Security, reforms, new support instruments, infrastructure development, compensation for damages caused by Russia, and integration of refugees and veterans are six key elements necessary to attract private investment in Ukraine.
Source. This was stated by the US Special Representative for Ukraine's Economic Recovery Penny Pritzker, speaking at the annual meeting of the American Chamber of Commerce in Kyiv on Thursday, Interfax-Ukraine reports.
"It is crucial that we work together to address fundamental issues. I want to emphasize six key elements. Security comes first," she said.
According to Pritzker, the "strategic momentum" remains with Ukraine, which has already managed to regain more than 50% of the territory seized by Russia at the beginning of the full-scale invasion.
"With our continued assistance, Ukraine can win this war," the U.S. Special Representative emphasized.
Secondly, she emphasized the vital importance of continuing reforms, in particular for possible EU accession.
"Anti-corruption reform remains crucial to attracting the private sector interest needed for a full economic recovery," said Pritzker.
She emphasized that Ukraine has made significant progress in some areas, but many obstacles remain.
The U.S. Special Representative called the third element the creation of new support tools, such as investment risk insurance and marine insurance, which will help economic activity even in the face of a brutal war.
"Fourthly, we need to support the development of the infrastructure needed to expand market access and increase exports. This is where we have the greatest potential for quick wins with the best return on investment in terms of increased government revenues and profits," Pritzker said.
As an example, she cited the ports of Greater Odesa, which in the short term have helped increase grain and steel exports from a recent average of 2 million tons per month to 7-8 million tons, which could add $25 billion, or 8% of Ukraine's GDP, and potentially increase tax revenues by $5 billion per year, or almost 10% of the state budget.
The fifth and sixth points of the US Special Representative are to make Russia pay for the serious damage it has caused and to reintegrate refugees and veterans of Ukraine.
"We need to promote these six fundamental elements and educate our business and private sector leaders about the opportunities in Ukraine in six critical sectors: agriculture, technology, defense, critical minerals and metals, energy, and transportation and logistics," Pritzker concluded.
Background. As reported, the UK has contributed more than $25 million to the Trust Fund to support Ukraine's reconstruction and economy.