Ukrainian-Portuguese business activity is underestimated and very promising

This was emphasised by the organisers of a roundtable discussion with the head of the Portuguese Investment Agency, Filipe Santos Costa, and Ukrainian government and business representatives.

Results of the meeting:
– establishment of direct contacts with a representative of the largest investment agency in Portugal; 
– presentation of specific projects; 
– identification of vectors for further co-operation.

The meeting focused on the prospects for the reconstruction of Ukraine’s destroyed and damaged infrastructure, as well as the possibility of bilateral cooperation in the energy, agriculture and construction sectors.

Key messages from the speakers:

“Ukrainian-Portuguese trade is alive and well, especially in the context of EU integration. Exports to and imports from Portugal grew by more than 40% last year. Portuguese business not only believes in Ukraine, but is already actively working here. Energy supply is one of the most interesting areas for cooperation, as the country is actively replacing expensive natural gas. Portugal is also planning to participate in projects to rebuild destroyed and damaged infrastructure in Ukraine,” said Gennadiy Chyzhykov, President of the Ukrainian CCI.

“Portugal is stepping up its efforts to support Ukraine’s reconstruction and explore opportunities for Portuguese companies. We see prospects for cooperation between Ukraine and Portugal mainly in areas such as engineering, construction and utilities, infrastructure reconstruction, energy management and energy efficiency. Other interesting sectors are waste management, digital services, industrial technology and pharmaceuticals,” said Filipe Santos Costa, head of the Portuguese Investment Agency.

“The post-war recovery of the Ukrainian economy offers prospects for the private sector. Currently, the main Portuguese investments in Ukraine are in medical and plastic products, steel structures and green energy. We see the production of construction materials and waste management as promising areas for cooperation. UkraineInvest’s role is to help the Portuguese business community navigate through the information on Ukraine’s investment potential. We can be contacted for practical information that will be useful for decision-making, strategy development and active participation in Ukraine’s recovery,” said Nazarii Volianskyi, Head of International Relations and Communications at UkraineInvest.

“Portugal is a great friend and partner of Ukraine, supporting us in the international arena. There are many industries in Ukraine that could be interesting for Portuguese companies to invest in: high technology, pharmaceuticals, development of the food industry, etc. For Ukrainian business, this is a great opportunity to increase exports to a friendly country and to build partnerships with Portuguese companies to rebuild Ukraine,” said Taras Kachka, Deputy Minister of Economy of Ukraine – Trade Representative of Ukraine.

“The growing role of Portugal’s green energy in the EU’s energy mix, as well as Ukraine’s green recovery plans, make us partners in establishing energy security for the entire region, as well as the continent’s complete rejection of Russian energy resources. Portugal ranks 7th among the countries with the highest share of renewable energy in Europe. The country plans to develop a new hydrogen cluster for the production of environmentally friendly hydrogen using electrolysis with renewable energy sources. This is a €1.3 billion investment in a renewable hydrogen and ammonia project. This will allow us to produce 70,000 tonnes of green hydrogen per year and create 500 direct and indirect jobs,” said Yaroslav Demchenkov, Deputy Minister of Energy of Ukraine for European Integration.

The event was co-organised by the Portuguese Embassy in Ukraine and the Ukrainian Chamber of Commerce and Industry.

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