During a meeting with the heads of foreign diplomatic institutions of Ukraine, the Minister of Economy and Environment of Ukraine Oleksandr Kravchenko spoke about priority areas where the role of economic diplomacy is particularly important. The event was held within the framework of the diplomatic week “Restoring Peace and Leadership of Ukraine”.
“The Ukrainian diplomatic corps is the number one contact in working with foreign investors. Now each Ukrainian embassy abroad must become the main lobbyist for the economic interests of Ukraine. This is necessary for our stability today and reconstruction tomorrow,” noted Oleksandr Kravchenko.
Among the priorities emphasized by the minister is Ukraine’s preparation for an extremely difficult winter. The enemy will continue to attack our energy, infrastructure, production and trade networks. Therefore, the Government should form a financial portfolio in advance to expand support programs and strengthen energy sustainability. To do this, it is important to mobilize international partners, in particular through the Industrial Ramstein, expand G2G cooperation, and strengthen business support programs.
Oleksandr Kravchenko also emphasized the importance of long-term planning for reconstruction and transition to a more sustainable economic model with a high share of private investment. To this end, the Government, together with the World Bank, is working on the vision of the “Economy of the Future”. Nine key sectors have already been identified and a portfolio of 18 flagship projects has been formed on their basis. Each of them needs partners, investors, and financing for implementation. Now each Ukrainian embassy abroad should become the main lobbyist for Ukraine’s economic interests.
An important direction is to reduce risks for investors so that private capital systematically enters Ukraine. Ukraine already has effective guarantee mechanisms, but they need to be scaled up. This concerns insurance and reinsurance of military risks, as well as the promotion of sovereign guarantees for the ESA of partner countries. Support from the diplomatic service is key here, in particular in cooperation with the G7 and EU countries, as well as with the reinsurance markets of London, Munich and Zurich.
Another strategic direction is the export of products with high added value. To this end, the Government has developed the Export Strategy of Ukraine until 2030. PrJSC Export Credit Agency and the Office for the Development of Entrepreneurship and Export already have the necessary tools. The task of the diplomatic community is to open new markets for Ukrainian products “Made in Ukraine”, to help businesses abroad find new partners and integrate into global trade chains. (Economy Ministry)