Next year, a Canadian business mission will arrive in Ukraine with concrete proposals for investment in the domestic economy and post-war recovery of our country. This was reported by the press service of the Ministry of Economy of Ukraine, according to UNN .
Details
It is noted that the Parliament of Canada is to ratify the updated Free Trade Agreement between Ukraine and Canada soon. This was agreed upon by First Vice Prime Minister of Ukraine and Minister of Economy of Ukraine Yulia Svyrydenko and Minister of International Trade, Export Promotion, Small Business and Economic Development of Canada Mary Ng during a video conversation.
Strengthening trade and economic ties between the two countries within the framework of the updated Free Trade Agreement between Ukraine and Canada is an important priority for us. I invite Canadian business to participate in the rebuilding of Ukraine. Private investors now have a unique chance to lay the groundwork for launching their businesses before the country wins the ongoing war. Our strategically important sectors are defense, agricultural production and processing, renewable energy, gas production and storage, green metallurgy, export logistics, and IT. Ukraine needs foreign investment, as it has the greatest multiplier effect on the economy
SEE ALSO: Ukraine is negotiating the launch of new war risk insurance projects
According to her, in order to protect private investment, the Government is currently working with international partners and financial institutions to create a War Risk Reinsurance Fund, which will help restart the market of large private reinsurers, international and Ukrainian insurance market operators.
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Ukraine also looks forward to deepening our cooperation with Export Development Canada (EDC) on military risk insurance. Ukraine encourages EDC to provide investment insurance coverage for joint ventures established by Ukrainian and Canadian partners.
I would also like to invite the Business Development Bank of Canada to join the business mission that is planning to visit Ukraine. This financial institution can start financing the Ukrainian private sector, government agencies and municipalities. Our priority is to establish close contacts between Ukrainian and Canadian private businesses. And I see good prospects for such cooperation against the backdrop of the beginning of Ukraine's economic recovery
The Government is now paying special attention to the development of the processing industry, as exports of agricultural products by sea remain limited. Therefore, the experience of Canadian companies specializing in food processing of agricultural products has good prospects for implementation in Ukraine.
SEE ALSO: Canada to provide Ukraine with additional military assistance worth almost $500 million
Ukraine needs to look for any alternative and predictable export opportunities that would ensure the sustainable development of agro-processing industries. I look forward to continued cooperation with Canada and even broader involvement of Canadian business in Ukraine's recovery
For reference
On September 22, Ukrainian President Volodymyr Zelenskyy and Canadian Prime Minister Justin Trudeau signed an updated Free Trade Agreement between Ukraine and Canada.
The agreement is expected to enter into force either after ratification by both parties or on January 1, 2024, whichever comes first.
To recap
Canada has allocated a new military aid package to Ukraine . Canada will donate winter clothing and equipment worth 25 million Canadian dollars (about 19 million dollars).