14 Apr 2023 15:53

Canadian investors in Ukraine managed to make profits for 2022 - Canadian ambassador

MOSCOW. April 14 (Interfax) - Canadian investors who continued working in Ukraine during the crisis managed to make profits for 2022, Canadian Ambassador to Ukraine Larisa Galadza said.

"From the financial point of view, Canadian investors continuing to work during the crisis achieve good results, they make profits. It is an important sign to investors in Canada that Ukraine is a country they can travel to, invest in and achieve success," Galadza said in an interview with Ukrainian media outlets.

Canadian investors have long been interested in agriculture, finances, financial services, and energy, primarily, the renewable one, she said. For instance, Canada's Fairfax company owns shares in Astarta and Ovostar Union. Fairfax made another considerable investment in the financial sector, namely ARX, Colonnade Ukraine, and other insurance companies. TIU Canada is the leading investor in renewable energy.

"The interest in these sectors remains, and we also notice an increase of inquiries about opportunities in defense, construction, and the oil and gas sector. Businesses from abroad are now expressing a great interest because they understand that Ukraine is about to begin a large-scale construction site. Businesses strive to earn money, and if they see opportunities, they use them. Whether they [investors] go to Ukraine or other place is already a matter for Ukraine. In other words, Ukraine should offer a favorable and attractive environment," Galadza said.

She named security and protection among the challenges Ukraine needs to overcome in order to attract investors and businesses.

"The security situation is the most important thing, but we all are working on it. Another important factor is the operations of the judicial system. If Canadian companies are planning to come to Ukraine, they want to know that their business interests are protected. And the judicial system under which any problem can be solved in a fair and clear way is the best protection. This is why if I had to choose one reform which must be conducted before investors rush into the country, it would be the judicial system reform. And I am really glad that truly important progress is being made," the ambassador said.