U.S. private companies would like to invest in Ukraine’s energy, housing, infrastructure, agriculture, transportation, and mining sectors, but Ukraine needs to implement accountability and transparency reforms to make such investments safe.
The United States Special Representative for Ukraine’s Economic Recovery, Penny Pritzker, told reporters in Brussels that preparations for Ukraine’s recovery from the war with Russia need to start now, even if the fighting continues.
According to her, Ukraine has an amazing potential for recovery and development. It includes enormous opportunities in agriculture, energy, metals and mining, critical minerals, and a number of different sectors. But in order to realize this potential, preliminary work needs to be done, which can now be successfully pursued.
“The key is to ensure that the recovery is in line with international best practices, which includes reforms that ensure transparency and accountability. This needs to start now, even in the midst of the ongoing war and fighting,” she said.
Penny Pritzker noted that in the last few days alone, she has met with 30 private companies willing to participate in the reconstruction of Ukraine.
“Everyone sees the opportunity, and I am encouraged by the interest of the private sector in trying to solve this problem. It requires some changes in the legislation of Ukraine. It requires some partnership between the government and the private sector, and then it requires the private sector to function,” the Special Representative added.
The World Bank predicts that Ukraine’s recovery from the Russian invasion will require well over $400 billion – more than the government alone could provide.
“I would like to remind you that since the first months of the Russian aggression, the Ukrainian Reconstruction Fund has been advocating for the need to rebuild despite the ongoing hostilities. Ukrainian infrastructure must work and the economy must develop – it is a matter of survival and preservation of the nation,” commented Pavlo Kostyuk, Head of the URF, on the statement of the U.S. representative.
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