Scholz urges German business to invest more in Ukraine

Germany stands firmly by Ukraine's side, not only in terms of military assistance but also regarding economic aid. However, state support alone is insufficient - private investment is essential. Source: Germany's Chancellor Olaf Scholz at the opening of the 7th German-Ukrainian Business Forum, as reported by Ukrinform news agency

Details: Scholz stressed that Putin had not achieved any of his goals in Ukraine.

"Putin won't be able to destroy Ukraine economically, despite his relentless efforts," the chancellor stated. He noted that Ukraine's GDP and exports are growing, aided in part by the "solidarity corridors". Cooperation is not a one-way street, the chancellor emphasised.

He called for the establishment of joint ventures and noted the strong interest of German businesses in Ukraine. According to Chancellor Scholz, nearly 2,000 German companies are currently operating in Ukraine, with some of them planning further investments. He highlighted growing cooperation in the energy sector, noting "a lot of private investment" in this field.

However, Scholz acknowledged the need for investment guarantees, adding that Ukraine now ranks first globally in the volume of such guarantees provided by Germany.

"Without private capital, [Ukraine's] recovery won't be possible," the German chancellor stressed. In his speech, Chancellor Scholz outlined three key points. The first is that Ukraine will successfully endure the winter.

Germany will support this effort through both air defence - having already provided three Patriot systems and five Iris-T SLM systems, with a sixth to be delivered by the end of the year, as well as additional Gepard self-propelled anti-aircraft systems to supplement the 50 already in service with Ukrainian forces - and assistance to Ukraine's energy sector. The second message is that Putin is mistaken. Germany not only provides security guarantees to Kyiv but also economic support.

The third message is that if you invest in Ukraine now, you are investing in a future EU member.

Background: Germany's largest defence company, Rheinmetall, is partnering with the American software developer Auterion to create software enabling Ukraine's Armed Forces to standardise the control of various drone types.

Support UP or become our patron!