A Conference on the participation of the private sector in the recovery and reconstruction of Ukraine was held in Stockholm on June 8th, 2023.
Distinguished speakers at the Conference included Mr. Johan Forssell, Minister of International Development Cooperation and Foreign Trade of Sweden; Mr. Oleksii Sobolev, Deputy Minister of Economy of Ukraine for Digital Development, Digital Transformation, and Digitization; Ms. Katarína Mathernová, Deputy Head of Directorate-General for Neighbourhood and Enlargement Negotiations (DG NEAR) of the European Commission; Mr. Jacob Wallenberg, President of the Confederation of Swedish Business; Mr. Werner Hoyer, President of the European Investment Bank; and Mrs. Anna Derevyanko, Executive Director of the European Business Association (EBA) of Ukraine.
The speakers highlighted the following key points:
- Ukraine’s Vision for 2030-2035 focuses on the agricultural sector, the transition to green energy, the industrial sector, with an emphasis on sustainable steel industry, and the promotion of digitalization.
- Ukraine offers investment opportunities due to its human capital, high agricultural potential, rare metals for green transition, and digital capabilities, as well as the green transition potential offered by the country’s rare metals and digital capabilities.
- The Ukrainian economy has shown great resilience, with its banking system and railways continuing to function normally.
- Businesses in Ukraine continue to operate as usual, with regular wage payments. More than 60% of European Business Association (EBA) members continue to invest in the Ukrainian economy
- Reconstruction costs cannot be solely covered by development aid; the private sector should be actively involved.
- Numerous companies are eager to participate in Ukraine’s reconstruction through coordinated efforts between the public and private sectors.
- It is crucial to link Ukraine’s reconstruction to its European perspective and ensure the country’s full ownership of its reconstruction plan.
Following the opening speeches, three thematic panels were conducted:
- Reconstruction and transformation of Ukraine: investment climate, governance and EU integration
- Conditions for resource mobilization: the public-private nexus
- Risk mitigation tools – Advancing the agenda
Concluding the Conference, Ms. Danae Dholakia, Special Envoy of the United Kingdom for the “Ukraine Recovery Conference” (URC 2023) scheduled to take place in London on June 21-22, 2023, emphasized the importance of ensuring the participation of as many investors as possible in the “Ukraine Business Compact.”
Key takeaways from the conference “Private sector engagement in Ukraine’s recovery and reconstruction” are summarised here