After the war, the plan is to rebuild Ukraine mainly at the expense of private capital. And the development of the Ukrainian economy will be driven by stimulating small and medium-sized businesses. This was stated by First Deputy Prime Minister – Minister of Economy of Ukraine Yuliia Svyrydenko at a meeting with the Latvian delegation headed by Minister for Economics of the Republic of Latvia Ilze Indriksone.

“We already understand the economic model that will be used to rebuild Ukraine. It was during the war that we realized what our main advantages over other countries are. That is why we will bet on them in our reconstruction – digital technologies, green energy, agriculture and the military-industrial complex. This is the basis and a great prospect for Ukraine’s development,” emphasized Yuliia Svyrydenko.

At the same time, access to finance is an extremely important and pressing problem for business today. 

“We have state financial assistance, but it is clear that the largest-scale reconstruction in Europe since the Second World War will be carried out mainly with the use of private capital. That is why we invite Latvian business to Ukraine and suggest that the national Export Credit Agency should consider the possibility of financing not only trade but also investment contracts,” Yuliia Svyrydenko offered.

On behalf of the Government, the Minister of Economy of Ukraine also invited Latvian business to participate in an international conference on Ukraine’s recovery hosted by London at the end of June.

Another area of cooperation between Ukraine and Latvia could be the exchange of experience in supporting small and medium-sized businesses. Indeed, it was this business that showed the greatest adaptability during the war. 

“Latvia has an Investment and Development Agency that supports small businesses and temporarily displaced persons from Ukraine. Practice shows that Ukrainians are quite successful in developing small businesses in Latvia. We have a good example and experience in this regard and we are willing to share it with you,” said Minister for Economics of the Republic of Latvia Ilze Indriksone.

Yuliia Svyrydenko said that Ukraine would be interested in Latvia’s experience in supporting small and medium-sized businesses.

According to Ilze Indriksone, Latvian business is interested in new areas of cooperation in the field of information technology and innovation. It is for this purpose that the representatives of the two largest business organizations in Latvia, namely the Latvian Chamber of Commerce and Industry and the Employers’ Confederation of Latvia arrived in Ukraine. They have already demonstrated their willingness to cooperate with Ukrainian entrepreneurs.

Ilze Indriksone also praised the reform plan that Ukraine had to implement in order to join the European Union. She promised that the Republic of Latvia would support Ukraine in every possible way to fulfill the EU’s conditions for becoming its full member as soon as possible.