On June 5th, the Norway-Ukraine Chamber of Commerce (NUCC) hosted an impactful assembly in Oslo, drawing attention to the imperative of rebuilding Ukraine amidst ongoing geopolitical tensions.
The event, characterized by insightful presentations, panel discussions, and strategic dialogues, has highlighted the collaborative efforts between Norway and Ukraine to mobilize resources, foster investment, and support small and medium-sized enterprises (SMEs) in Ukraine.
- General Assembly Highlights
The General Assembly, chaired by Ketil Bøe, reflected on the past year’s achievements and discussed future plans. Ihor Holovchenko, Chargé d’Affaires at the Embassy of Ukraine in Norway, emphasized Ukraine’s resilience amidst the crisis and its journey towards rebuilding and revitalization. Keynote speeches were delivered by Cecilie Myrseth, the Minister of Trade and Industry of Norway, and Svitlana Grynchuk, the Deputy Minister of Energy of Ukraine. Myrseth affirmed Norway’s commitment to assist in Ukraine’s reconstruction, emphasizing the need for international cooperation and strategic investments. Grynchuk discussed the role of energy security in Ukraine’s reconstruction plans, highlighting the potential collaborations to develop Ukraine’s green energy sector. Kjartan Svaland Tveitnes, the Managing Director at NUCC, provided an overview of NUCC’s status and activities, including the initiatives to facilitate trade, support business collaborations, and create networking opportunities for Ukrainian and Norwegian enterprises.
- Ukrainian SMEs
Moderated by Andreas Tranøy from NUCC, the panel discussion on Ukrainian SMEs featured Michael Newson from IOM, Oksana Straz from Fix Production and Project Union, Anastasiia Antonyk from NUCC, and Jorun Sigrid Nossum from Norad. The discussion revolved around the challenges and opportunities for Ukrainian SMEs in the current economic climate. The panelists stressed the importance of financial support, market research, and pre-investment feasibility studies. They underscored the need for Ukrainian businesses to meet the European standards in order to enhance competitiveness and attract international investors.
- Panel discussion on Financing
Vira Savchenko, the CEO of BDO in Ukraine moderated a critical panel discussion on financing, featuring Ståle Torgersbråten from EKSFIN, Kaare S. Andreasen from EIFO, and Iryna Bernatska from Fenix Repower. The discussion highlighted various financial instruments and strategies to support Ukraine’s reconstruction. Vira Savchenko also pointed out the myriad opportunities for international institutions to engage in Ukraine, leveraging various financial instruments to bolster the country’s economic stability and reconstruction efforts. The key points included the need for blended finance, special bonds from Canada, and the implementation of risk management mechanisms, such as the war risk insurance. Iryna Bernatska of Fenix Repower brought attention to the involvement of Germany in Ukraine’s reconstruction through the Ukraine Reconstruction Conference (URC). She elaborated on the strategies Germany had implemented to support Ukraine, showcasing a collaborative effort among European nations to aid in rebuilding the war-torn country. Ståle Torgersbråten discussed the established financial instruments in Europe that can be utilized to rebuild Ukraine. He highlighted the importance of institutions like EKN (Swedish Export Credit Agency), and the Swedish strategy focused on the reconstruction of Ukraine. The Swedish strategy, along with two additional strategies, aims to provide a comprehensive approach to financial support, ensuring that Ukraine can access the necessary resources for effective reconstruction. Kåre S. Andreasen from EIFO highlighted the significant investment opportunities that lie ahead. He discussed the potential of blended finance, the mechanism that combines public and private investment to maximize resources and impact.
- BDO in Ukraine
Vira Savchenko, the CEO of BDO in Ukraine emphasized the critical role of international support, particularly from Norway, in aiding Ukraine during these challenging times. She highlighted the importance of developing Ukraine’s investment framework, an instrument of guarantees, in providing a robust framework for financial support. Vira also pointed out the myriad opportunities for international institutions to engage in Ukraine, leveraging various financial instruments to bolster the country’s economic stability and reconstruction efforts.
Furthermore, BDO in Ukraine presented guides to electronic procurement, foreigners travel guide to Ukraine and investments guide. This initiative aims to streamline procurement processes, ensuring transparency and efficiency in the allocation and utilization of funds. The guides serve as a crucial tool for both local and international stakeholders, enabling them to navigate the procurement landscape effectively and contribute to Ukraine's reconstruction efforts.
- International Approaches to Export Credit
Kaare S. Andreasen, the Finance Director at EIFO, presented the Danish approach to export credit agencies, providing valuable insights into how Denmark supports foreign investments through loans and guarantees. He explained Denmark’s strategy to offer 100% guarantees to lenders in Ukraine, highlighting the significant financial commitments already made towards the green energy projects. Andreasen’s presentation underscored the critical role of government-backed financial instruments in facilitating international trade and investment.
The NUCC event in Oslo served as a pivotal platform for discussing the multifaceted challenges and opportunities associated with rebuilding Ukraine. The speeches and discussions underscored the need for international collaboration, strategic investments, and robust financial instruments to support Ukraine’s path to recovery. The commitment of Norway and other international partners to support Ukraine was evident, offering a hope for a resilient and prosperous future for Ukraine.
We are grateful to the Norwegian-Ukrainian Chamber of Commerce for the opportunity to participate in this significant event. For more information on business opportunities in Ukraine, please visit the “Investor's Guide” page. If you have any further questions, feel free to contact us at BDO in Ukraine.
