The Government is developing a strategy for the country’s economic development and recovery and calls on European partners to join the reconstruction process. Ukraine invites Italian businesses to start cooperating in priority sectors now, without waiting for the war to end. This was stated by First Deputy Prime Minister – Minister of Economy of Ukraine Yuliia Svyrydenko in her speech at the Bilateral Conference on the Reconstruction of Ukraine. The event was attended by representatives of the Italian business community and members of the Italian Government.

“Last June, when foreign guests were rare in Ukraine, we welcomed the President of the General Confederation of Italian Industry to Kyiv. We signed a memorandum of cooperation with the Italian business community back then. It was the very first business development project after the start of a large-scale war. Last year was a year of survival and we managed to keep the engine of the economy running thanks to your support. Thank you for that.  Now we can think about the strategy of Ukraine’s economic development and recovery,” said Yuliia Svyrydenko.

According to the First Deputy Prime Minister, the Government has identified priority sectors for economic development. Yuliia Svyrydenko suggested that the Italian businesses should invest in them.

First of all, it is about energy security and new sources of generation. Ukraine will rely on green energy, nuclear generation and hydrogen. Another component of the recovery will be agribusiness, as Ukraine is a global leader in agriculture. Global concerns about food security are driving the development of food and agricultural hubs in Ukraine, with a special focus on logistics, storage and processing.

The housing and construction sector will also be important to the recovery. The Government is confident that the capacity of this market is huge, since people are looking for new homes because of the war. The Government also has plans to implement infrastructure projects with a focus on security.

Another promising area where Ukraine is now gaining best practices is military technology. The latest developments and ideas tested on the battlefield will be translated into new military technologies that will be in demand around the world.

The Ukrainian metallurgical industry will also be restored in the near future. It suffered the most from russian bombs during this war. But once restored, metal production in Ukraine will be green and meet modern environmental standards.

According to Yuliia Svyrydenko, Ukraine has many critical raw materials that need to be explored and processed for European supply chains.

The First Deputy Prime Minister also focused on digital technologies and IT. Indeed, this is an industry that grows under all circumstances – it grew even last year, when the economy was shrinking.

The Government will also pay special attention to education. That is why education as a business activity will be an attractive area for investment because we need more skilled labour force for all our ambitious plans.

“We call on Italian companies to start cooperating with Ukraine now. We are working to provide you with the necessary insurance against war risks and access to finance, including through international financial institutions,” concluded Yuliia Svyrydenko.