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to invest in Ukraine, despite that," says Pehlivan. He added opening the land market in Ukraine and allowing foreigners to buy large plots of land will accelerate the inflow of Turkish investment.
Poland has created a program to restore Ukraine with the participation of Polish businesses. The President of Poland, Andrzej Duda, signed an amendment to a law on export insurance guaranteed by the State Treasury, which allows the Polish state insurance corporation KUKE to provide more assistance to private businesses interested in the reconstruction of Ukraine, the Ministry of Economy of Ukraine said. "We hope that this step by Poland will be an impetus for the insurance market and other states to provide guarantees to companies operating in Ukraine and attract more investment into the Ukrainian private sector," noted Economy Minister Yulia Svyridenko. The program includes three points. The first is safe trade with Ukraine. The second item is support for investment by Polish companies and support for entrepreneurs in financing investments made in Poland for export to Ukraine, as well as those investments that will be implemented directly in Ukraine. The third is supporting Ukrainian development by providing financing for investment projects implemented by Polish or foreign entrepreneurs for investors from Ukraine.
Insurance projects from a US corporation, DFC, will improve Ukraine's investment climate. War and political risk insurance is essential for creating an appropriate investment climate for attracting private capital and supporting long-term projects for the reconstruction of Ukraine. Thus, insurance projects from DFC, which are already at the final stage of preparation, will give a positive signal to potential investors. It is essential that the DFC's mandate includes insurance for US and other foreign and Ukrainian investors, noted Deputy Minister of Economy Volodymyr Kuzyo. "We welcome the consultative group between DFC and MIGA, which is strengthening and coordinating efforts to expand Ukraine's war risk insurance mechanism," he noted. The Ministry of Economy expects to implement seven war risk insurance projects by the end of the year: three from MIGA and four from DFC. In addition, the national export credit agencies of Japan, Germany, France, Italy, Sweden, and Great Britain have already announced investment risk insurance for their residents. Also, the Polish export credit agency KUKE offers international and Ukrainian investors insurance for trade, property, and investment risks.
Germany has not stopped investing in Ukraine during the war; investment growth is expected. Head of the German-Ukrainian Chamber of Commerce and Industry board, Rainer Perau, said that German investments in Ukraine after February 24, 2022 decreased slightly. In 2022, only a 20% drop was recorded. This year, positive dynamics have emerged. The main German investors during the war have been Kreisel Fixit and Bayer AG. Perau added that the German Commission for Insurance of Investments Abroad received 50 project applications from various enterprises for investment in Ukraine. It is expected that this year will bring the first positive results. Before the start of the war, there were about 2,500 German companies in Ukraine, employing almost 50,000 workers, and more than 4,000 companies with German capital were registered. Not a single German investor closed their business in Ukraine after February 24. According to Perau, today, depending on the industry, German enterprises in Ukraine are operating at about 70% of their pre-war levels.
A Saint-Gobain construction materials plant is being built in the Ivano-Frankivsk region. Investments for the plant's construction amount to
46 UKRAINE Country Report October 2023 www.intellinews.com