€70 million of total trade and significant future investments: why trade relations between Ukraine and Ireland are more than economics
Kyiv • UNN
In 2023 Ireland imported nearly €25 million worth of goods from Ukraine, marking a 29% increase since 2018. Additionally, Ireland exported €45 million to Ukraine. Larisa Gerasko, Ambassador Extraordinary and Plenipotentiary of Ukraine to Ireland, mentioned that developing trade relations between two countries is not just about economic metrics, it's about people.
Foreign investors have made around €4 billion of investments into Ukraine's economy last year. Vyacheslav Ovechkin, director of the Department of Investments of the Ministry of Economy of Ukraine emphasized this during the "Facilitating Connections Between Ireland & Ukraine" webinar. The event was organized by the Dublin Chamber of Commerce, UNN informs.
"This is even more than in the relatively peaceful years of 2016 and 2017. Investments from Irish companies grew by 5% last year. This year we expect economic growth again", stressed Ovechkin.
The event provided a platform for key stakeholders to discuss investment opportunities, share insights, and formalize their commitment through signing a Memorandum of Understanding. Among participants, there were representatives from the Ukrainian government, the Irish Chamber of Commerce, and major Irish corporations operating in Ukraine.
During the webinar it was noted that in 2023 Ireland imported nearly €25 million worth of goods from Ukraine, marking a 29% increase since 2018. Additionally, Ireland exported €45 million to Ukraine. Larisa Gerasko, Ambassador Extraordinary and Plenipotentiary of Ukraine to Ireland, mentioned that developing trade relations between two countries is not just about economic metrics, it's about people.
"Economic stability and growth are essential for maintaining the morale and capacity of a nation under siege. By strengthening trade links, Ireland can provide Ukraine with the necessary economic support to sustain its defense efforts, rebuild its infrastructure, and support its citizens during this challenging time", Gerasko noted.
Representatives of major Irish corporations who attended the event discussed the investments that have already been made and those that are planned for Ukrainian businesses.
Guillaume Cavalier, President in Central and Eastern Europe at CRH, a leading provider of building materials and solutions, mentioned that the company upheld its 25-year commitment with investments totaling around half a billion dollars.
"Our recent achievements include completing a $34 million cement terminal near Kyiv. This key logistical asset will enable the efficient supply of essential construction materials, supporting ongoing development and growth in the region. These investments highlight our faith in Ukraine's potential and our dedication to its people and economy", said Cavalier. CRH plans additional investments to increase production in Ukraine. The company has signed a memorandum of understanding with the EBRD on the acquisition of Buzzi's assets in Ukraine. The agreement is currently under review by the AMCU.
Mike Stenson, Project Director at Kingspan, another Irish building materials company, announced that they decided to invest $300 million in western Ukraine post-invasion.
"Our project, code-named "Saoirse" (freedom in Irish), symbolizes support for Ukraine's fight against oppression. The manufacturing campus is expected to be operational by 2026, significantly contributing to Ukraine's recovery and economic development", Stenson added.
During the event, the topic of privatization was also raised. According to Oksana Osmachko, Deputy Chair of the State Property Fund of Ukraine, there are plans to privatize 1,478 state-owned enterprises this year. Among them — 18 assets with a starting price of approximately €6 million.
"At the moment, the State Property Fund manages 618 types of business activities, including agriculture, with 220 agricultural enterprises under its supervision. This summer, Ukraine will launch its first auctions for state agricultural lands. These auctions will be open to all participants, including international investors, who can lease land plots for 14 or 25 years", Osmachko explained.
The event also highlighted the international community's confidence in Ukraine's trajectory, anticipating the announcement of over 100 new agreements and projects worth more than €9 billion at the upcoming Ukrainian Recovery Conference in Berlin.
