German business in Ukraine can be more active if reforms continue – Marco Wanderwitz

German business in Ukraine can be more active if reforms continue – Marco Wanderwitz

Ukrinform
The presence of German business can significantly grow in Ukraine if current reforms continue, Marco Wanderwitz, Parliamentary State Secretary at the Federal Ministry for Economic Affairs and Energy, Co-Head of the German-Ukrainian High-Level Group on Economic Cooperation, has stated.

“Ukraine is one of Germany's most important economic partners in the region, and Ukraine has made great progress in reforms lately, even in recent months. If you continue to follow this path, we will see a significant increase in the German presence in Ukraine in the coming years. This goal unites us. I am very glad that Ukrainian business and business ties between our countries have not been affected much from the coronavirus pandemic," Marco Wanderwitz said during the fourth Ukrainian-German Business Forum, according to an Ukrinform correspondent.

He noted that due to the crisis caused by COVID-19, the volume of bilateral trade between Ukraine and Germany decreased by 8% in 2020, but remained at a high level of EUR 7.1 billion, which corresponds to the level of 2018. Marco Wanderwitz said he is sure that the parties will be able to stabilize the situation and resume growth of bilateral trade in the coming years.

"Ukraine has great advantages, it is a digital ‘champion’, and therefore the IT sector in Ukraine is becoming increasingly important for German business. This is exactly the place where we can produce our products… We believe that we have a lot of potential in economic relations with Ukraine. First, it concerns the opening of the German market for Ukraine, and vice versa, the development of infrastructure, production of equipment for industry…,” he  said.

In addition, Marco Wanderwitz reminded that Ukraine and the EU have an Association Agreement, which provides for mutual access to each other's markets, in particular the presence of many German investors in Ukraine.

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