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Volodymyr Kuzio: "The state helps business to look for incentives to invest now"

Despite a number of factors that complicate the process of investing in Ukraine today (primarily security), the government sees its task as helping businesses look for incentives to invest now, and not waiting for the end of the war, says Volodymyr Kuzio, Deputy Minister of Economy. He spoke about his vision of the state's role in restoring investment during the panel discussion "New Country - Regional Dimensions: Opportunities and Challenges" as part of the joint project of and EFI Group "New Country", which took place in Odesa at the invitation of the Odesa Business Club. 

Volodymyr Kuzio: "The state helps business to look for incentives to invest now"
Volodymyr Kuzio, Deputy Minister of Economy

"What are business investments? They start with a business plan, investment planning. And the conditions under which a business can invest depend on many factors. The first is access to financing, access to capital. The second is the cost of financing. The third is the risks faced by the business during the transportation of goods, during the storage of goods, and military risks. All these components ultimately influence the decision whether to invest in Ukraine or not. What is the role of the state in this matter? It is not an investment role. Its role is to help businesses invest and look for incentives that will allow them not to wait for time X after the war, but to invest now," the official said.

As an example of such "incentives," he cites partial compensation of the interest rate or the search for insurance opportunities, issuing insurance policies against various types of military risks. Also, access to international projects and international financing.

"To shift the focus of international financial organisations from exclusively infrastructure, reconstruction, macrofinance, to the private sector. Because as a result, the private sector will drive Ukraine's economy. We see this as the role of the Ministry [of Economy] - to find incentives for business, for investment now. Don't wait for the end of the war," says Volodymyr Kuzio.

He urged businesses to initiate ideas related to the investment sector in any convenient way, through associations or otherwise.

"We are open to dialogue, we will continue to communicate openly. The country will not succeed without a bilateral initiative - public and private -" the Deputy Minister of Economy summarised. 

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