USAID administrator urges U.S. companies to join Kingspan, Nestle, Bayer in investing in Ukraine

MOSCOW. April 14 (Interfax) - The risks of investing in Ukraine are lower and opportunities better now than at the start of the crisis, and first foreign investors, such as Kingspan, Nestle, and Bayer, have been investing in the country, and American businesses should follow suit and gain advantage with guaranteed support from the United States government, U.S. Agency for International Development Administrator Samantha Power said.

"By investing in Ukraine, you can join companies like Kingspan, Nestle, and Bayer in the group of early adopters. You can invest in Ukraine's future," Ukrainian media quoted Power as saying at the Ukrainian-U.S. Partnership Forum in Washington on Thursday.

"USAID and our partners around the world plan to offer our full support," she said.

The Kingspan Group, an Irish insulation and building materials company, recently announced a $200 million investment to construct a Technology Campus in Lvov, which will employ 600 to 800 people; Nestle is investing nearly $43 million in a new foods production facility, which should add 1,500 new jobs, and Bayer is investing over $65 million to expand a corn seed production facility and new storage facilities, she said.

Even during the crisis period, Ukraine has expanded its leadership in cutting-edge industries like artificial intelligence, fintech, and blockchain, Power said. The Ukrainian IT industry brought more than $7 billion to the Ukrainian economy in 2022, which is 20% more than in the previous year, she said.

The U.S. government is willing to work together with the business community to reduce risks and try to eliminate barriers to investment in Ukraine as far as possible, Power said. As an example, she cited assistance provided to Ukraine in resuming power supply and delivering seeds and fertilizers to Ukrainian farmers.