A. Armonaitė: "More attention should be paid to Ukraine in the preparation of plans for state-owned enterprises"
The Minister of Economy and Innovation Aušrinė Armonaitė met with representatives of state-owned enterprises (SOEs) to discuss the potential contribution of SOEs to the reconstruction of Ukraine's war-torn economy. It was discussed that the objectives of the companies should be more closely linked to this area.
"Last year, bilateral trade between Lithuania and Ukraine reached a record high of EUR 1.76 billion. This trend shows the enormous potential for economic cooperation between our countries. Our country's private businesses are already looking for ways to help Ukraine rise from the ashes of war. This is what companies owned by the State of Lithuania should start considering more actively," said the Minister of Economy and Innovation A. Armonaitė.
According to her, state-owned companies should assess their capabilities, develop relevant projects that could be implemented in Ukraine and start working with partners in Kyiv now.
The Minister said that Ukraine's reconstruction is not only about rebuilding buildings and infrastructure, but also about the modernization of institutions, economic recovery and a greater European integration. A new EU platform and a new financial instrument "Rebuilt Ukraine" are being developed, which should consolidate all support, including support from international institutions and EU Member States.
At the same time, A. Armonaitė invited to discuss whether in addition to participating in the initiatives of international partners, Lithuania should not also create a financial mechanism for the rebuilding of Ukraine itself.
The Ministry of Economy and Innovation has already prepared and implemented several measures to help Ukrainian people to settle or to continue their businesses in Lithuania.
A. Armonaitė had already met with representatives of the main Lithuanian business organizations in mid-May to discuss the assistance that private Lithuanian business could offer to help to rebuild Ukraine.
According to the latest estimates of the Kyiv School of Economics, Ukraine's infrastructure suffered damage of around USD 105 billion as a result of the Russian war. Factories, air and sea ports, land roads and rail infrastructure have suffered huge losses. The total loss to the Ukrainian economy is estimated at USD 600 billion.