The United States and Ukraine are working with the international business community to accelerate reconstruction efforts in Ukraine.
the Partnership Forum between the United States and Ukraine* The government, private sector and other stakeholders gathered at the American Chamber of Commerce in Washington on April 13 to discuss ways to redevelop and revitalize Ukraine’s economy.
“Ambitious and innovative ideas from the private sector will prove more important than ever in Ukraine,” said Jose Fernandez, Under Secretary of State for Economic Growth, Energy, and the Environment.
He added that the destruction caused by the Russian attacks on cities and infrastructure did not weaken the resolve of the Ukrainian people or the support of the whole world, and there is hope.
Through public-private partnerships, the United States government creates opportunities for investment and innovation. The US-Ukraine Partnership Forum is an example of what happens when we all come to the negotiating table to reach a collective goal.
—Secretary Anthony Blinken (@SecBlinken) April 7, 2023
Help is at hand
American businesses stand ready to help, said Susan Clark, president and CEO of the American Chamber of Commerce. “They want to improve the situation in Ukraine,” she said, noting that the American business community has pledged $1 billion in humanitarian aid to Ukraine.
During the conference, American and Ukrainian officials announced that they would work together to Determine the projects to be implemented by the private sector* Which can benefit from support from the International Development Finance Corporation (DFC) in the United States.
The World Bank estimates that Ukraine will need $411 billion over the next ten years to rebuild after Russia’s brutal and large-scale invasion in February 2022. The Russian military has destroyed Ukraine’s power plants, infrastructure and agriculture, causing billions of dollars in damage, leaving Thousands killed and displaced More than 13 million people* According to UN data as of April 11.
private sector investments
Reconstruction is already underway. USAID Administrator Samantha Power highlighted several recent private sector investments in Ukraine, including:
- Nestlé, an American food and beverage manufacturer, is investing nearly $43 million in a food production plant in the Volyn region.
- Kingspan Construction, an Irish company, is planning a $200 million technology campus in Lviv.
- Bayer, a German biotechnology company, will invest $65 million in agricultural production and storage and has brought in demining equipment to help farmers decontaminate their fields.
Samantha Power took the example of the Ukrainian power grid to illustrate the extent of the positive changes. USAID spent months helping Ukrainians repair critical infrastructure and deliver transformers and generators. Today, in many places, electricity is not only being restored, but being produced in such large quantities that this month Ukraine began supplying parts of Moldova and Poland, which is congratulations.
Other US-backed projects aim to support farmers and protect internet access.
The April 13 forum is the first in a series of events to be hosted as part of the partnership between the United States and Ukraine. “We are starting a major program of reconstruction and recovery,” said Ukrainian Finance Minister Serhiy Marchenko. “We are united in defense today and we will be united in recovery tomorrow.”
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