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Yulia Svyrydenko: Italy is enhancing cooperation with Ukraine regarding export credit insurance and investment attraction

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Yulia Svyrydenko: Italy is enhancing cooperation with Ukraine regarding export credit insurance and investment attraction

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The priorities of the G7 Ambassadors' Group for Supporting Ukraine in 2024, cooperation with Italian export credit agencies, investment protection, strengthening Ukrainian exports, and other issues were discussed during a meeting between First Deputy Prime Minister of Ukraine and Minister of Economy Yulia Svyrydenko and Ambassador of the Italian Republic to Ukraine Pier Francesco Zazo on February 16th. Deputies Minister Oleksiy Sobolev and Igor Bezkaravainyi also participated in the event.

"The Ukrainian government has embarked on a course to increase the self-sufficiency of the national economy, thus, the restoration of industry, business support, risk reduction, and private investment attraction are among the priorities of state policy. We are orienting our international partners and financial organizations to invest in sectors and businesses that generate additional GDP, stimulate exports, and develop infrastructure. Our vision for economic recovery is reflected in strategic documents that are currently in the final stages of coordination with partners. We count on the support of Italian partners and the G7 Ambassadors' Group to increase the capabilities of the Ukrainian economy," noted Yulia Svyrydenko.

The parties discussed issues related to investment attraction and risk reduction for businesses. The government has already launched a ship insurance program in collaboration with Marsh McLennan and a pool of insurance companies led by ASCOT. The next step is cargo insurance and increased investments through other insurance products.

The Ukrainian side called on the Italian export credit agency SACE to enhance cooperation with Ukraine, expand the types of risks covered, and more. In particular, Italian SACE will allocate 1.5 billion euros to support trade and financial operations, including in healthcare and infrastructure. Additionally, the export credit agency SIMEST intends to support investments by Italian companies in Ukraine and provide export credits, preferential financing, and direct investments.

The First Deputy Prime Minister emphasized the importance of supporting Ukrainian small and medium-sized businesses, which are the backbone of the national economy. The government supports entrepreneurs through programs for accessible lending, grant programs for startups or business development. The government also expects to intensify cooperation with the Italian Agency for Development Cooperation (AICS) to promote local economic development, job creation, and SME support.

Furthermore, the parties discussed issues related to the return of Ukrainians. Ensuring housing for Ukrainians remains important. The government has introduced the eOselya affordable mortgage program, which can be used by representatives of certain professions and citizens who do not own housing or want to improve its conditions. Yulia Svyrydenko, on her part, thanked the Italian side for their willingness to participate in the reconstruction of Odessa and the Odessa region.

The Odessa Journal
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