On 22 November, the fourth meeting of the Business Advisory Council was held. This is a platform that brings together business leaders from different countries. It provides advice and practical consultations to the Ukraine Donor Platform on how to improve the business climate in Ukraine and attract investment in the private sector. The first meeting of the BAC was held as part of the URC-2024 Ukraine Recovery Conference in Berlin. The current meeting focused on the implementation of the recommendations and strategic prospects for further work in 2025.

The Government of Ukraine was represented by First Deputy Minister of Economy Oleksii Sobolev. The meeting was also attended by Jochen Flasbarth, State Secretary of the German Federal Ministry for Economic Cooperation and Development.

“We are grateful to the BAC for its recommendations. After the meeting in Rome, we had several fruitful discussions with representatives of the Government and authorities on their implementation. Some of the recommendations are already included in the Ukraine Facility Plan. These are reforms in the areas of reconstruction planning, public procurement, public investment management, vocational education and training for vulnerable groups, increased transparency of public administration systems, and digitalisation for business. We look forward to further cooperation to better understand business requirements in these areas,” said First Deputy Minister of Economy Oleksii Sobolev.

The parties discussed the progress made in the working groups on security and stability, administration and regulatory requirements, finance and insurance, and human capital and skills.

For example, work is underway to update travel recommendations for Ukraine. This is an important step, including for attracting investment. The Ukrainian side stressed the need to take into account regional specifics when assessing travel risks, welcoming the recent updates to such recommendations from the United States.

An important area of cooperation with the BAC is the expansion of insurance products, including war risk insurance. Ukraine seeks to deepen cooperation with private insurers and international financial institutions (DFIs), as well as to start a dialogue with key players in the reinsurance market to expand the range of insurance products and reduce insurance premiums.

The parties discussed Ukraine’s key digitalisation initiatives and procurement reforms in line with EU standards. They stressed the importance of private capital participation in energy recovery projects.

In the area of human capital, partners were invited to join the Skills Alliance, a joint initiative of donors, international organisations and the business community aimed at creating conditions for Ukraine’s recovery by strengthening support for continuous access to education and training for Ukrainians.

The next meeting of the Business Advisory Council is scheduled for January 2025.