then business and Government representatives will proceed to meetings to discuss specific investment projects.

Background:

Companies wishing to participate in the discussion of investment projects in Ukraine should join the UBC by registering on the website https://ubc.globalcompact.org.ua/.