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Ukraine Participates in Business Advisory Council Meeting

26.11.2024 | 11:42 | Section for Public and Mass Media Relations

On 22 November, the fourth meeting of the Business Advisory Council (BAC) took place. This platform brings together business leaders from various countries to provide advice and practical recommendations to the Ukraine Donor Platform on improving the business climate in Ukraine and attracting investments to the private sector. The inaugural BAC meeting was held during the International Ukraine Recovery Conference (URC-2024) in Berlin. The latest meeting focused on the progress of implementing recommendations and strategic prospects for further work in 2025.

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

“We are grateful to BAC for their recommendations. Following the meeting in Rome, we had several productive discussions with government representatives and authorities regarding their implementation. Some of these recommendations are already included in the Ukraine Facility Plan. These include reforms in reconstruction planning, public procurement, state investment management, vocational education and training for vulnerable groups, increasing transparency in governance systems, and digitisation for businesses. We look forward to further cooperation to better understand business requirements in these areas,” emphasised First Deputy Minister of Economy Oleksii Sobolev.

The parties discussed progress within working groups on key areas: security and stability, administration and regulatory requirements, finance and insurance, human capital, and skills development.

Efforts are underway to update travel recommendations for Ukraine, an important step for attracting investments. The Ukrainian side highlighted the need to consider regional specificities when assessing travel risks and welcomed recent updates to such recommendations from the United States.

An important area of cooperation with BAC is the expansion of insurance products, particularly for war risk coverage. Ukraine aims to deepen collaboration with private insurers and international financial institutions (DFIs), as well as initiate dialogue with key players in the reinsurance market, to broaden the range of insurance products and reduce premiums.

Key initiatives in digitisation and procurement reform aligned with EU standards were also discussed, with an emphasis on the critical role of private capital 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 enhancing support for continuous access to education and vocational training for Ukrainians.

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

 

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