Business news from Ukraine

Switzerland is working on launching reinsurance market in Ukraine

Ukraine and Switzerland will hold joint business missions for domestic businesses to explore opportunities for Swiss companies to invest in Ukraine, as well as opportunities for Ukrainian companies in Switzerland.

This was discussed at the Swiss-Ukrainian round table in Davos on January 17, dedicated to Ukraine’s recovery, according to the website of the Ministry of Economy.

During the meeting, Deputy Economy Minister Volodymyr Kuzio noted that Ukraine had managed to build an infrastructure of war risk insurance in 2023. Thus, MIGA has already insured the first investments, Japan, the UK and Norway have already contributed to the MIGA Sure trust fund. DFC will insure 5 projects for $380 million, EBRD is working on the creation of a mechanism to insure war-related property risks for damage to goods during transportation and warehouses. Also, the Ministry of Economy together with British partners launched a mechanism of insurance of ships against war risks. In addition, by early 2024, 14 foreign Export Credit Agencies (ECAs) have insurance terms to support Ukraine and five more are working on their implementation.

The Swiss side noted that it is working on the issue of launching a reinsurance market involving their ECAs and private companies, the report said.

“Traditionally, the largest sectors of Swiss investment have been industry, financial and insurance activities. We hope to continue this trend in the future,” Vladimir Kuzio emphasized.

During the round table, representatives of Swiss companies and business associations assured that they are ready to support feasibility studies of investment projects and join the deregulation reform. The parties agreed to prepare a list of documents that, in the opinion of foreign investors, prevent them from entering the Ukrainian market or working in Ukraine, and these documents will be considered during the meeting of the interdepartmental working group on deregulation.

In addition, the issue of participation of Swiss companies in public procurement in Ukraine was raised. Within the framework of updating the Free Trade Agreement with the European Free Trade Association, Switzerland will improve the mechanism of mutual access to the public procurement market.

Representatives of Swiss companies already operating in Ukraine noted the improvement of the business climate last year.

, ,

Ukrainian president holds meeting with Vietnamese prime minister

On the margins of the World Economic Forum in Davos, Switzerland, Ukrainian President Volodymyr Zelenskyy has held a meeting with Prime Minister of the Socialist Republic of Vietnam Pham Minh Chinh.

The head of state thanked Vietnam for supporting the territorial integrity and sovereignty of Ukraine, as well as for humanitarian aid to our country, the press service of the President of Ukraine reported.

“The interlocutors noted the importance of intensifying bilateral relations, as Ukraine and Vietnam are united by long-standing ties. The President called on Vietnam to support the implementation of the points of the Ukrainian peace formula,” – noted in the message.

Volodymyr Zelensky and Pham Minh Chinh discussed the possibility of activating bilateral contacts between Ukraine and Vietnam at different levels.

, , , ,

Annual World Economic Forum in Davos began today with Ukrainian issue

The annual World Economic Forum (WEF) in Davos, which officially opens its work on Monday, 15 January, on Sunday announced the fourth meeting of national security and foreign policy advisers to discuss the Ukrainian Formula for Peace.

According to the forum’s official programme, a press conference on Switzerland’s role as co-organiser of the meeting and its continued support for a just and lasting peace in Ukraine will be held in the afternoon, and in the evening key members of the Ukrainian delegation will share the results of the discussion.

The day before, Justice Minister Denys Malyska said on Facebook that the work of the delegation in Davos, where representatives of more than 80 countries gathered, would last about a day and a half.

According to the official programme, Ukrainian President Volodymyr Zelenskyy will deliver a special address at the WEF on Tuesday, 16 January.

On the same day, later in the day, there will be a session on “Ukraine’s Horizons” on how Ukraine can intensify its reconstruction efforts to support its economic and political ambitions to join the EU and NATO after nearly two years of devastating war. It will be attended by, among others, Lithuanian President Gitanas Nauseda, US Special Representative for Ukraine’s Economic Recovery Penny Pritzker, Head of the Ukrainian Presidential Office (OP) Andriy Yermak, Foreign Ministers of Spain and the Netherlands Jose Manuel Albarez Bueno and Hanke Bruins Slot, and Yale University history professor Timothy Snyder.

The following day, Wednesday, 17 January, at the session “Ukraine at War: Year Three”, British Foreign Secretary David Cameron and Ukrainian Foreign Minister Dmytro Kuleba will discuss strengthening international unity in support of the country’s defence and economy, which will continue to come under pressure, and what approaches and goals Ukraine and its international partners should agree on for the coming year.

In addition, on 15 January Davos will host the Ukrainian House, co-organised by the Victor Pinchuk Foundation, Horizon Capital and Western NIS Enterprise Fund, followed the next day by an exhibition and discussion area Deciding Your Tomorrow/”691 Days Deciding Your Future”, organised by the Victor Pinchuk Foundation, PinchukArtCentre in cooperation with the Office of the President.

The programme of Ukrainian House events up to and including 18 January includes, among others, Demonstration of the vision of Ukraine’s digital transformation – Diya, Mriya and Win-Win with Mikhail Fedorov, Deputy Prime Minister and Head of the Ministry of Digital Economy, a discussion on the transfer of frozen Russian assets to Ukraine with Deputy Head of the OP Rostislav Shurma, CEO of Hermitage Capital Management William Browder, Senior Sovereign Strategist at RBC Bluebay Asset Management Timothy Ash, and another discussion with Ukrainian Foreign Minister Kuleba.

In addition, the topic of Ukraine’s sustainability in 2024 will be discussed by First Deputy Prime Minister and Minister of Economy Yulia Sviridenko, investor and advisor to General Catalyst Teresa Carlson, founding partner of Argentem Creek Partners John Patton, CEO of Datagroup-Vol Mikhail Shelemba, while Shurma from OP, CEO of Marsh McLennan John Doyle, Managing Director for Europe and the Caucasus of EBRD Matteo Patrone and Citigroup representative Julie Monaco will talk about Ukraine’s investment opportunities and risk insurance.

Among the speakers of the Deciding Your Tomorrow discussion programme on 16-18 November are, among others, Swedish Foreign Minister Tobias Bilström, musician Svyatoslav Vakarchuk, Harvard University Professor of Economic Development Ricardo Gausman, President of the Board of the Munich Security Conference Foundation Wolfgang Ischinger, First Deputy Chairman of the Verkhovna Rada Oleksandr Kornienko, historian Serhiy Plokhiy, Executive Director of Roubini Macro Associates Nouriel Roubini; Vadym Skibitsky, deputy head of the Main Intelligence Directorate of the Ukrainian Defence Ministry; and Niall Ferguson, senior fellow at the Hoover Institution at Stanford University.

Finally, on 18 January, the Ukrainian Breakfast, a traditional private event organised by the Victor Pinchuk Foundation and EastOne, will be held on the margins of the WEF.

, , ,

President of Ukraine to speak at World Economic Forum in Davos

President of Ukraine Volodymyr Zelenskyy will deliver a special address at the annual World Economic Forum in Davos (Switzerland) on January 16, the forum’s press service reports.

According to the organizers, the President of Ukraine will personally attend and speak as part of a discussion panel titled “Achieving Security and Cooperation in a Fragmented World.”

Zelenskyy will be joined by economist and founder of the World Economic Forum in Davos Klaus Martin Schwaab and Forum Director Brende Berge.

The World Economic Forum in Davos will be held from January 15 to 19.

Andrey Yermak will present Ukrainian Peace Formula at World Economic Forum in Davos

The program of the annual World Economic Forum (WEF) in Davos, which starts on Monday, includes several events concerning Ukraine. On Thursday, January 19, in particular, Andrey Yermak, head of the Presidential Office, will present the Ukrainian peace formula for 45 minutes.
Earlier on Tuesday, First Deputy Prime Minister Yulia Sviridenko, head of Naftogaz Ukrainy Oleksiy Chernyshov, EBRD president Odile Renault-Basso and Finnish Foreign Minister Ville Skinnari will discuss “Ukraine: what next?
In addition, on Tuesday, two more sessions will be devoted to the discussion of the second year of the war in Europe and the defense of the continent. They will be attended by Presidents Andrzej Duda of Poland, Gitanas Nausseda of Lithuania, Maya Sandu of Moldova, Sanna Marin of Finland, Eduard Heger of Slovakia, Stevo Pendarovski of Northern Macedonia, Svetlana Tihanovska, leader of democratic forces in Belarus, and in the evening Henry Kissinger will talk about historical views on the war.
On the same day, the forum will include special speeches by European Commission President Ursula von der Leyen, German Federal Chancellor Olaf Scholz, and Spanish Prime Minister Pedro Sanchez.
On Wednesday, CNN’s Farid Zakaria will discuss with Sviridenko, Duda, NATO Secretary General Jens Stoltenberg, Canadian Deputy Prime Minister Chrystia Freeland and U.S. Director of National Intelligence Avril Haynes the restoration of security and peace.
The Ukrainian House, co-sponsored by the Western NIS Enterprise Fund, the Victor Pinchuk Foundation and Horizon Capital, and the Ukraine is You Project of the Victor Pinchuk Foundation and PinchukArtCentre, will also work on the sidelines of the WEF in Davos from January 16-19.
Additionally, on January 19, the Victor Pinchuk Foundation will hold a discussion during the traditional Ukrainian Breakfast.

, ,


The situation in Ukraine will be one of the central topics of the World Economic Forum (WEF) in Davos, which will be held this year from May 22 to 26, Swiss media reported on Wednesday.
They note that after a two-year break caused by the coronavirus pandemic, the Davos Forum will be held in person.
The event will be attended by about 2 thousand people, including about 50 world leaders.
For the first time in many years, the WEF will be held this year without Russian participation, Swiss media indicate.
They also draw attention to the fact that the list of invitees to the forum does not look as impressive as in previous years. So, neither US President Joe Biden nor Vice President Kamala Harris will come to Davos this year. China will also not be widely represented.