Ukraine continues to improve the investment climate
The investment mechanism under Ukraine Facility will help attract at least $30 billion in additional investments over the next four years by providing guarantees to international financial organizations. First Vice Prime Minister and Minister of Economy Yulia Svyrydenko said this at a specialized panel discussion and during a meeting with representatives of J.P. Morgan and CEOs of global companies at the World Economic Forum in Davos, the ministry said.
In addition, according to her, the government is working to launch the Ukraine Development Fund. It will be aimed at implementing significant capital-intensive investment projects to restore the country.
«One of the most important lessons of the past year is that war is not an embargo on investment. In 2023, the total volume of foreign direct investment in Ukraine increased, and we plan to increase its volume this year and next year to reach pre-war levels,» Svyrydenko said.
The First Vice Prime Minister said that in 2024, Ukraine will continue to improve its investment climate and implement reforms important for the efficient operation of business.
«We are expanding our political and war risk insurance architecture through international financial organizations and both foreign and Ukrainian export credit agencies. In addition, this year we have launched ship insurance against war risks. We are also working to improve the air defense of our cities, villages, critical infrastructure, ports and export infrastructure,» said Yulia Svyrydenko.
The Minister reminded that economic growth in 2023 exceeded forecasts. In particular, by the end of last year 2023, the country managed to increase grain exports thanks to an alternative corridor. According to the Ministry, the Ukrainian economy will continue to recover, with GDP growth expected to reach 4.6% in 2024.
As GMK Center reported earlier, the Ukrainian economy demonstrated a high level of resilience to negative factors and recovered faster than expected in 2023. Despite many negative factors and a high degree of uncertainty, analysts expect it to grow in the range of 3-5% in 2024.