Presidential Office calls on Canadian business to invest in Ukraine

Presidential Office calls on Canadian business to invest in Ukraine

Speaking at the Rebuild Ukraine conference in Toronto (Canada), Deputy Head of the Office of the President of Ukraine (OP) Rostyslav Shurma called on Canadian businesses to invest in Ukraine.

The OP said this to Ukrinform.

"We believe that Ukraine's economy should recover primarily at the expense of private business. However, due to military risks, any projects will be difficult for private investors to implement. That is why they should be built based on public-private partnerships," Shurma explained.

According to him, today there is a positive example of Germany and France, which have provided state insurance for all their corporations that have invested in Ukraine.

"This type of partnership will allow us to achieve two key goals. On the one hand, you will be able to get a return on your investment, as Ukraine has many natural advantages. On the other hand, your governments will mitigate the risks that arise from the war," the Deputy Head of the OP said.

Read also: Ukraine's top prosecutor, U.S. special representative discuss seizure of Russian assets

According to him, there are two opportunities for Canadian investors to make money in Ukraine right now. The first is related to the country's and economy's recovery. The second is that Ukraine has natural advantages.

As an example, Shurma cited the experience of Westinghouse, which supplies nuclear fuel to Ukrainian nuclear power plants.

"We are converting one reactor after another to Westinghouse fuel. We are determined to purchase one hundred percent of the fuel only from Westinghouse," he stated.

Another possible area for investment is the Ukrainian agricultural sector. First of all, it is a huge consumer of fertilizers, crop protection products, seeds and agricultural machinery. This means it is also a market for Canadian producers.

"We will be interested not only in supplying these products, but also in localizing their production in Ukraine," Shurma said.

In his words, any agricultural product produced in Ukraine will have advantages in the international market. "Chicken produced in Ukraine is one of the cheapest in the world. This is due to the natural resources of our country," Shurma emphasized.

Read also: "Rebuild Ukraine": International business in search of new opportunities in Ukraine

Ukraine also has significant natural gas reserves. The country has a huge potential for solar, wind and hydrogen production. It has the largest lithium and uranium reserves in Europe.

"We are ready to work together with Canadian investors to develop these resources. For this purpose, such instruments as export credit agencies and guarantees of the Canadian government can be used," Shurma said.

As reported, on September 22, President of Ukraine Volodymyr Zelensky and Prime Minister of Canada Justin Trudeau signed an updated Free Trade Agreement between Ukraine and Canada. It is expected that the agreement will enter into force either after ratification by both parties or on January 1, 2024, whichever comes first.

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