Now good time to invest in Ukraine - EU Commissioner Kos
European Commissioner for Enlargement Marta Kos is convinced that now is a good time to invest in Ukraine and calls on the private sector to do so.
Speaking at the Ukraine-EU business summit in Brussels on Wednesday, she recalled saying last year that "now is a good time to invest in Ukraine."
"Because, despite all the uncertainties, one thing was certain: Ukraine will become much more deeply integrated into the European economy. This process is already underway. And it is becoming increasingly clear how central Ukraine is to European defense and, therefore, to the economic security of our continent," Kos said.
Also, according to the European Commissioner, Ukrainians are increasingly creating an "Arsenal of Democracy."
"Ukraine is becoming an indispensable partner in Europe’s efforts to restore our defense industry and armed forces. These efforts should be guided by Ukraine’s experience. At the same time, Ukraine is becoming a security provider for the European economy," she said.
In this regard, Kos gave two examples: critical raw materials and dual-use goods. "Critical raw materials are central to the modern economy. Relying on a single supplier of such vital assets can lead to potential blackmail. Ukraine is one of the places in Europe where there are many such materials. Our goal is to integrate Ukraine into pan-European value chains of critical raw materials," the European Commissioner explained.
She continued that dual-use products are another area crucial for economic security. "That is why the Ukraine Investment Framework now also covers sectors whose products have both military and civilian applications. Again, it is about bringing together companies from the EU and Ukraine into pan-European value chains of strategic industries. We give particular priority to investment projects in areas such as drone production, navigation and communication systems, aeronautics and space, as well as precision metallurgy," Kos added.
According to her, dual-use "has huge business opportunities," as the value of this sector is estimated at EUR 5.4 bln and includes approximately 3,400 companies operating in Ukraine. "This is a call to action for many private sector representatives present here in the hall," the European Commissioner said to those present.