On Wednesday 22 April, the European Commissioner for Enlargement, Marta Kos, called on European companies to invest in Ukraine. “Now is a good time to invest in Ukraine. It is becoming one of the most strategic investment destinations in Europe. Innovative, full of potential, and ever more central to Europe’s future”, she explained at the EU-Ukraine Business Summit in Brussels.
Ms Kos highlighted critical raw materials, the defence sector and the dual-use goods sector, which she said was “worth €5.4 billion and includes around 3,400 companies operating in Ukraine”.
The Commissioner stressed the importance of creating an optimal business environment, which requires speeding up reforms that boost investor confidence, including in terms of the rule of law and the fight against corruption.
“Structural reforms are essential if Ukraine is to make progress towards EU membership, strengthen confidence in its institutions and improve the business climate. These include legal predictability, independent courts, effective anti-corruption measures and transparent public procurement”, said Ms Kos. And she added that: “If we succeed in implementing the reforms, we can create one of the most dynamic investment markets in the world, generating jobs, growth and lasting stability for Europe as a whole”.
The Commissioner also called for EU guarantees to be mobilised, announcing that she had signed two new guarantee agreements worth €363 million with the European Bank for Reconstruction and Development (EBRD) to support small businesses. “This programme also introduces an innovative policy for covering war damage. In concrete terms, the EU guarantees will protect companies against losses caused by the destruction linked to the war”, she pointed out.
€600 million for reconstruction projects. Ms Kos also announced the signing, with the European Investment Bank (EIB) Group, of a new financing plan worth over €600 million for urgent reconstruction projects in the country: €450 million in financing from the Group to continue the recovery efforts and a further €150 million in subsidies and technical assistance from the EU. EIB financing, backed by the EU guarantee, will target key sectors such as transport, energy and education.
Finally, the European Commission has signed a €95 million agreement with the Slovak Export-Import Bank (Exim Banka) to support the Ukrainian electricity sector. (Original version in French by Camille-Cerise Gessant)