{"id":67241,"date":"2023-09-30T11:21:17","date_gmt":"2023-09-30T15:21:17","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/ukraine-wants-u-s-investment-firms-to-invest-and-create-jobs-in-small-businesses-amid-war-in-the-country\/"},"modified":"2023-09-30T11:21:21","modified_gmt":"2023-09-30T15:21:21","slug":"ukraine-wants-u-s-investment-firms-to-invest-and-create-jobs-in-small-businesses-amid-war-in-the-country","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=67241","title":{"rendered":"Ukraine wants U.S. investment firms to invest and create jobs in small businesses amid war in the country"},"content":{"rendered":"
\n

In the year and a half since Russia launched its invasion of Ukraine, Ukraine\u2019s government has been working to boost its economy with the support of foreign multinationals and financial giants such as BlackRock Inc.<\/p>\n

Companies that have announced investments in the war-torn country include Nestl\u00e9
\n NESN,
\n +0.82%<\/bg-quote>,<\/span>
\n consumer-goods giant Unilever NL:UNA UK:ULVR, brewer Carlsberg, and Irish building-materials company Kingspan
\n KRX,
\n +0.85%<\/bg-quote>,<\/span>
\n which is investing \u20ac280 million (equivalent to $296 million) in Ukraine.<\/p>\n

\n

Ukraine has also been working with Blackrock
\n BLK,
\n +0.19%<\/bg-quote>
\n on an investment fund to restore the country\u2019s economy. The fund\u2019s goal is to attract private and public capital for large-scale business projects in Ukraine. JP Morgan Chase & Co.
\n JPM,
\n -1.74%<\/bg-quote>
\n is also advising Ukraine as it rebuilds its economy.<\/p>\n

Related:<\/strong> Most Ukrainian companies are fully operational after 18 months of war, Kyiv-based American Chamber of Commerce says<\/p>\n

In addition to these efforts, Ukraine is targeting U.S. investment firms in an attempt to boost the country\u2019s small-to-medium-sized enterprises and create jobs, according to Sergiy Tsivkach, CEO of UkraineInvest, the Ukrainian government\u2019s investment promotion office.<\/p>\n

\u201cWe need to provide immediate support to Ukrainian SMEs,\u201d he told MarketWatch. \u201cThey are in difficult shape in terms of access to funds, access to technology, and this is where the backbone of every economy, and the Ukraine economy, obviously lies.\u201d Job creation is also key, according to Tsivkach, who notes that Ukraine has lost about 3.5 million jobs during the war.<\/p>\n

As part of this effort, UkraineInvest is talking to a number of financial institutions in New York and Washington D.C. \u201cOn a smaller scale than BlackRock, obviously, but they are still capable of bringing investments,\u201d Tsivkach said. \u201cDifferent investment mechanisms need to be assessed, including blended finance and impact investing,\u201d he added.<\/p>\n

Related:<\/strong>\u00a0How Ukraine is planning to recover with help from Western companies<\/p>\n

UkraineInvest defines an SME as a business with 50 to 250 employees. In Ukraine, these span a wide range of industries, including FMCG (fast-moving consumer goods), machinery building, textiles, food, logistics, agricultural technology, and agricultural processing, which is transforming a raw agricultural product into another product.<\/p>\n

\u201cI think that one of our major roles now as UkraineInvest is to support SMEs in Ukraine, through financing and looking for partners for them,\u201d the UkraineInvest CEO said. \u201cAnd also help international SMEs enter Ukraine.\u201d<\/p>\n

\u201cWe need to pay special attention to SMEs,\u201d he added. \u201cThey are different \u2013 they don\u2019t have big legal teams to assess the whole region. They need to be fed, in a good way, analytical data, and support on the ground.\u201d<\/p>\n

Related<\/strong>:\u00a0\u2018Ukraine is open for business\u2019: Western companies urged to be part of country\u2019s recovery<\/p>\n

Both multinationals and thriving SMEs are key to Ukraine\u2019s economic recovery, Tsivkach told MarketWatch. \u201cWe need to have big companies \u2026 and we need a lot of SMEs to flourish throughout the country, and a distributed system of companies throughout the country,\u201d he said.<\/p>\n

Ukraine\u2019s economic data certainly paints a stark picture. The country\u2019s GDP fell by 30.4% in 2022, according to data from Ukraine\u2019s\u00a0Ministry of Economy.<\/p>\n

Earlier this year, the government of Ukraine, the World Bank Group, the European Commission and the United Nations\u00a0reported\u00a0that the estimated cost of reconstruction and recovery in Ukraine has grown to $411 billion. Ukraine\u2019s reconstruction and recovery cost is 2.6 times the country\u2019s estimated 2022 gross domestic product, according to those organizations.<\/p>\n

Related:<\/strong>\u00a0Unilever CEO vows to look at Russian operations with \u2018fresh eyes\u2019 as pressure to exit the country mounts<\/p>\n

But Tsivkach warns that the $411 billion figure could go much higher. \u201cAccording to our experts in Ukraine, that could reach $1 trillion, or even go beyond, depending on when we will manage to win and to end this war,\u201d he said.<\/p>\n

UkraineInvest was created by the Ukrainian government in 2016 to attract foreign direct investment and assist existing investors in expanding their businesses in the country. Tsivkach has been in his role since 2020. Did he ever think that he would one day be seeking investments for a wartime economy? \u201cAbsolutely not, absolutely not,\u201d he told MarketWatch. \u201cThat was something that no one believed, that that would happen.\u201d<\/p>\n

But, even after a year-and-a-half of war, the morale and spirit of the Ukrainian people remain at a high level, according to the CEO, who says that this is reflected in the country\u2019s business community. \u201cThey will do business, and on [the] weekend they will buy supplies and go to [the] frontlines,\u201d he said. \u201cThe country is united \u2026 everyone is trying to help each other.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In the year and a half since Russia launched its invasion of Ukraine, Ukraine\u2019s government has been working to boost its economy with the support of foreign multinationals and financial giants such as BlackRock Inc. Companies that have announced investments in the war-torn country include Nestl\u00e9 NESN, +0.82%, consumer-goods giant Unilever NL:UNA UK:ULVR, brewer Carlsberg, […]<\/p>\n","protected":false},"author":1,"featured_media":67242,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-67241","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nUkraine wants U.S. investment firms to invest and create jobs in small businesses amid war in the country | iFintechWorld<\/title>\n<meta name=\"description\" content=\"In the year and a half since Russia launched its invasion of Ukraine, Ukraine\u2019s government has been working to boost its economy with the support of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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