Ukrainian businesses will receive EUR 7.5 million in support from EC under EU’s Single Market Programme: Ministry of Economy

Facilitating access to EU markets, promoting entrepreneurship, learning from EU business experience and modernising industry – these and other opportunities will be available to Ukrainian businesses under the EU’s Single Market Programme. The process of ratification of the relevant Agreement signed in Kyiv in early February is currently underway.

The European Union’s Single Market Programme is a EUR 4.2 billion financial support programme designed for 7 years (2021-2027). Ukraine will participate in such components of the Programme as strengthening the competitiveness and sustainability of small and medium-sized enterprises (about EUR 1 billion), as well as the production and dissemination of high-quality European statistics (about EUR 546 million).

This will enable the provision of various forms of business support and allow Ukraine to participate in an expanded partnership aimed at developing new European statistics using multiple data sources, advanced data analysis methods, smart systems and digital technologies.

At the same time, the European Commission has already announced two grant proposals aimed at supporting Ukrainian entrepreneurs. The initiatives are jointly called “ReadyForEU” and have a total budget of EUR 7.5 million.

In particular, the Business Bridge initiative with a budget of EUR 4.5 million will provide financial support to Ukrainian SMEs (including displaced companies registered in Ukraine that are now working with the EU) affected by the war. The aim of the proposal is to establish a Consortium of business support organisations that will select up to 1,500 Ukrainian SMEs focused on growth and sustainable development to receive direct support of up to EUR 2,500.

This support will cover the costs of researching the European market to find partners, legal, organisational or financial advice on setting up a new business or adapting an existing one, advice on intellectual property rights, attending European exhibitions and fairs, etc.

Another initiative, Erasmus for Young Entrepreneurs – Ukraine, with a budget of EUR 3 million, will allow new Ukrainian entrepreneurs to gain business experience in European countries through the existing Erasmus for Young Entrepreneurs programme. Up to 430 new Ukrainian entrepreneurs will benefit from this opportunity.

Such initiatives under the EU’s Single Market Programme will help Ukrainian entrepreneurs find new business partners in the EU and enter new markets. At the same time, it is another opportunity for European businesses to strengthen business ties with Ukraine, invest in Ukrainian business projects, and contribute to Ukraine’s recovery.