Ukrainian leaders pitch for India's help to reconstruct war-ravaged economy

Ukrainian leaders pitched for India’s help in reconstructing their war-torn economy during a business summit held by India, primarily aimed at attracting global investment. Kyiv’s deputy economy minister Volodymyr Kuzyo presented a recovery vision for Ukraine at the summit in India’s western Gujarat state, suggesting that Ukraine’s recovery would be mutually beneficial for the nation and its international partners. The participation of senior Ukrainian officials in the seminar, titled “Ukraine-India: Investment Opportunities for a Better Future,” signifies a shift in bilateral ties, which have been strained since Moscow’s invasion nearly two years ago, and India’s reluctance to openly criticise Russia. Despite the challenges posed by the war, the Ukrainian officials stressed that despite the war, momentum was strong for both Kyiv’s economy and its accession to the European Union. India has instead increased energy purchases from Russia to all-time highs, to the chagrin of some Western nations who support Ukraine in the war. India has traditionally strong ties with Russia, and beyond energy, it remains significantly dependent on it for arms, ammunition and nuclear technology. At the seminar in Gujarat titled “Ukraine-India: Investment Opportunities for a Better Future”, the Ukrainian officials stressed that despite the war, momentum was strong for both Kyiv’s economy and its accession to the European Union. Ukraine pegs private sector investment opportunities at over $30 billion, led largely by energy, but also seeks investment in reconstruction and infrastructure including motorways, sea and river ports, railroads, storage and distribution. It also wants investment into demining, saying that of 156,000 square km of potentially-contaminated territories, only 50,000 have initial surveys, with equipment needed. Kuzyo said Indian investments could be supported by import duty relief, subsidies and international financial bodies’ and insurers’ support.