Ukrainian officials reached out to India on Wednesday, aiming to secure investments for the revival of their war-torn economy, according to a Reuters report. Deputy Economy Minister Volodymyr Kuzyo presented a compelling vision for Ukraine’s recovery at a business summit in Gujarat, asserting that the rejuvenation of Ukraine would be mutually beneficial for both nations and the broader international community.
This outreach signifies a potential turning point in India-Ukraine relations, which have been strained following Russia’s invasion. India’s neutral stance and increased energy imports from Russia have faced criticism from Western allies supporting Ukraine. However, the seminar titled “Ukraine–India: Investment Opportunities for a Better Future” indicated a potential shift in this dynamic.
Despite the ongoing conflict, Ukrainian officials underscored their economic resilience and aspirations for EU accession. Kuzyo highlighted investment opportunities exceeding $30 billion in the private sector, primarily in the energy sector, and spanning reconstruction and infrastructure projects such as motorways, ports, and railroads.
A crucial focus emerged on demining efforts, with Ukraine seeking equipment to survey vast areas potentially contaminated by landmines. In an effort to entice Indian investment, Kuzyo outlined potential benefits, including import duty exemptions, subsidies, and support from international financial institutions and insurers. This comprehensive package aims to position Ukraine as an attractive investment destination, even amid the ongoing war.
The outreach from Ukrainian officials to India reflects a strategic effort to diversify economic partnerships and foster collaboration for the reconstruction and development of Ukraine’s war-affected regions. The proposed incentives and investment opportunities presented at the summit signal a proactive approach to engage India in supporting Ukraine’s economic recovery despite the challenging geopolitical circumstances.
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