Ukraine remains attractive for business despite war, German minister says

Ukraine has remained attractive as a business destination even in times of war.

Source: Svenja Schulze, Germany's Minister for Economic Cooperation and Development, in an interview with Ukrinform news agency, as reported by European Pravda

Details: "Despite the current challenging situation, Ukraine remains an appealing market for many companies," Schulze said.

The official explained that it is still possible to run a production process in a large part of the country and that Ukraine's status as a candidate for EU membership is a "long-term" advantage for companies.

The minister cited data from the German-Ukrainian Chamber of Industry and Commerce, which indicates that about 2,000 companies with German capital were operating in Ukraine before the full-scale Russian invasion.

"Even after the Russian invasion, almost no companies have completely ceased operations in Ukraine. They keep their foot in the door because they know it's worth it," Schulze emphasised.

However, Schulze noted that the private sector needs a positive investment climate and legal certainty. Therefore, Germany supports Ukraine on its reform path, especially in view of the EU accession process. The official stressed that the anti-corruption efforts are critical. She mentioned a report by Transparency International that indicated progress in this area, even though Russian aggression still rages on. This is a very positive signal for the economy, the minister stressed.

Her ministry has been hosting the Platform for the Reconstruction of Ukraine for a year now, which seeks to engage civil society, the private sector, academia and municipalities in Germany that would like to contribute to Ukraine's recovery or are already doing so. So far, over 600 organisations have registered on the platform and are exchanging ideas.

Background: 

• The German Federal Government earlier approved a 15-point plan for Ukraine's economic recovery.
• In April, German Vice Chancellor Robert Habeck pledged that German companies were ready to immediately join the rebuilding of Ukraine's energy infrastructure, which was severely damaged by Russian attacks.

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