Ukraine and Austria deepen economic partnership - agree on more investment, cooperation in recovery and business support

Today in Vienna, First Deputy Prime Minister and Minister of Economy of Ukraine Yuliia Svyrydenko and Austrian Federal Minister of Economy, Energy and Tourism Wolfgang Hattmannsdorfer signed a declaration on deepening Austrian-Ukrainian economic cooperation.

Ukraine and Austria agreed to work more closely together: to support business ties, attract investments, share experience and work together on Ukraine's economic recovery.

"We are grateful to Austria for its consistent financial and humanitarian support, which has reached almost EUR 2.9 billion since 2022. Austria is also one of the ten major investors in Ukraine: at the end of last year, the volume of Austrian investments in Ukraine exceeded USD 1.3 billion. We want Austrian businesses to get more actively involved in the reconstruction of Ukraine. Today, the self-sufficiency of the Ukrainian economy directly depends on attracting private capital to strategic sectors: energy, transport, agriculture, IT, and manufacturing," emphasized Yuliia Svyrydenko.

Trade between the two countries has been growing in recent years. Austria currently ranks 16th among European countries in terms of trade with Ukraine. Last year, the trade turnover between the countries amounted to USD 1.25 billion (+9.5%), with exports amounting to USD 626.9 million and imports to USD 624.9 million.

The two sides agreed to engage the Austrian private sector more actively in Ukraine's reconstruction. There are currently more than 200 Austrian companies operating in Ukraine, and their role in the recovery should be intensified. A platform will also be created for the exchange of information on Ukraine's needs, companies' presentations, B2B meetings and thematic panels.

Ukraine also supports Austria's application for membership in the Ukraine Donor Platform (UDP) and welcomes Austria's readiness to host future Ukraine Recovery Conferences.

According to Yuliia Svyrydenko, Ukraine is interested in the rapid launch of the Fast Track mechanism for Austrian companies, similar to the Danish model. This will make it easier for Austrian businesses to enter the Ukrainian market.

The parties also discussed humanitarian demining. Ukraine invited Austria to join this work, in particular, to clear forest areas. The Austrian delegation was also invited to an international conference on demining to be held in Tokyo in October.

In addition to the Austrian Federal Ministry of Economy, Energy and Tourism, the Government of Austria's Coordinator for Ukraine's recovery, the Austrian Federal Economic Chamber (WKÖ) and the Federation of Austrian Industries (IV) are expected to be involved in the implementation of relevant initiatives. The Ministry of Economy of Ukraine will ensure interaction with relevant government agencies and business associations.