The International Chamber of Commerce will lower the arbitration court costs for foreign investors who are involved in Ukraine’s rebuilding projects to encourage much needed investment, ICC Secretary General John Denton stated at the Kyiv International Economic Forum.
He said that the biggest issue for foreign investors is access to a clear dispute resolution process. “We want to encourage investment to support the economy.”
The ICC is the largest business organization in the world, active in 170 nations and enabling $17. Last year, the ICC enabled $5 trillion in economic activity, which accounted for 22% of global GDP. The organization helped facilitate the Black Sea Grain Initiative with the UN in 2022, which allowed Ukraine to import food products through Black Sea.
Despite the fact that Ukraine’s business activity is better this year than it was in 2022, investments are still low because of the war risks and corruption fears. The GDP of Ukraine is slowly recovering from the massive fall of 29.1% in 2022, but it remains far below pre-war levels as Russian aggression destroys core industries such as metallurgy.
Denton emphasized that the only way Ukraine can strengthen its economy is by having a strong private industry and access to global market. He added that it is important to balance the security and economic dimensions.
As the largest arbitral institution in the world, the ICC will offer reduced rates for foreign investors involved in reconstruction-related disputes in Ukraine. Denton did specify the rates, but the ICC directly informs investors who choose this route.
Denton stated that the organization also wants to assist Ukrainian businesses expand into South American, African and Asian markets. Denton said that the ICC already takes Ukrainian delegations to its Chambers of Commerce conference.
The ICC is looking to form a coalition with members of the G7 that are part of “donor communities” to use their export promotion and trade bodies to support Ukrainian businesses in gaining access to the market. Denton said that improved market access would support the maintenance and growth of Ukraine.
Ukrainian SME’s will have access to One Click in Ukrainian. The platform provides tools, solutions and guides for global trade.
Denton said, “We want to make things easier for SMEs as well to get into the world.”
Currently, the ICC has developed a second Black Sea Initiative, after Russia withdrew from the agreement in July of 2023. For now, Ukraine has been able to ship goods via an alternative Black Sea corridor carved out by the military, despite recent Russian targeting of vessels, which raised safety concerns.
Denton is putting pressure on the global south, namely Brazil, to get Moscow to cooperate with Ukraine, UN, and Turkey and agree to the second initiative.
“If you are serious about fighting the famine, then open the Black Sea.” Make sure Ukrainian goods and services flow into the rest of the world,” Denton said. He was referring to his conversation with Brazilian President Luiz inacio “Lula”.
The International Chamber of Commerce will lower the arbitration court costs for foreign investors who are involved in Ukraine’s rebuilding projects to encourage much needed investment.
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