At the Rebuilding Ukraine: Security, Opportunities, Investments forum in Bucharest, participants in a panel discussion on the role of the private sector in Ukraine’s reconstruction emphasized that attracting private capital is critical for the implementation of large-scale projects, but its participation is impossible without effective mechanisms for financing, insurance, and reducing investment risks.
The panel “Private Sector – A Key Actor in the Reconstruction of Ukraine. Financing and Insurance Instruments” was moderated by Victor Srayer, managing partner of Otto Broker (Romania). The discussion was joined by Volodymyr Tsabal, secretary of the Verkhovna Rada Committee on Budget, and Susan E. Walton, senior advisor on new markets – global risks and sustainability (USA) Susan E. Walton, CEO of BCR – Romanian Commercial Bank Sergiu Manea, Director of Legal and External Relations at Vodafone Romania Alexandra Olaru, and JBIC Regional Head for EMEA, Resident Executive Officer of the Japan Bank for International Cooperation Takayuki Sato.
Participants noted that the private sector, both Ukrainian and foreign, faces a double challenge. Ukrainian companies have limited access to debt financing due to high interest rates, war risks, and domestic capital market constraints. Foreign investors, in turn, are forced to take into account political and military risks, as well as regulatory peculiarities of working in Ukraine.
The main solutions identified were the use of blended financing instruments, the involvement of international financial organizations to cover part of the risks, and the creation of a guaranteed framework by the state and partners that makes projects “bankable” for commercial structures. “For private capital to enter the reconstruction process, investors need to clearly see which risks are assumed by the state and international financial institutions, and which are assumed by themselves. Without this, projects either do not start or remain at the conceptual level,” Manea noted.
Special attention was paid to the role of political and military risk insurance, as well as the importance of transparent information and local partner networks. According to the speakers, successful project implementation requires strategic coordination between government agencies, donors, and private businesses, particularly in terms of selecting priority projects, structuring agreements, and monitoring their implementation.
The panel participants also emphasized that reconstruction is impossible without reliable digital and energy infrastructure. The experience of neighboring countries that have undergone large-scale infrastructure programs can be used to implement practical solutions in Ukraine. “Private capital, combined with government support and good governance, can significantly accelerate post-war recovery. The state’s task is to create predictable rules of the game and an institutional environment that will make this possible,” Walton concluded.
Following the discussion, participants concluded that the private sector has significant potential in rebuilding Ukraine, but that realizing this potential depends on the availability of financial instruments, effective insurance protection mechanisms, and coordinated action between public and private actors.
The forum “Rebuilding Ukraine: Security, Opportunities, Investments” is being held on December 11-12 in Bucharest under the auspices of the Romanian Ministry of Foreign Affairs and the Ukrainian Ministry of Foreign Affairs and is organized by the New Strategy Center. According to the organizers, more than 30 panel discussions and parallel sessions are planned over two days with the participation of representatives of governments, international organizations, the private sector, financial institutions, and experts from Europe, North America, and Asia. The topics of the panels cover security and defense, infrastructure, financing and investment, green energy, digitalization, human capital, and cross-border cooperation.
Strengthening cloud infrastructure and cybersecurity is one of the key areas for strengthening Ukraine’s “digital shield” in the context of the ongoing war, according to participants in the panel discussion “Rebuilding Smarter: Cloud Infrastructure and Cyber Security for a Strong Ukraine’s Digital Shield” at the “Rebuilding Ukraine: Security, Opportunities, Investments” forum in Bucharest.
The panel was moderated by Daniel Ionita, senior associate expert at the New Strategy Center (Romania). The discussion was joined by Oleg Haiduk, advisor on AI and innovation at the PARKOVY data center and former Deputy Minister of Defense of Ukraine for Digital Development; Volodymyr Luchenko, technical director at Kyivstar; Dragos Dima, senior cybersecurity advisor at the EU Mission for Civilian Security Sector Reform in Ukraine (EUAM Ukraine) and Olga Belyakova, co-head of technology, media, and communications practice at CMS Cameron McKenna LLC in Central and Eastern Europe.
According to the speakers, immediately after the start of the full-scale Russian invasion in February 2022, Ukraine transferred critical data arrays to data centers in the EU. By 2023, the strategy had been transformed towards the creation of sovereign national data centers with support for cross-border backup solutions. This transition was made possible by accelerated legislative changes, which by the end of the year provided a functional regulatory framework for the provision of cloud services.
In the field of cybersecurity, the key measures, according to the panel participants, are the widespread use of VPN solutions, the introduction of centralized access management (PAM), the use of multi-factor authentication, and the integration of WAF-class solutions to protect web resources. “This is not just about technical means, but about building a comprehensive architecture of trust – from the user to state registries and critical infrastructure,” said Haiduk.
The experts emphasized that Ukraine’s cyber resilience must be built in a cross-border format—through the integration of critical digital infrastructure into NATO and EU security systems, joint incident response protocols, and the exchange of threat data. “The more closely Ukraine’s digital infrastructure is integrated into the Euro-Atlantic security ecosystem, the more difficult it will be to isolate or paralyze it as a result of cyberattacks,” Belyakova emphasized.
Following the discussion, participants concluded that the development of national data centers, the expansion of cloud services, and the synchronization of cyber defense standards with NATO and the EU are necessary conditions not only for the security of the public sector, but also for the stable functioning of business and the implementation of reconstruction projects.
The forum “Rebuilding Ukraine: Security, Opportunities, Investments” is being held on December 11-12 in Bucharest under the auspices of the Romanian Ministry of Foreign Affairs and the Ukrainian Ministry of Foreign Affairs and is organized by the New Strategy Center. According to the organizers, more than 30 panel discussions and parallel sessions are planned over two days with the participation of representatives of governments, international organizations, the private sector, financial institutions, and experts from Europe, North America, and Asia. The topics of the panels cover security and defense, infrastructure, financing and investment, green energy, digitalization, human capital, and cross-border cooperation.
Bucharest, cloud infrastructure, digital shield, EU, INTEGRATION, NATO
The widespread use of unmanned systems in Russia’s war against Ukraine represents not just a technological evolution, but a profound change in the logic of warfare, for which most European countries are not yet prepared, according to participants in the panel discussion “The Russia–Ukraine Drone War: Innovation on the Front Line and Beyond. What Can We Learn for Our Own Defense?” at the Ukraine Recovery Forum in Bucharest.
Panel VIa was moderated by Greg Melcher, Chief Operating Officer of the New Generation Warfare Centre (USA). The discussion was attended by Andriy Sirko-Galushchenko, an expert in the development of UAVs for military applications; Terry Jamison, International Director of Boeing’s Vertical Takeoff and Landing Aircraft Division; Mustafa Nayem, Director of Public Communications at GTX; former Prime Minister of Romania, retired General Nicolae Ciucă, and Deputy Chief of Staff for Operations and Training, Lieutenant General Julian Berdila.
According to the speakers, what until recently was perceived as a “distant technological horizon” has already become an everyday operational reality. The development of unmanned systems, open architectures, and the rapid integration of new capabilities indicate that the “future of warfare” has arrived much sooner than many Western players expected. Ukraine’s combat experience has shown that accelerated innovation cycles are leading to a structural transformation in the planning of air, ground, and joint operations.
Participants emphasized that the combined use of manned and unmanned platforms, as well as immediate technical interoperability between them, are becoming a basic requirement for the adaptation of modern armed forces. Drones are already being used systematically for reconnaissance, high-precision strikes, logistics, mining and demining, artillery fire correction, and special operations support. Massive coordinated attacks on critical infrastructure have demonstrated the limitations of purely reactive defense and highlighted the need to neutralize threats “at the source.”
At the same time, counter-drone systems are rapidly developing, combining existing surveillance and electronic warfare capabilities with new solutions to counter large numbers of small, low-altitude targets. “This is no longer an episodic tool, but a full-fledged layer of the modern battlefield that requires a separate doctrine, forces, and means,” Berdila noted.
A separate emphasis in the discussion was placed on Europe’s vulnerability to hybrid forms of aggression. According to experts, traditional threat assessments do not correspond to the realities in which the enemy acts mainly with asymmetric, scattered, and difficult-to-attribute methods. Incidents involving the appearance of unknown drones near critical infrastructure in various European countries, they said, expose the gap between public perception, the level of institutional preparedness, and the actual nature of the risks.
Following the discussion, the participants concluded that “drone” warfare is not only a technical issue but also a challenge for institutional capacity and defense planning. Adapting to the new operational environment requires flexible institutions, short innovation cycles, coordinated investments, and a doctrine capable of quickly integrating the lessons learned from Ukraine’s experience. Modern warfare, they emphasized, has become a space where speed of adaptation, integration of systems, and simultaneous readiness for offensive and defensive actions are key elements of strategic resilience.
The forum “Rebuilding Ukraine: Security, Opportunities, Investments” is being held on December 11-12 in Bucharest under the auspices of the Romanian Ministry of Foreign Affairs and the Ukrainian Ministry of Foreign Affairs and organized by the New Strategy Center. According to the organizers, more than 30 panel discussions and parallel sessions are planned over two days with the participation of representatives of governments, international organizations, the private sector, financial institutions, and experts from Europe, North America, and Asia. The topics of the panels cover security and defense, infrastructure, financing and investment, green energy, digitalization, human capital, and cross-border cooperation.
At the Rebuilding Ukraine: Security, Opportunities, Investments forum in Bucharest, during one of the panel discussions, representatives of Romania, the Republic of Moldova, and Ukraine announced their intention to deepen regional cooperation in infrastructure within the “strategic transport triangle” to support Ukraine’s reconstruction and strengthen the region’s resilience.
The panel was moderated by George Scutaru, CEO of the New Strategy Center think tank. Participants included Vladimir Bolea, Deputy Prime Minister and Minister of Infrastructure and Regional Development of the Republic of Moldova; Mihai Iurca, Special Envoy for the Reconstruction of Ukraine and Head of the Office of the Prime Minister of Romania; First Deputy Chair of the Verkhovna Rada Committee on Transport and Infrastructure Yulia Sirko, State Secretary of the Ministry of Infrastructure of Romania Ionel Scrieşteanu, Deputy Minister of Communities, Territories and Infrastructure of Ukraine Serhiy Derkach (via videoconference), and CEO of Leviatan Group Cătălin Podaru.
The discussion focused on the strategic importance of regionalizing infrastructure projects between the three countries and developing logistics corridors that ensure not only economic and demographic mobility, but also military mobility in the context of the ongoing war. The participants emphasized that transport and energy connectivity is seen as a tool for coordinating government policies, as well as a platform for involving the private sector in the reconstruction of Ukraine.
“Logistics is becoming a key element of security and development: from ports and railways to border infrastructure, all of this must function as a single network between Romania, Moldova, and Ukraine,” Skutaru noted during the discussion. He stressed that coordinating investments and projects within the “strategic transport triangle” is a necessary condition for increasing the capacity of corridors used for trade, transit, and military aid.
Representatives of the Ukrainian and Moldovan sides stressed that the reconstruction of Ukraine is impossible without the active participation of private business and the involvement of international companies in joint projects. “Ukraine is open to partnership, and we need both financial resources and technological solutions that can be provided by regional and global partners. Joint infrastructure projects strengthen not only the economy but also the stability of the entire region,” emphasized Deputy Minister Serhiy Derkach.
Following the discussion, participants noted positive dynamics in strengthening connectivity between the three countries, particularly with regard to the modernization of transport corridors, port, and border infrastructure. They concluded that further progress will depend on coordinated government action, effective use of financial instruments, and close cooperation with international partners to enhance the collective resilience and prosperity of the region.
The forum “Rebuilding Ukraine: Security, Opportunities, Investments” is being held on December 11-12 in Bucharest under the auspices of the Romanian Ministry of Foreign Affairs and the Ukrainian Ministry of Foreign Affairs and organized by the New Strategy Center. According to the organizers, more than 30 panel discussions and parallel sessions are planned over two days with the participation of representatives of governments, international organizations, the private sector, financial institutions, and experts from Europe, North America, and Asia. The topics of the panels cover security and defense, infrastructure, financing and investment, green energy, digitalization, human capital, and cross-border cooperation.
Participants in the panel discussion “Challenges of the Ukrainian Labor Market. Mobilizing Human Capital for Sustainable Reconstruction” at the forum on Ukraine’s reconstruction in Bucharest concluded that the country needs a two-pronged policy for sustainable economic recovery: creating conditions for the return of those who wish to do so, while simultaneously supporting the active diaspora as a resource for investment and knowledge transfer.
The panel was moderated by Adam Eberhart, Deputy Director of the Center for East European Studies at the University of Warsaw (SEW UW). The discussion was joined by Svitlana Kovalchuk, Executive Director of the Yalta European Strategy (YES) Bogdan Zavadetchik, President of the Charitable Foundation “Resources and Public Initiatives” in the Chernivtsi region Olena Tanasychuk, representative of the Ukrainian diaspora in the UK at Ealing Community & Voluntary Service (ECVS) Ania Abdulah, and Osamu Hattori, Head of the Japan International Cooperation Agency (JICA) office in Ukraine.
According to surveys cited by participants, most Ukrainian refugees would only consider returning if there were reliable guarantees of security and a stable economic situation. At the same time, statistics show that after two to three years abroad, the likelihood of returning decreases sharply due to deeper integration of people into their host countries, particularly through employment, children’s education, and access to social services. “The longer people stay abroad, the more their lives shift—and the harder it is to convince them to start from scratch at home,” Ebergart noted.
Separately, experts noted that the potential opening of borders could trigger a new wave of emigration, particularly among men of conscription age, who are currently restricted from leaving due to mobilization rules. Against this backdrop, participants emphasized the need for policies that, on the one hand, create the conditions for return—through security, jobs, housing, and access to services—and, on the other hand, support a strong and organized diaspora.
The discussion concluded that the Ukrainian diaspora can remain an important resource for the country’s development even without physical return, through investment, professional networks, educational and expert projects. “The question is not only how many people will return, but also how many of them, wherever they live, will remain actors in Ukraine’s development,” Kovalchuk concluded. Participants agreed that a coordinated human capital policy should be one of the key elements of Ukraine’s post-war reconstruction strategy.
The forum “Rebuilding Ukraine: Security, Opportunities, Investments” is being held on December 11-12 in Bucharest under the auspices of the Romanian Ministry of Foreign Affairs and the Ukrainian Ministry of Foreign Affairs and is organized by the New Strategy Center. According to the organizers, more than 30 panel discussions and parallel sessions are planned over two days with the participation of representatives of governments, international organizations, the private sector, financial institutions, and experts from Europe, North America, and Asia. The topics of the panels cover security and defense, infrastructure, financing and investment, green energy, digitalization, human capital, and cross-border cooperation.
The Serbian Economist reports that the candidate of the National Liberal Party of Romania (PNL), backed by Prime Minister Ilie Bolojan, Ciprian Ciuc won the early election for mayor of Bucharest with about 36% of the votes after almost all ballots were counted.
According to Romanian and international media, Ciuc beat far-right Alliance for the Unification of Romanians (AUR) candidate Anca Alexandrescu, who received about 22% of the vote, as well as Social Democratic Party (PSD) nominee Daniel Belutse, who came in third. The election was seen as a test of the influence of AUR, which is leading in part of the nationwide polls.
The post of mayor of the Romanian capital became vacant after the former mayor Nicusor Dan was elected president of the country in 2025, necessitating an extraordinary vote. The victory of the EU-oriented liberal candidate is seen by observers as an important political success for incumbent Prime Minister Bolojan and his pro-European ruling coalition amid the growing popularity of right-wing and far-right forces in the region.
Analysts note that the outcome of the Bucharest election reduces the risk that one of the first capitals of an EU member state could become a city governed by a radical right-wing party, while strengthening the government’s position ahead of further political battles at the national level.
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