Ukraine and Austria are working on a bilateral agreement on the development of economic projects

Ukraine and Austria are working on a draft bilateral intergovernmental framework agreement on economic cooperation in the development of projects which will allow attracting Austrian investments for the reconstruction of the country and adopting experience in such areas as education and medicine.

The issue of developing the document was discussed by Yuliia Svyrydenko, First Vice Prime Minister – Minister of Economy of Ukraine, during a meeting with Martin Kocher, Minister of Labour and Economy of Austria.

“Cooperation should become especially effective within the framework of the intergovernmental agreement on the implementation of projects, the development of which continues. It is important to specify in the document the need to involve Ukrainian contractors in work performance. This will stimulate the activity of Ukrainian business. In addition, Ukraine offered to supplement the agreement with the terms of preferential lending. And in the near future, our states can enter the final stage of its signing,” Yuliia Svyrydenko noted. 

The Minister of Economy thanked the Austrian partners for the financial and humanitarian assistance. This includes, in particular, EUR 10 million as part of the World Bank program and EUR 46 million for humanitarian purposes.

In addition, Austria initiated the implementation of patronage for the reconstruction of Zaporizhzhia region, which now needs demining, restoration of residential, educational, medical infrastructure and utility services facilities.

An important issue for Ukraine is the reconstruction of a safe environment for a comfortable life and doing business within 12 months from the end of the war. Austrian partners can greatly help in this process. In particular, their investments will help develop the processing industry.

During the meeting, government officials of Ukraine and Austria drew attention to the support mechanisms introduced by the Government of Ukraine for small and medium-sized enterprises, and discussed the possibility of involving the Austrian Development Agency in providing funding sources for such programs.