EU ready to help businesses navigate Ukraine – Commissioner Kos

This was stated today in Brussels during a press conference as part of the Ukraine-EU business forum, an Ukrinform correspondent reports.

"There is no longer a question of whether to invest in Ukraine or not. There is a question of why and when to invest, because now is the time for this. Ukraine's economy is evolving, Ukrainian institutions are reforming and already now adapting to EU standards, meaning means that all European companies can benefit from entering this market even before Ukraine becomes a member of the EU... So, my message to the European business community today is that Ukraine is open for business, and the European Union is here to help to seize this opportunity," said the representative of the European Commission.

She noted that the European Commission had recently initiated a call for European companies to express interest in investing in Ukraine, and the response from European business exceeded expectations. European business shows the greatest "appetite" for such sectors as defense, energy and renewables, infrastructure and digital transformation.

According to Kos, Ukraine's integration into the European Union is no longer a question of the future, it is already underway. Ukraine is integrating into the EU Single Market in “real time” – in energy, in the digital area, in the transport sector, and in industrial standards.

“The trajectory is clear, step-by-step Ukraine is becoming part of the world's largest and most stable economic bloc, European internal market,” the European Commissioner stressed.

She recalled that EU assistance to Ukraine is based on serious resources. The Ukrainian investment framework within the Ukraine Fund in the EU’s multiannual budget for 2024-2027 is worth EUR 9.3 billion and aiming to attract at least EUR 40 billion of public and private investment over the next three years.

Such activity, according to the European Commissioner, is not a charity, but an investment in the future, and not only of Ukraine, but of all of Europe. This involves building schools, roads, ports, wind farms and other infrastructure that will allow Ukraine not only to recover from war, but also to meet EU standards and fully integrate into the European value-added production chains.

“Today, I am proud to announce that Prime Minister Shmyhal and I are launching a reinforced EU-Ukraine business partnership, a high-level platform to mobilize the European private sector and align EU capital, innovation, and experience with Ukraine's long-term needs,” Kos noted.

According to the Commissioner, the new structure will focus its efforts on three key areas.

The first is the implementation of reforms to improve the investment environment that makes Ukraine attractive to European investors. This includes Ukraine’s continued sectoral integration into the EU Single Market through trade agreements and other EU instruments.

The second direction is to unlock the full potential of the investment framework within the Ukraine Facility, including by using financial instruments to provide guarantees and reduce risks for private investors to attract capital into Ukraine. This, in turn, will support small and medium-sized businesses in Ukraine, especially those affected by war, since it is such enterprises that are the “engine” for the reconstruction of the entire country.

“Thirdly, we agreed to actively promote Ukraine as a vibrant destination of for investment, particularly in strategic sectors. And when I say strategic, it's not only strategic for Ukraine, but also for the European Union, like defense, green energy, infrastructure and technology that will bring businesses, business communities from across Europe and Ukraine together through platforms like this Summit and the next Ukraine Recovery Investment Conference,” the European Commission representative said.

“Rebuilding Ukraine is really more than just concrete and steel. It is about building a future where a strong, democratic and prosperous Ukraine is not just a neighbor, but a fully integrated partner of the European Union. So, to investors, innovators and entrepreneurs: this is your moment. Invest in Ukraine, and you will also invest in the future of Europe,” Kos emphasized.

As reported earlier, today Brussels hosts the Ukraine-EU Business Summit, which brought together politicians, representatives of industries and private businesses from Europe and Ukraine.

Title photo: Anže Petkovšek