Canadian investors who continued to work in Ukraine during the war have achieved profits by the end of 2022, Canadian Ambassador to Ukraine Larisa Galadza said.
“From a financial perspective, Canadian investors who have continued to operate during the war have done well, they have been profitable. It’s a really important sign to investors in Canada: that Ukraine is a place where you can come and invest and succeed,” Galadza said in an exclusive interview with the Interfax-Ukraine agency.
She noted that Canadian investors have long been interested in agriculture, finance, financial services and energy, primarily renewable. For example, the Canadian company Fairfax owns shares in Astarta and Ovostar Union. Fairfax has another significant investment in the financial sector – ARX, Colonnade Ukraine and other insurance companies. In the field of renewable energy, the most well-known investment is TUI Canada.
“The interest remains in those sectors. We’re also seeing an increase in questions about opportunities in defense, in construction, and in oil and gas exploration. So there is a lot of interest right now, from businesses abroad, because they see that Ukraine is about to become a massive construction site. Businesses want to make money, and if they see they opportunity, they will go for it. Whether investors come to Ukraine or go somewhere else, is actually up to Ukraine. Ukraine needs to offer a favorable, attractive climate,” Galadza noted.
Among the challenges that Ukraine needs to overcome in order to attract investors and businesses, she highlighted security and protection.
“The security situation is one, but we’re all working on that. The other major factor is the functioning judicial system. If Canadian companies are going to come to Ukraine, they’re going to want to know that their business interests are protected. And the best protection is a court system where any issues they have can be fairly, justly and clearly resolved. If I had to put my finger on one problem that needs to be solved before investors flood into the country, it’s the reform of the judicial system. I’m very happy to say that really important progress is being made. And even during the war! There’s movement forward,” the Ambassador said.