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INVEST IN THE FUTURE OF UKRAINE
It’s a land of surprising opportunity, which aspires to become a major hub for information technology.
Op-Ed by President Zelenskyy
The Wall Street Journal, New York, NY, Mon, Sep 5, 2022
I told the World Economic Forum in May that I plan great leaps ahead for the postwar Ukrainian economy. I committed my administration to creating a favorable environment for investment that would make Ukraine the greatest growth opportunity in Europe since the end of World War II.
Today, with the introduction of Advantage Ukraine, I am delivering on that promise. I invite foreign investors and companies with ambition to see the advantage in investing in the future of Ukraine, and to recognize the tremendous growth potential our country presents.
We have already identified options for more than $400 billion of potential investment, which reach from public-private partnerships to privatization and private ventures. With the support of the U.S. Agency for International Development, we have formed a project team of investment bankers and researchers, appointed by Ukraine’s Economy Ministry, that will work with businesses interested in investing.
While Ukraine is recognized for its agriculture, the breadbasket of Europe, the nation is less well known for its leadership in science and technology. Our country has a growing, well-educated, English-speaking workforce with in-demand STEM capabilities.
Today, Ukraine has more graduates with degrees in technology than most European countries, while 240,000 citizens are employed in the information-technology sector (this is forecast by the Ukrainian government to grow to 450,000 by 2024). Additionally, I am proud that Ukraine leads among central and eastern European countries in research and development and IT outsourcing.
To create a safe, transparent environment for business engagement, Ukraine is pursuing investment guarantees from both the Group of Seven and the European Union, reforming the country’s tax system, and establishing a strong new legal framework.
Our country has already adopted rules and laws to allow companies to build transparent corporate structures, attract foreign investment more easily, and use additional mechanisms to protect intangible assets. Favorable conditions will allow us to establish Ukraine as a powerful IT hub and implement innovative business ideas quickly and effectively.
Ukrainians are grateful for the support we have received from around the world, but today I am writing not to ask for favors. Advantage Ukraine, our new program, outlines investment opportunities that will unleash the economic potential of Ukraine while delivering growth for those who have the vision to invest.
I stand by what I said in May, and I say it now with even greater conviction: Ukraine is a land of surprising opportunity. I personally invite you to be surprised by our potential and to invest in the future of Ukraine.
Mr. Zelensky is president of Ukraine.