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German-Ukrainian Business Forum "Rebuild Ukraine" Kicks Off in Berlin

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Photo: German-Ukrainian Business Forum "Rebuild Ukraine" Kicks Off in Berlin. Source: German-Ukrainian Business Forum
Photo: German-Ukrainian Business Forum "Rebuild Ukraine" Kicks Off in Berlin. Source: German-Ukrainian Business Forum

The 5th German-Ukrainian business forum, serving as a platform for discussions on engaging businesses in Ukraine's recovery, commenced on October 24 in Berlin. The event has attracted over 500 participants keen on exploring investment opportunities in Ukraine, as reported by DW.

Representing Germany at the forum are Chancellor Olaf Scholz and Minister of Economy Robert Habeck, while Ukraine is represented by Prime Minister Denys Shmyhal and First Vice Prime Minister and Minister of Economy Yulia Svyrydenko.

"We are working together with the government team in Berlin. I had a meeting with German Chancellor Olaf Scholz. During our conversation with Mr. Scholz, we focused on the multifaceted support for Ukraine. Germany plays a crucial role in bolstering Ukraine's defense capabilities and collaborating with the European Commission. We appreciate this and look forward to continued unwavering support," stated Ukrainian Prime Minister Denys Shmyhal.

The representatives of the German Eastern Business Association declared at the forum that German companies are ready to actively participate in Ukraine's recovery. Despite the ongoing conflict, more than ten investment projects are already in progress, with German corporations currently seeking investment guarantees from the German government for an additional 30 projects.

The Association also emphasized the importance of integrating the Ukrainian economy into the German and European economies. Peter Adrian, the committee's president, stressed, "Despite the current crisis situation caused by the war, it is essential to promote cooperation between Ukrainian and German companies. Support can only be sustainable if we further integrate Ukrainian suppliers and other Ukrainian companies into the European and German economies."

Additionally, Politico reports that during the forum, an announcement will be made about the creation of the first joint Ukrainian-German defense enterprise. This enterprise will be established by Rheinmetall and "Ukroboronprom." According to Oleksandr Kamishin, Ukraine's Minister of Strategic Industries, it will be the first of three joint ventures with Ukrainian industry aimed at locating weapons production within Ukraine.

At the end of September, Germany's Federal Antimonopoly Office approved the cooperation agreement between Rheinmetall and "Ukroboronprom" after an assessment that showed the proposed enterprise would not pose any competition concerns in Germany.

It is worth noting that the Lithuanian Cabinet of Ministers approved amendments to a law allowing fines received for violations of international and national sanctions to be used for the reconstruction of Ukraine. The legislation, proposed by the Ministry of Foreign Affairs, specifies that the funds will be transferred to the Cooperation Development Fund and utilized for projects related to Ukraine's recovery. It also stipulates that budgetary funds resulting from the confiscation of Russian assets will be transferred to this fund.

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