Ukraine and the USA will continue to deepen cooperation in the economic, business and defense sectors. This was discussed during the meetings of the leadership of the Ministry of Economy of Ukraine with the delegation of US business circles led by President of the Utah State Senate Stuart Adams and Vice President of Strategic Initiatives of Fortem Technologies, President and CEO of the Utah Aerospace & Defense Association Aaron Starks.

“We are glad to welcome the business mission from the USA to Ukraine. It is very important for us that American business representatives are not afraid to come to Kyiv. This is a signal to other investors that the security and business environment of Ukraine as a whole is improving. We expect that despite the war, American business will start investing in the Ukrainian economy," said Deputy Minister of Economy – Trade Representative of Ukraine Taras Kachka.

During the conversation, Taras Kachka told the American investors how the process of small privatization was going, in which all American investors could participate. According to the Deputy Minister of Economy, Ukraine is looking not only for investors for small and medium-sized businesses but also for those willing to invest in large projects. But here the main obstacle is the introduction of effective mechanisms of insurance against military risks.

“We are negotiating with partners in this regard. The most active negotiations are with the U.S. International Development Finance Corporation (DFC) and the European Bank for Reconstruction and Development. We are trying to restore the normal operation of the insurance market in order to reduce the risks of investors,” continued Taras Kachka.

In turn, Stuart Adams assured that his country and he would continue to support Ukraine, and American business is interested in investing in the Ukrainian economy.

“We want you to know that we are with you. This is not only a Ukrainian struggle, but I believe that it is a struggle of good against evil, a struggle for the whole world, for a free world. And we have to be able to help. Our aid consists of three parts, namely humanitarian aid, aid to build a strong economy that will allow paying for military expenses, and we are also trying to help Ukrainian business,” said Stuart Adams.

During the meeting with the delegation of American businessmen representing hi-tech, security and defense sectors, humanitarian demining of the territory of Ukraine was discussed. Deputy Minister of Economy Ihor Fomenko told representatives of American business circles about the needs of our state for financial, institutional and technical assistance. As noted by Ihor Fomenko, Ukraine seeks to attract advanced technologies in order to speed up the work on cleaning the territory. In particular, a project initiated by the United Nations Development Programme (UNDP) at the request of the Ministry of Economy was recently launched, the purpose of which is to test UAVs of Western manufacturers capable of detecting explosives remotely and to involve the best technologies in demining of Ukrainian territories.

As Ihor Fomenko noted, Ukraine is also interested in involving other technologies available with the companies, including US companies.

A significant part of the conversation was devoted to the prospects for the creation of production facilities in Ukraine by American high-tech companies and cooperation in defense tech. As Ihor Fomenko emphasized, today Ukraine has a unique opportunity for the development of defense tech. The country is rapidly transitioning from Soviet-era to Western weapons and needs a radical renewal, namely to create a new military-industrial complex per se. This opens up great opportunities for cooperation with Western partners in various areas and for the inclusion of the Ukrainian MIC in the world chains of arms production.

Representatives of American business circles, in turn, expressed great interest in the establishment of factories in Ukraine and other cooperation.

As Deputy Minister of Economy Ihor Fomenko assured the American business, the Ministry of Economy of Ukraine welcomes and will in every way support the establishment of production facilities in the territory of our country by American high-tech companies.

“Defense tech is one of the priority areas, which should become the driver of Ukraine’s economic development after our victory and is key to ensuring the country’s defense capability. Therefore, we are ready to review specific proposals, become your “guide” here in Ukraine and do everything to create a favourable business climate,” said Ihor Fomenko.

As a result of the meetings, the parties agreed to continue building new economic ties, both between the governments of the two countries and between private entrepreneurs of Ukraine and the United States.