German business ready to expand presence on Ukrainian market – PM Shmyhal

Prime Minister of Ukraine Denys Shmyhal and Germany’s Vice Chancellor, Minister for Economic Affairs and Climate Protection of the Federal Republic of Germany Robert Habeck, representatives of German companies have discussed the mechanisms for expanding production and the presence of German businesses in Ukraine.

"German business is ready to expand production and presence on the Ukrainian market. Together with Vice Chancellor, Minister for Economic Affairs and Climate Protection of the Federal Republic of Germany Robert Habeck, and representatives of German companies, we discussed the mechanisms required for this," Shmyhal said in a post on Telegram.

According to Shmyhal, it primarily concerns war risk insurance for business, which will help stimulate economic activity in Ukraine.

"We already have a pilot project with MIGA and the first projects with the American company DFC. We are working on finding a similar tool with Germany," Shmyhal said.

Shmyhal emphasized that Ukraine has potential in the fields of critical raw materials, processing and military-tech, which can bring many advantages and prospects for business. "We also count on the support and participation of Germany and German companies in the post-war reconstruction of our state," he emphasized.

As reported by Ukrinform, the reconstruction of Ukraine is the most ambitious project of the 21st century, which requires huge resources. However, it opens up new opportunities for investment. According to the World Bank, the total cost of reconstruction and recovery  in Ukraine is estimated at $411 billion.