Over two years have passed since Russia’s February 2022 invasion of Ukraine, a conflict that has resulted in human, economic, and infrastructural damage to Ukraine. As the war continues, Ukraine’s ongoing resilience and fortitude have been bolstered by a strong international response geared toward military support and economic recovery.
The U.S. Chamber of Commerce, in collaboration with the U.S. Department of State, U.S. Department of Commerce, and USAID, hosted the 2024 U.S.-Ukraine Partnership Forum to explore the path to Ukraine’s recovery and future prosperity.
This event featured insights from top government officials and business leaders from both nations focused on public and private sector involvement and investment in Ukraine. The speakers and panelists explored practical pathways for Ukraine’s economic stabilization and discussed how partnerships with global allies will lay the groundwork for economic recovery and growth.
Ongoing Public and Private Investment Will Drive Ukraine’s Economic Recovery
During her keynote remarks, Penny Pritzker, U.S. Special Representative for Ukraine’s Economic Recovery, stressed the importance of securing Ukraine’s economic future amidst the ongoing war. Pritzker noted that Ukraine’s economic resilience and growth, including significant increases in GDP and new business registration, have been driven in part by U.S. investments and partnerships.
Finally, Pritzker drew the connection between Ukraine’s economic stability and its defense. She advocated for continued international aid and private-sector engagement to ensure Ukraine’s recovery and growth.
“Ukrainians are ready to drive their country from economic resilience to recovery to renaissance,” said Pritzker. “We owe it to them and to ourselves for our collective democratic future to support them.”
Ukraine’s Reconstruction Requires Targeted Investments and Legislative Reform
The war with Russia has taken a tragic toll on Ukraine, including the loss of human life and the destruction of critical infrastructure. During his keynote remarks, Ukrainian Prime Minister Denys Shmyhal emphasized the nation’s ongoing resilience and recovery efforts, including a comprehensive reconstruction strategy. This strategy involves substantial investment in sectors like defense, energy, agriculture, IT, and construction to modernize the economy and foster sustainable growth.
Shmyhal also highlighted legislative reforms and international support and cooperation, particularly with the U.S., as key elements in creating a conducive environment for investment and rebuilding.
“Together, we may build a better future in Ukraine after our mutual victory,” said Shmyhal.
Public and Private Sector Aid Will Set Stage for Post-War Revitalization
U.S. Secretary of Commerce Gina Raimondo’s keynote remarks expressed the Biden Administration’s unwavering support for Ukraine and our cooperation with global allies in the country’s fight for sovereignty and freedom. She also highlighted the significant role U.S. businesses play in supporting Ukraine’s defense, energy, food, and insurance sectors.
Raimondo called on Congress to provide the necessary aid to Ukraine and encouraged American companies to actively participate in Ukraine’s economic reconstruction efforts.
“We’re … providing support … to set the table for full revitalization and reconstruction of Ukraine once the fighting ends,” Raimondo added.
American Investments Will Bolster Ukraine’s Financial Development
During a fireside chat, Scott Nathan, CEO of the U.S. International Development Financial Corporation (DFC), sat down with Vasile Tofan, Senior Partner and Investment Committee Member of Horizon Capital, to discuss the complex partnership between Ukraine and the United States. Amid the uncertainty of war, the pair noted the importance of financial development and investment in Ukraine.
The DFC has invested around $1.25 billion into agribusiness, small businesses, and energy in Ukraine. With investment efforts, the country’s economy can stabilize and improve, leading to direct lending, loan guarantees, and political risk insurance — especially valuable in high-risk zones.
“We need … the innovation of American business. The energy and spirit of American business and capital,” Nathan said. “We need them to make investments and do business to support Ukraine.”
