Speaking at the Conference on the Reconstruction of Ukraine, Nikolenko emphasized the strategic advantages and urgent benefits of investing in Ukraine during the ongoing conflict.
Urging Immediate Investment
In his address, Nikolenko highlighted the critical window of opportunity for Canadian investors to contribute to Ukraine’s economic resilience and reconstruction efforts. He stressed that delaying investment until after the war could result in missed opportunities, as prime locations and lucrative prospects may no longer be available.
“Do not wait for the cessation of hostilities. When the war ends, and certainly with the victory of Ukraine, it will be too late for you, because all the good places and opportunities will be taken away. So do not wait long, invest now, come and do business,” Nikolenko urged.
Success Stories and Growing Trade
Nikolenko pointed to the growing number of Canadian investors who have already established successful businesses in Ukraine, particularly in the insurance sector. These examples serve as proof that investing during challenging times can lead to profitable and sustainable ventures.
He also noted a 10% increase in trade between Canada and Ukraine in the first three quarters of this year compared to the same period last year, reflecting the strengthening economic ties between the two nations.
Strategic Investment Priorities
Ukrainian Prime Minister Denys Shmyhal has identified key sectors that are priorities for Canadian investment, including:
- Oil and Gas Production
- Renewable Energy
- Small Modular Reactors
- Green Metallurgy
- Logistics and Transport
- IT and Digitalization
- Agricultural Production
These sectors are pivotal for Ukraine’s economic growth and sustainable development, offering numerous opportunities for innovation and expansion.
International Support and Collaborative Efforts
Nikolenko’s call aligns with broader international efforts to support Ukraine’s reconstruction. On November 13, the European Union (EU) and Ukraine held the first EU-Ukraine Investment Conference in Warsaw, launching a Call for Expressions of Interest to attract private investment from the EU into Ukraine’s critical sectors affected by the war. This initiative aims to mobilize European businesses to participate in Ukraine’s economic revival.
Since the onset of Russia’s aggression against Ukraine, the EU and its Member States have provided nearly €122 billion in financial, humanitarian, and military assistance. This support includes €15.6 billion mobilized under the Ukraine Facility and up to €50 billion in grants and loans for the period 2024–2027.
Encouraging Confidence Amidst Conflict
Nikolenko conveyed a message of resilience and optimism, assuring Canadian investors that Ukraine remains a viable and lucrative market despite the ongoing conflict. He emphasized that the Ukrainian government is committed to creating a conducive environment for business growth and providing the necessary support to ensure investor success.
“There are already successful examples in Ukraine, in particular in the insurance sector, where Canadian companies are successfully operating. They prove that there are entrepreneurs who do not wait, but run a profitable business,” Nikolenko stated.
Conclusion
The establishment of the Ukrainian Business Club in Norway and the increasing collaboration with international partners like Canada and the EU underscore Ukraine’s proactive approach to economic recovery and development. By urging Canadian investors to act now, the Consul General in Toronto is fostering a robust partnership that is essential for Ukraine’s resilience and long-term prosperity.
As Ukraine continues to rebuild and strengthen its economy, Canadian investments will play a crucial role in driving innovation, creating jobs, and supporting the nation’s path towards stability and growth.
