Ukraine has the potential to become the Silicon Valley of Europe, Rostyslav Shurma

10 September 2023

The Ukrainian economy has several advantages for international investors, the main one of which is high human potential, convinced the Deputy Head of the Office of the President of Ukraine, Rostislav Shurma.

«If we sum up the mathematical, engineering, and entrepreneurial potential of our young people, this is an excellent basis for a kind of Silicon Valley of Europe», said the deputy head of the Office of the President of Ukraine at the Annual meeting of the Yalta European Strategy (YES) “The Future is Being Decided In Ukraine”, organized by YES in partnership with the Victor Pinchuk Foundation.

According to him, Ukraine has a vast potential for renewable energy, which can replace Russian fossil fuels on the European market.

«The so-called green transition continues: the electrification of cars and heating create an additional need for thousands of tetra watts of clean electricity. Ukraine can be an ideal place to produce not only clean energy, but also green hydrogen and ammonia», noted Rostislav Shurma.

In addition, Ukraine has a significant potential of the agricultural sector, which will guarantee the regions food security. And also large deposits of rare metals, such as lithium.

However, for Ukraine to be able to attract international capital, it is necessary to ensure the safety of investors. «It is not only about the cessation of hostilities but also about long-term guarantees that will ensure Ukraine peace for decades», emphasized Rostislav Shurma.

At the same time, BlackRock CEO Larry Fink noted that the size of investments for the post-war reconstruction of Ukraine will depend on the honesty, transparency, and efficiency of using funds. «There is a great opportunity after the cessation of hostilities to build Ukraine into a strong capitalist democracy. Where investors worldwide can seek to put money. The world must feel that investing in Ukraine is fair and just — we are not investing in a country that is full of oligarchs. Investors can result in a fair and just return as well as restoring a vibrant country to its full potential».

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Jeffrey Sachs
Jeffrey Sachs
Professor, Director, Center for Sustainable Development, Columbia University, 16th YES Annual Meeting, 2019
«We’re all in a battle against impunity.»