Ukraine has been faced with a daunting challenge following the unprovoked aggression from the Russian Federation. The task is nothing short of monumental—rebuilding the country as a modern economy. It is estimated that over $400 billion will be required to achieve this goal, making it the most extensive and comprehensive reconstruction effort since the Marshall Plan in the aftermath of World War II. Given the scale of this undertaking, it is clear that a coordinated effort involving numerous partners will be necessary.
Against this backdrop, the United States Agency for International Development (USAID) Economic Development, Governance, and Enterprise Growth (EDGE) Project, released a report titled A New Ukraine: Catalyzing Investment in Freedom, Peace, and Prosperity. The report was presented during the U.S.-Ukraine Partnership Forum, a collaborative effort initiated by the U.S. Chamber of Commerce in conjunction with the Department of State, Department of Commerce, and USAID, and supported by the Embassy of Ukraine. The report unveils a reform agenda that can effectively trigger and facilitate the requisite investments essential for Ukraine’s recovery.
U.S. Chamber of Commerce Chair of the Board of Directors (left) shaking hands with Prime Minister of Ukraine H.E Denys Shmyhal (right)
“We’re also helping take on the barriers that still prevent investment, even beyond Putin’s continued violence…we are taking that crowdsourced reform agenda and working with the Ukrainian government to help ensure that those reforms get implemented. We’re working together [with the Ukranian government] to improve transparency, reduce opportunities for self-dealing, and make the judiciary more independent, which in turn, of course, would build confidence that contracts will be honored and investment regulations enforced,” said USAID Administrator Samantha Power in her keynote remarks.
The report provides a clear and concise roadmap for the various stakeholders involved in reconstructing Ukraine’s economy. It delineates eight important reform areas, including establishing a competitive business enabling environment, expediting the country’s EU accession, strengthening institutions, and others to propel the nation toward sustained growth and prosperity.
“Having a strong investment promotion mindset and bringing to bear the resources, both at a national level…but allowing it [Ukraine’s economy] still to be directed at a more regional and local level, not losing that decentralization, and then sticking very, very tough with the anti-corruption agenda [is important]” said USAID Deputy Administrator for Policy and Programming Isobel Coleman during the “Removing Barriers to Investment—Governance and Reform” panel.
As the world watches, Ukraine’s efforts to rebuild its economy will be a testament to its resilience and determination to overcome adversity.
