With the World Bank estimating the cost of reconstructing Ukraine at a minimum of $486 billion, Shmyhal noted this would be the largest international reconstruction project since World War II.
Prime Minister Shmyhal emphasized the strategic importance of attracting international business to facilitate Ukraine's recovery. "We are working to make Ukraine the next destination for investments by American companies. We are creating the necessary conditions and carrying out reforms so that there are more of these investments and companies," he stated during the forum.
Shmyhal identified six promising sectors for American investments in Ukraine:
- Energy(1)
- Defense industry
- Agricultural sector(2)
- Critical raw materials
- Information Technology (IT)(3)
- Construction
The Prime Minister also underscored the significance of ongoing international support, including a four-year aid program from the International Monetary Fund (IMF) and the new four-year EU Ukraine Facility program. He expressed hope for enhanced support from the United States, noting that strong U.S. military aid is vital not only for security but also for improving the investment climate in Ukraine.
"The defense-industrial complex is one of the key areas where Ukraine and the USA can build a unique partnership that will benefit the entire democratic world," Shmyhal added, highlighting the potential for a deepened strategic partnership.
During his visit to the United States, Shmyhal also met with Penny Pritzker, the US special representative for the economic recovery of Ukraine, in New York. Their discussions focused on attracting further investments to Ukraine, with upcoming meetings planned with business representatives to explore promising projects.
This initiative underscores a concerted effort by Ukraine to engage with global partners, particularly the United States, to rebuild its economy and enhance its sectoral development in the post-conflict era.
Timeline for Executing the Objectives of the Ukraine Facility Plan
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Participants from a wide range of industries provided a robust dialogue on various strategic issues. Key representatives included Julie Monaco from Citi, who serves as the Global Head of the Public Sector Group, highlighting the banking industry's role in facilitating large-scale financial solutions for recovery efforts. From the pharmaceuticals sector, Matthias Berninger of Bayer, EVP for Public Affairs, Science & Sustainability, discussed the critical importance of healthcare and pharmaceutical advancements in rebuilding and supporting public health infrastructure.
The event also featured significant contributions from the engineering and construction sectors, with Matt Chiller of Jacobs and Karl Jensen of AECOM discussing the essential roles their industries play in rebuilding physical and societal structures. The focus on sustainable and resilient infrastructure was further emphasized by Roger Martella, Chief Sustainability Officer at GE Vernova, representing the energy sector's drive towards innovative energy solutions.
Financial services were well-represented, with additional insights from Andrew Torre of Visa Inc. and Edward Knight of Nasdaq, who explored the financial mechanisms and investments necessary to support Ukraine's economic overhaul. Moreover, the forum highlighted the intersection of finance and development, with Naz El-Khatib from the Development Finance Corporation discussing how financial instruments can be leveraged to support Ukraine's long-term developmental goals.
The forum's discussions were not only limited to financial and physical infrastructure but also included the broader implications of governance, technology, and corporate responsibility. Each speaker brought unique perspectives and solutions, reflecting their companies' commitment to aiding Ukraine during this critical phase of reconstruction.
The 2024 U.S.-Ukraine Partnership Forum thus stood as a testament to the power of international cooperation and the pivotal role of the private sector in global recovery efforts. The range of industries and the caliber of representatives underscored a unified commitment to supporting Ukraine, highlighting the interconnectedness of global industries and the shared goal of fostering a stable and prosperous Ukraine.
