On November 5, Global Business for Ukraine, together with the European Business Association and Raiffeisen Bank, held the “EU-Ukraine Economic Partnerships” event. This high-level gathering brought together European and Ukrainian businesses, authorities, and institutions to explore key topics, including EU-Ukraine relations, financial tools for rebuilding Ukraine, and energy independence.
Highlighting the EU’s commitment to Ukraine’s future, Karin Karlsbro, the European Parliament’s Lead Negotiator for Economic Support to Ukraine, welcomed that last week, the European Parliament, alongside G7 countries, took a landmark step by allocating €45 billion from frozen Russian assets to Ukraine. This funding aims to stabilize the economy and support defense and reconstruction. Karlsbro emphasized that the EU must do everything possible to promote business and trade with Ukraine, encouraging investments even in the face of ongoing challenges.
Oleksandr Pysaruk, CEO of Raiffeisen Bank Ukraine, detailed Ukraine’s stable macro-financial situation, despite the hardships of war. He praised Ukraine’s National Bank for its skillful currency and banking sector management, attributing stability to a combination of effective national policy and substantial international financial support. However, Pysaruk stressed that while Ukraine’s banking sector has remained resilient, foreign investments and public credit support will be essential for long-term reconstruction.
Mauro Longobardo, CEO of ArcelorMittal Kryvyi Rih, represented the manufacturing sector and spoke candidly about operating a large-scale steel and mining facility just 85 kilometers from the front lines. Longobardo described the challenges posed by disrupted logistics, energy shortages, and the significant financial strain of maintaining employment for thousands of workers. Despite these issues, Longobardo reiterated ArcelorMittal’s commitment to Ukraine, underscoring the need for European support and policy adjustments to allow gradual alignment with EU standards.
Another key voice was Oliver Gierlichs, CEO of Bayer Ukraine, who shared insights into the agricultural sector’s resilience. Bayer has continued investing in Ukrainian agriculture despite various obstacles, including workforce mobilization and trade barriers. Gierlichs emphasized that while the company had faced difficulties securing war risk insurance, they remain committed to sustaining their investments, with hopes for streamlined support from EU and international insurance mechanisms.
Tomas Fiala, CEO of Dragon Capital, highlighted the growing international investor interest in Ukraine, though he acknowledged that security concerns limit investment inflow. Fiala pointed to Ukraine’s strong GDP performance and macro stability as positive indicators and expressed optimism that the EU accession process would continue to attract private equity and foreign direct investment over time.
We thank our valued speakers and guests as well as our event partner, Raiffeisen Bank.
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