NEW YORK – Ukraine President Volodymyr Zelenskyy virtually rang the opening bell of the New York Stock Exchange on Tuesday, inviting businesses to invest in the future of Ukraine. This marked the launch of Ukraine’s mid-war FDI attraction initiative called #AdvantageUkraine.
The campaign is run by the Ukrainian Ministry of Culture and Information Policy with the support of some of the best media, digital resources and technology companies in the world. Andy Hunder, President of the American Chamber of Commerce in Ukraine, posted on his Facebook, “Grateful to the world’s largest advertising company WPP for the pro-bono project working the Ukrainian Government to attract investment into Ukraine and help rebuild its economy.”
On Wall Street, the initiative was welcomed by the president of the NYSA Lynn Martin, WPP CEO Mark Read, Alphabet CEO Sundar Pichai and Microsoft President Brad Smith among others.
Photo via Andy Hynder
In an op-ed in the Wall Street Journal, President Zelensky called Ukraine, “a land of surprising opportunity” with aspirations to lead in science, technology, energy and agriculture. Mr Zelensky noted:
“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.”
Ukraine is making strides after years of unsatisfactory reforms to create a more attractive environment for investment. Ukraine is actively pursuing investment guarantees from both the G7 and European Union, reforming tax, regulatory and oversight systems. These badly needed reforms are more urgent in the context of Ukraine’s EU membership aspirations, which may serve to give potential investors more confidence.
Economic Development Minister Yulia Svyrydenko told the Financial Times that “You could say that it is too early to ask for foreign direct investment, but for businessmen, for those who take risks, they understand that whoever is first will achieve the most and reap the benefits.”
