Prime Minister outlined prospective areas of investment at a meeting with representatives of JP Morgan

Businesses are increasingly interested in investing in Ukraine because they see the prospects. This was stated by Prime Minister Denys Shmyhal during a meeting with representatives of JP Morgan, the largest banking holding company in the United States. The Ukrainian side was also represented by First Deputy Prime Minister – Minister of Economy Yuliia Svyrydenko and Deputy Prime Minister for Restoration of Ukraine – Minister for Communities, Territories and Infrastructure Development Oleksandr Kubrakov.

According to the Head of Government, Ukraine needs investments for reconstruction and post-war growth. Denys Shmyhal highlighted the following most promising areas: energy, agriculture, natural resources, digital technologies, restoration of transport and other infrastructure.

In particular, the Prime Minister noted that Ukraine was committed to implementing a project of decentralization and restoring Ukraine’s energy system.

“Together with the EU, we are working on the development of hydrogen technologies, where Ukraine can also become one of the European leaders. Ukrainian gas storage facilities are the largest in Europe. This is a strong “gas safe” of the continent,” said Denys Shmyhal.

The Head of Ukrainian Government noted that the agricultural sector had the potential for rapid recovery, in particular due to foreign investment, as even during the war, thanks to the “grain initiative”, Ukraine exported 19 million tonnes of food to Asia, Europe, and Africa. Moreover, Ukraine will be able to become a powerful player in the global market of critical raw materials, as 5% of the world’s mineral resources are concentrated in its territory.

Denys Shmyhal emphasized that Ukraine was one of the leaders in building a digital infrastructure for public services: 63% of Ukrainians used public services online. In addition, last year, amid the war, the IT sector brought more than USD 7 billion to the State Budget. And the export of IT services grew by almost 6%.

According to the Prime Minister, the restoration of infrastructure will be based on two principles: build back better and public-private partnership.

Denys Shmyhal also noted that the Government was creating the most favorable environment for investment: licenses and permits that hinder business are being canceled, requirements for investment projects with significant investments are being minimized, etc.

“The Cabinet of Ministers of Ukraine has a special UkraineInvest office, which, despite the war, is currently supporting 8 large projects totaling USD 1.35 billion,” the Prime Minister said.

Among other things, Ukraine is working on insuring war risks and obtaining investment guarantees. There are already agreements with the Multilateral Investment Guarantee Agency (MIGA) of the World Bank Group.

Following the meeting, a Memorandum of Understanding was signed between the Ministry of Economy of Ukraine and JP Morgan in the presence of the Prime Minister.