German Chancellor Olaf Scholz called on German businesses to invest in war-torn Ukraine at a German-Ukrainian business forum in Berlin on Wednesday.
“If you invest in Ukraine today and in the years to come, you are investing in a future EU member,” the chancellor said.
“After the war, we will see growth rates and development opportunities in Ukraine that we know only from the Central and Eastern European countries that have joined the EU in the last two decades,” Scholz said.
About 2,000 German companies are active in Ukraine, he said: “Many of them are planning additional investments. They are helping to rebuild the country.”
Ukrainian Prime Minister Denys Shmyhal called for stronger cooperation between the two countries in the fields of digital technologies, agriculture, defence and energy.
“With Germany, we have the largest joint companies in the defence sector,” Shmyhal said, highlighting projects to repair and maintain tanks, the production of modern infantry fighting vehicles, and air-defence systems.
The prime minister expressed his gratitude that not a single German company left the Ukrainian market after the start of the war in 2022.
In terms of his country’s economic potential, he also emphasized the reserves of rare earths and metals as well as large storage capacities for natural gas.
“We have the largest underground gas storage facilities in Europe, with over 30 billion cubic metres, which could become Europe’s gas safe,” Shmyhal said.
Energy aid and record trade
Ukraine’s energy infrastructure is being particularly targeted by Russian attacks, as the third winter of the war looms.
To help, the German government is providing €70 million ($74 million) for smaller combined heat and power plants, boiler systems, generators and solar energy systems.
Despite the constant threats and uncertainties caused by the war, German-Ukrainian trade will reach a record value this year, with a volume of over €12 billion, said Peter Adrian, president of the Association of German Chambers of Industry and Commerce (DIHK).
In bilateral trade in 2023, Germany exported goods worth €6.9 billion to Ukraine and imported goods worth €2.9 billion.
According to the Federal Statistical Office, imports from Ukraine mainly included agricultural products, automotive parts and food.
Ukrainian Prime Minister Denys Shmyhal (L) welcomes German Chancellor Olaf Scholz (R) at the 7th German-Ukrainian Economic Forum, Haus der Deutschen Wirtschaft. Michael Kappeler/dpa
