Sunak piles pressure on private sector to invest in war-torn Ukraine economy
The Prime Minister Rishi Sunak is set to pile pressure on UK firms to invest in the Ukraine war effort this week as Kyiv mounts its own charm offensive on the private sector globally.
At the Ukraine Recovery Conference in London this week, Sunak will tell business chiefs and world leaders that more private cash is needed to slow the Russian war machine and help rebuild Ukraine’s economy in the years ahead.
“Ukraine’s bravery on the battlefield must be matched by the vision of the private sector to help the country rebuild and recover,” Sunak will say.
“Time and time again, Ukraine has shown its ability to rapidly harness innovation and creativity, and I know its recovery will be no different.”
The summit is a joint initiative hosted by the Ukrainian and British governments, with the aim of mobilising “international support for Ukraine’s economic and social stabilisation and recovery”.
The calls for fresh private sector backing come as Zelensky calls on business to back the economic rebuilding effort. Kyiv has launched a campaign called Advantage Ukraine to try and tempt investors into the country.
The campaign has been spearheaded by Ukrainian deputy economy minister Oleksandr Gryban, who told City A.M. last month that private sector cash was essential to spurring economic growth in the country.
“While the country is transforming, it is providing a huge amount of opportunities,” Gryban told City PM in an interview.
The UK will also roll out a potential £25m expansion to its cyber defence programme in Ukraine in a bid to repel Russian cyber attacks which have hobbled some of its industrial infrastructure, Downing Street said.
Sunak added that the fresh funding was “critical to stopping those onslaughts” and “hardening Ukraine’s cyber defences”.