Mykhailo Radutskyi: Despite full-scale war, Ukraine needs investments not tomorrow, but today
28 May 2024, 13:30
“This was discussed today at the forum Investing and rebuilding Ukraine's future 2024 in Tallinn together with the Prime Minister of Estonia Kaja Kallas, the Speaker of the Estonian Parliament Lauri Hussar, European Commissioner for Energy Kadri Simson, the Chairman of the Servant of the People faction in the Verkhovna Rada Davyd Arakhamia, diplomats and potential investors,” said Mykhailo Radutskyi, the Chairman of the Committee on Public Health, Medical Assistance and Health Insurance.
“This is the first large-scale conference on investing in Ukraine in the Baltic States and Scandinavia after the start of the full-scale invasion. We received an important signal from our partners. I thank the Prime Minister of Estonia Kaja Kallas for her words: ‘it is time to invest in Ukraine right now, not waiting for tomorrow’. Of course, the Prime Minister notes that investors have concerns about large-scale investments, but Ukraine needs immediate support at all levels, including the economic one.
During his speech at the panel discussion, he outlined what the President's team has done to attract investment in the Ukrainian economy.
A law on military investment insurance was passed. According to it, the Export Credit Agency of Ukraine insures investments against military risks, and entrepreneurs can count on compensation for losses in the event of an ‘arrival’. Industrial parks across the country have created favourable conditions for investors to enter, and there is also an ‘investment nanny’ mechanism where a government official helps investors resolve all issues before signing an investment agreement. A draft law on the National Development Institution is being developed in parliament. This will be an analogue of the German state-owned KfW bank, which was established in 1948 as part of the Marshall Plan in Germany. This institution will finance lending to relocated businesses, enterprises in the frontline area, IDPs, and grant projects.
He also drew attention to the scale of damage to the medical infrastructure: the enemy has completely destroyed more than 200 medical facilities and damaged 1,800. The World Bank estimates that the losses in the healthcare system due to the war amount to more than $16 billion. Together with colleagues and international partners, we have developed a Plan for the Post-War Recovery of Ukraine's Healthcare Sector until 2030. I invited potential investors to read the document and join the implementation of the Plan.
However, Ukrainian patients cannot wait for the war to end, so the restoration of medical infrastructure is ongoing. A map of projects to rebuild medical facilities in Ukraine that have been damaged or destroyed by the enemy has also been compiled. In particular, all medical infrastructure reconstruction projects have been mapped. Thanks to the map, an investor can see where help is needed most and what kind of help.
I would like to note Estonia's assistance to Ukraine. The total amount of defence aid is €523.8 million, which is 1.4 times the country's GDP. Humanitarian aid is worth EUR 26 million, and 88,000 Ukrainian refugees are staying in Estonia. We are grateful for the support of the Government and the people of Estonia,” added Mr Radutskyi.