UBC hosts first workshop on the Ministry of Economy of Ukraine

20.03.2024

On March 18, as part of the Ukraine Business Compact, the first workshop was held with the Ministry of Economy of Ukraine. The Ministry and major businesses initiated work on implementing investment projects in promising sectors of the Ukrainian economy and discussed opportunities for building strong international partnerships on the UBC platform, which has already attracted more than 700 international companies.

The Ukraine Business Compact is a platform that brings together international companies willing to support the sustainable economic recovery of Ukraine. The official presentation of the UBC took place in 2023 at the Ukraine Recovery Conference. It was launched by the FCDO (Foreign, Commonwealth & Development Office) and the Government of Ukraine. Now, the UN Global Compact Ukraine, in partnership with the Government of Ukraine, is a host of the Ukraine Business Compact.

Prior to the workshop, UBC signatories underwent a survey. According to the results, 34% of respondents stated that they are already investing in the Ukrainian economy during the war, and an additional 39% are considering such an opportunity. Deputy Minister of Economy Volodymyr Kuzio announced this during his speech at the opening of the first seminar within the UBC platform, which was attended by 238 participants.

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

Ukraine actively participates in creating mechanisms to support investors and mitigate risks, including initiatives related to war risk insurance and providing financial guarantees for investments. The Government closely cooperates with international organizations and export credit agencies.

Volodymyr Kuzio also announced that the Ministry of Economy is working on establishing an investment promotion agency, which will serve as a “one-stop shop” for investors. The main idea is to unite efforts with international partners to attract and further support investors. The UBC is intended to be a bridge that brings together the efforts of the government and businesses.

Deputy Minister of Economy of Ukraine Oleksiy Sobolev presented a list of priority reforms and the Plan for Ukraine’s Implementation of the Ukraine Facility program, which includes structural reforms in the public sector, a series of economic reforms aimed at developing the business climate and entrepreneurship, as well as steps to develop priority sectors that can ensure rapid economic growth. The implementation of the Plan will contribute to Ukraine’s European integration and further sustainable economic development.

During the Q&A session, representatives of the Ministry of Economy of Ukraine answered questions that were of interest to the companies. Among the topics discussed were procurement rules, investment guarantee mechanisms, localization of production in Ukraine, and many others. Deputy Minister of Economy of Ukraine and Trade Representative of Ukraine Taras Kachka responded to questions regarding the prospects for unlocking the Ukrainian-Polish border. Representatives of the government’s investment attraction and support office, UkraineInvest, informed entrepreneurs about state incentives for investments. Overall, during the interaction with the business community, over a hundred practical questions were raised, the answers to which will be provided by experts from the Ministry of Economy and UkraineInvest at the next session.

In the next two months, the workshops will be held in sectoral groups in priority investment sectors, after which representatives of business and government will proceed to discuss specific investment projects.