Investments and Technology: Ministry of Economy, Environment and Agriculture discussed support for Ukraine’s recovery with Norwegian partners

Attracting investments, developing economic partnerships, deploying de-risking instruments, and expanding Norwegian business participation in Ukraine’s recovery were the key topics of the Norway–Ukraine Business Forum, held on June 17–18 in Lviv. Deputy Minister of Economy, Environment, and Agriculture of Ukraine, Yehor Perelyhin, took part in the forum.

“It is very symbolic that we are meeting in Lviv — one of Ukraine’s leading economic centers, which in recent years has become an important hub for business relocation, industrial development, and innovation. This is an example of how, even in wartime, Ukrainian regions create new opportunities for investment and economic growth. Today, cooperation between Ukraine and Norway is developing not only at the Government level but also between regions, communities, and businesses. We value Norway’s support and its practical approach to strengthening Ukraine’s resilience through investments, technologies, innovations, and private sector development. We are planning a series of interesting initiatives on de-risking and developing insurance architecture, combining the efforts of IFIs, DFIs, direct state initiatives, and private capital. And of course, we invite Norwegian companies to invest in Ukraine today. It is not only about rebuilding what was destroyed by the war, but about creating a new, modern, and competitive economy. Those who invest in Ukraine now become part of one of the largest economic transformation projects in Europe,” said Yehor Perelyhin.

The Deputy Minister emphasized that Norway remains one of Ukraine’s key partners. Currently, the Nansen Support Programme for Ukraine is being implemented — a large and ambitious program with a total budget of 275 billion Norwegian kroner (approximately USD 28.3 billion). The program began in 2023 and will continue until 2030. For example, in 2025 alone, USD 150 million was directed to Ukraine’s energy sector, while EUR 90 million was allocated for natural gas purchases.

At the same time, in 2025 Norfund allocated approximately USD 46 million for investments in Ukraine’s private sector.

Deputy Minister Yehor Perelyhin also highlighted that in 2024, bilateral trade between the two countries exceeded USD 453 million, and in the first nine months of 2025 grew by another 15.4%. A major step was Norway’s accession to the Ukraine Investment Framework. Norway became the first country outside the European Union to join this mechanism.

Special attention during the forum was given to opportunities for investment in renewable energy, industry, logistics, agro-processing, innovative technologies, and dual-use production.

Within the forum, Yehor Perelyhin held a bilateral meeting with Vegard Grøslie Wennesland, State Secretary in Norway’s Ministry of Trade, Industry, and Fisheries, with the participation of Innovation Norway and the Norwegian–Ukrainian Chamber of Commerce (NUCC). The parties discussed preparations for the next meeting of the Ukraine–Norway Intergovernmental Commission on Trade and Economic Cooperation, expanding investor support mechanisms, developing cooperation between Ukrainian and Norwegian businesses, and insurance tools for war-risk coverage of private investments.

The Norwegian delegation, together with Yehor Perelyhin, also met with Maksym Kozytskyi, Head of the Lviv Regional Military Administration. They discussed the region’s needs, development of rehabilitation infrastructure, results of business relocation, and prospects for cooperation in agro-processing, IT, miltech, and production of high value-added goods.

An important part of the visit was honoring the memory of fallen Heroes of Ukraine and laying flowers at Lychakiv Cemetery in Lviv.

The forum was organized by the Lviv City Council together with the Embassy of Norway in Ukraine, the Norwegian–Ukrainian Chamber of Commerce (NUCC), and Innovation Norway.