Page 59 - UKRRptDec23

5.3 FDI
investments in US government securities increased by an amount equal to half of the aid received from the US.
Despite significant military risks, the flow of foreign investments into Ukrainian businesses reached $3.03B in 2023. Raiffeisen Bank's top manager, Oleksandr Pecheritsyn, said: "This indicates that investors, despite all the risks, are investing in Ukrainian resources."
Despite the war, Carlsberg will invest almost $100M in its Ukrainian production. In 2023, the Carlsberg Group installed a line for packaging beer in cans at its factory in Kyiv, investing $40M in this project. However, it has also invested about $55.52M in other commercial projects in Ukraine. As CEO Jakob Aarup-Andersen has stated, the company does not consider investment in Ukraine risky.
Ukraine has officially launched a mechanism to insure investments against war risks. The Ukrainian Parliament adopted Law No. 9015 on insurance of investments against war risks through the Export Credit Agency (ECA). The document amends the current law on financial mechanisms for stimulating export activity. In particular, it eliminates the gaps that limit the possibility of insuring domestic investments by the Export Credit Agency, including in the conditions of military operations and post-war reconstruction. Now, pending approval of the documents and approval of the necessary regulatory acts by the Cabinet of Ministers and the National Bank, Ukrainian investors will be able to apply directly to the ECA or to one of the banks or an insurance company that cooperates with the ECA, and take out the appropriate insurance. The law is expected to support economic activity,
59 UKRAINE Country Report December 2023 www.intellinews.com