FM Kuleba discusses renewable energy investment projects with German business

A meeting with German business and the leadership of the German Committee on Eastern European Economic Relations took place in Berlin during Kuleba’s working visit to Germany, the Foreign Ministry informs.

The key topics of discussion were the development of the Ukrainian–German energy partnership, the implementation of major investment projects in the field of renewable energy, including the production and transportation of green hydrogen.

Kuleba supported the readiness of the leadership of the German Committee on Eastern European Economic Relations to pay a visit to Ukraine in the second half of 2021. He assured that President of Ukraine Volodymyr Zelensky paid priority attention to the issue of attracting investments.

"I am very pleased with our practical discussion on specific mutually beneficial projects that will promote trade and investment between our countries, job creation in Ukraine. I assure you that the energy partnership between Ukraine and Germany is among the priorities of the Ukrainian Government," the minister stressed.

German businesspeople expressed interest in developing investment projects on the production and transportation of green hydrogen to the European Union, solar and wind energy, exports of Ukraine-produced biomethane to the EU, and more.

Another topic of conversation was the possibility of producing “green steel” in Ukraine with the use of renewable energy sources and subsequent exports to Germany, in particular for the needs of the automotive industry.

As reported, the German Committee on Eastern European Economic Relations is the largest German business initiative for 29 countries in Central, Eastern, and South-Eastern Europe, the South Caucasus, and Central Asia. It assists 350 member companies in supporting bilateral projects, establishing contacts, and entering foreign markets.

According to the State Statistics Service of Ukraine, in January-March 2021, Ukrainian exports to Germany increased by 37% and totaled $620 million; imports from Germany to Ukraine decreased by 17% and totaled $1.27 billion.

At year-end 2020, Germany ranked first among Ukraine's trading partners in the EU with a share of 17.6% of total trade. Ukraine–Germany trade in goods and services amounted to $8.3 billion.

According to the National Bank of Ukraine, in 2020, the volume of German direct investment in Ukraine's economy amounted to almost $1.7 billion, accounting for 4.6% of total foreign direct investment.

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