Despite the war, Ukraine’s economy is growing. Investors are increasingly investing in business in Ukraine. Work is continuing on the Ukraine Development Fund and other instruments to attract investment. This was stated by Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine, during her speech at the “CEOs for Ukraine” panel discussion and meeting with representatives of J.P. Morgan and CEOs of global companies chaired by President of Ukraine Volodymyr Zelenskyy at the World Economic Forum in Davos.
The event was attended by about a hundred CEOs of the world’s leading companies.
“One of the most important lessons of the past year is that war is not an embargo on investment. In 2023, the total volume of foreign direct investment in Ukraine increased, and we plan to increase its volume this year and next year to reach pre-war levels,” Yuliia Svyrydenko said.
According to the First Deputy Prime Minister, economic growth in 2023 exceeded all forecasts. As of the end of 2023, grain exports increased, as Ukraine was able to launch an alternative grain corridor. At the same time, the harvest was 35% higher than forecast. According to the Ministry of Economy, the economy will continue to recover, with GDP growth projected at 4.6% in 2024.
In addition, this year Ukraine continues to improve its investment climate to encourage more investors to enter the domestic market.
“We are expanding our political and war risk insurance architecture through international financial institutions and both foreign and Ukrainian export credit agencies. In addition, this year we have launched ship insurance against war risks. We are also working to improve the air defence of our cities, villages, critical infrastructure, ports and export infrastructure,” said Yuliia Svyrydenko.
According to the First Deputy Prime Minister, Ukraine also continues to implement reforms important for the efficient operation of business and creates additional investment opportunities.
“The investment mechanism under the Ukraine Facility will help attract at least $30 billion of additional investment over the next four years by providing guarantees to international financial organisations. In addition, we are working on the launch of the Ukraine Development Fund, which will be aimed at implementing significant capital-intensive investment projects for the recovery of Ukraine,” added Yuliia Svyrydenko.
In addition, she said, Ukraine’s membership in the EU and NATO would be the best contribution to attracting investment to Ukraine.
“For Ukraine, this is no longer just a dream, but a concrete plan for the future,” concluded Yuliia Svyrydenko. (Government portal/Business World Magazine)
