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Ambassador Kathleen Kavalec at the Ukraine Reconstruction Conference
September 25, 2024, 13:30,
Crowne Plaza Hotel
Good afternoon,
Minister Oprea,
Distinguished Guests,
Ladies and Gentlemen,
Thank you for joining us today for this conference, which offers an important opportunity to discuss the role of U.S. and Romanian companies in supporting Ukraine’s recovery.
While Putin’s illegal and unprovoked invasion continues, we remain confident that Ukraine will eventually achieve a just peace. When that day comes, we want to be ready to work with our allies to begin the important work of rebuilding Ukraine.
The timeliness of our conference is highlighted by the fact that, at the UN General Assembly yesterday, President Biden reiterated the United States will not let up in our support for Ukraine and that we will continue to provide security, economic, and humanitarian assistance to Ukraine to achieve a just and durable peace.
President Biden, President Zelenskyy, and other senior leaders will also meet later today to address the very same topic we will address here: the reconstruction of Ukraine.
On this side of the Atlantic, I would like to start by thanking Minister Oprea for joining us. Your presence sends a strong signal about the importance of this topic for Romania.
I would also like to thank our Foreign Commercial Service and Economic sections at the Embassy, as well as our colleagues at the State Department’s Office of Commercial and Business Affairs, for the initiative to organize this conference.
Romania has played a critical role – and I know it will continue to do so in the months and years to come – in supporting Ukraine across multiple dimensions — humanitarian, economic, energy, and military. Romania is likewise poised to play a major role in Ukraine’s reconstruction.
Secretary Blinken was in Ukraine last week, where he reiterated that the United States is working tirelessly to ensure that a sovereign, democratic Ukraine emerges from the war as a strong, independent country – and one that is increasingly integrated with the institutions of the Euro-Atlantic community, including the European Union and NATO.
A key part of this picture is the ongoing development of the economic environment in Ukraine, one which continues to keep its doors open to foreign investment.
We see the private sector as playing a critical role in supporting Ukraine, and we have been working with the Ukrainian government to make it easier for investors and companies to do business in Ukraine.
For example, together with the private sector, the United States recently announced a first-of-its-kind $350 million war-risk reinsurance facility to protect investments in Ukraine.
This will make it easier for companies to invest — even while the war continues.
We also want to bring attention to economic opportunities in Ukraine. Secretary Blinken highlighted Ukraine as an attractive place for investment because of Ukraine’s vast industrial and commercial capacity.
Despite being forced to fight a war for 2.5 years, Ukraine’s overall economic resilience has been remarkable, with the economy growing by over 5% in 2023.
We have also highlighted the importance of reforms in Ukraine that facilitate foreign investment. Our Embassy in Kyiv continues to advocate for additional reforms to ensure that institutions are independent, effective, and free from political interference.
After all, investors want to be treated fairly and know that their investments are protected.
This conference comes at a critical time, not only militarily but also economically, one in which it is vital to emphasize the importance of the private sector in Ukraine’s overall recovery.
Earlier this month, Deputy Secretary of State Verma led a group of U.S. private sector representatives to Ukraine to discuss investment opportunities. His mission reflects our belief that the private sector has a crucial role to play in ensuring the survival and success of a strong, independent Ukraine.
The Romanian private sector also has an important role in this economic development. The Romanian government and people have already provided significant support to Ukraine, strengthening Romanian ties with Ukraine at all levels.
Looking at the map, Romania is well-positioned geographically to be an important hub for Western efforts to help unleash the potential of Ukraine’s economy.
Whether by donating a much-needed Patriot system to Ukraine, or facilitating the export more than 50 million tons of Ukrainian grain to feed the rest of the world, or by providing aid to Ukrainian refugees, Romania has shown at every turn its support for the Ukrainian people.
We are proud of our continuing partnership with Romania to help build a sovereign, democratic, and economically stable Ukraine. This partnership is a symbol of the deep and abiding cooperation between our two countries.
As Secretary Blinken said, we remain fully committed to Ukraine’s victory, and we are working hard every day to marshal the support that Ukraine needs for its brave defenders and citizens to achieve victory.
I believe that this conference is an important initiative to help energize further economic investment in Ukraine, and I encourage you all to take advantage of this event to explore opportunities to bolster private sector involvement in Ukraine.
Through your work, all of you can play a vital role in achieving victory for Ukraine and for the community of democratic nations.
So once again, thank you for being here today.
In closing, let me say just things, first, thank you to Romania, and of course, Slava Ukrainii!
(By U.S. Mission Romania)