Good morning, everybody. Thanks to the U.S. Chamber of Commerce for internet hosting us.
I need to acknowledge the members of the Ukrainian Authorities who’re with us, together with Prime Minister Shmyhal, with whom I met yesterday, and Ambassador Markarova, with whom I’ve labored intently during the last two years.
Within the practically 14 months since Russia launched its full-scale invasion, the U.S. has labored on quite a few fronts to help Ukraine from an unprecedented set of worldwide export controls which can be slicing off Russia’s entry to very important technological inputs, to navy tools that’s bolstering Ukraine’s protection, and direct budgetary help that’s serving to the Ukrainian folks.
We and our companion governments should additionally stay steadfast in making certain that Russia’s unconscionable and mindless try at an expansionist land-grab doesn’t succeed. All of us in Washington have a bipartisan duty to make sure we’re clear-eyed about what the repercussions can be if we enable the Kremlin’s effort to destroy Ukraine to succeed.
On the Commerce Division, our Bureau of Trade and Safety is constant to companion with Treasury, State, and different companies in tightening our restrictions and imposing penalties in opposition to those that assist Russia receive restricted items.
However as President Biden stated when he stood alongside President Zelenskyy in Kyiv in February, we’re going to be with you for so long as it takes and that features the reconstruction of Ukraine, which is what at this time’s discussion board is about.
Just a few weeks in the past, the World Financial institution launched a brand new report estimating that the price of reconstruction and restoration in Ukraine has grown to $411 billion. Right here’s the reality: governments alone gained’t be capable of meet this demand. The non-public sector might want to assist finance and create new markets for a post-war Ukraine.
I hear from CEOs that they need to assist. However I additionally know that the non-public sector has many excellent questions, like which reconstruction wants can be prioritized; who within the Ukrainian Authorities will make selections about these priorities; how non-public capital might be paired with authorities and worldwide monetary establishment funds; and the way they are often reassured that they won’t be uncovered to corruption. I hope at this time’s discussions level towards some solutions.
As we glance to a post-conflict surroundings in Ukraine, the U.S. Authorities’s position in participating the U.S. non-public sector is extra essential than ever. For instance, our U.S. and Overseas Business Service groups are working to facilitate the sharing of data to make sure non-public sector efforts attain their meant locations in Ukraine. Additionally they look ahead to serving to join Ukrainian public companies and personal firms with U.S. firms who can provide experience, expertise, and capital, whether or not in agribusiness, infrastructure, IT, power, or different sectors essential to Ukraine’s financial future.
I need to thank the Chamber for launching its Ukraine Enterprise Initiative and look ahead to listening to extra. The U.S. Chamber, the American Chamber of Commerce primarily based in Kyiv, the U.S.-Ukraine Enterprise Council, and different associations primarily based within the U.S. may have essential roles to meet within the months and years forward.
Later at this time, you’ll hear from senior authorities and personal sector officers and different specialists, together with Deputy Secretary of Commerce Don Graves, on mobilizing non-public funding to finance Ukraine’s reconstruction. This can be an ongoing, many-years course of.
American companies have an incredible alternative to play an outsized position in serving to our Ukrainian pals rebuild a post-war Ukraine that’s extra democratic, impartial, and affluent whereas remodeling its economic system to 1 that’s extra dynamic, modern, open, inclusive, and entrepreneurial.
American companies with operations in Europe are additionally well-positioned to rent Ukrainian refugees who want the chance to stabilize their earnings and residing conditions. And so they’ll be in a superb place to do the identical after they open up store in Ukraine after the conflict.
I’m glad our Ukrainian companions are right here at this time as a result of we want their management. Strengthening governance and accountability in Ukraine, whereas creating situations for higher funding, are central.
On the financial entrance, this implies making a stage enjoying discipline for companies of all sizes freed from undue affect of corrupt actors, and establishing a well-functioning, actually impartial judicial system.
American, European, and different governments and companies and organizations can provide recommendation and monetary, philanthropic, and different help, however it’s as much as Ukraine to comply with by way of. President Zelenskyy has set a robust instance by persevering with to ship a message that cases of corruption, when recognized, can be swiftly rooted out.
To reiterate what President Biden stated, we’ll stand with Ukraine for so long as it takes. We additionally need to make “so long as it takes” be as brief as realistically attainable. We within the U.S. Authorities are relying on you – the non-public sector – to affix on this effort. We want your expertise, capabilities, and concepts.
So, thanks for being right here at this time, and thanks on your dedication to serving to guarantee Ukraine has the help it wants within the years forward.