Ukraine, UK discuss European integration, reforms, business support

The representatives of Ukraine and the United Kingdom have discussed Ukraine’s European integration commitments, priority reforms, and the development of key industries.

The relevant statement was made by the Ukrainian Economy Ministry, following a meeting between Ukrainian First Deputy Prime Minister, Economy Minister Yuliia Svyrydenko and Ambassador Extraordinary and Plenipotentiary of the United Kingdom of Great Britain and Northern Ireland to Ukraine Martin Harris, an Ukrinform correspondent reports.

“The First Deputy Prime Minister spoke about the tools the Government was using to support business. In particular, it is a program of affordable loans ‘5-7-9’, grant programs for business startup or development, including with a focus on recycling to facilitate logistics. In this context, the British side aims to continue supporting trade liberalization with Ukraine, increasing trade turnover and creating favorable conditions for Ukrainian exporters,” the report states.

In order to facilitate foreign business operations in Ukraine, it is important to develop a market for war risk insurance. The United Kingdom is working on an insurance tool for its businesses interested in investing in Ukraine, and is also interested in helping to launch an international war risk reinsurance pool.

“With the support of the G7, G19, and the European Commission, we are working on war risk insurance instruments for international agencies. In particular, we cooperate with MIGA, DFC, EBRD, Export Credit Agencies of a number of countries, including the UK, and have already had several successful cases of investment risk insurance worth millions of dollars,” Svyrydenko noted.

Separately, the parties discussed Ukraine’s European integration commitments, priority reforms, including privatization, and the development of key industries. Ambassador Harris mentioned that the United Kingdom was ready to provide the necessary advice and support to Ukraine in key issues.