PM speech at the Ukraine Recovery Conference: 21 June 2023
The Prime Minister opened the Ukraine Recovery Conference this morning.
Good morning, and welcome to the Ukraine Recovery Conference.
Before this terrible war, Ukraine’s economy was becoming a huge investment opportunity.
It was the breadbasket of Europe, exporting millions of tonnes of food and grain each month.
A top five exporter of iron ore and steel.
A leader in energy - pushing forward renewables, hydrogen, and electric vehicles.
A start up nation, which helped spark names like PayPal, WhatsApp and Revolut with a thriving tech sector, which actually had a record year in 2022.
Because the truth is, that opportunity is still there today.
In fact, the war has only proved how much Ukraine has to offer.
When I visited Kyiv in November, I saw this for myself.
I saw Ukraine’s incredible spirit. A spirit, yes of strength and defiance but also of ingenuity and innovation.
In a converted office block, I met tech experts – civilian and military who were working together to find new ways to bolster the country’s defences.
They were networking mobile phones, so that people across Ukraine could download an app which would allow their phone to pick up the sound of Shahed drones and feedback the location so that Ukrainian air defence could track them and shoot them down.
During the winter Russia tried to destroy Ukraine’s energy grid. By February over 40% of power generation was down.
But now, because of that incredible ingenuity and defiance, Ukraine has got the grid back online and they’re even able to start exporting electricity back to Europe.
As we’ve seen in Bakhmut and Mariupol, what Russia cannot take it will seek to destroy.
They want to do the same to Ukraine’s economy.
And the scale of the challenge is real. The war brought a 29% fall in Ukraine’s GDP last year.
But just look at the streets of Kyiv.
Despite the threat of attack, people are getting on with their lives – and getting on with business.
President Zelenskyy’s government is determined to drive reforms to become more open, more transparent, and ready for investment.
This is a vibrant, dynamic, creative, European country that refuses to be subdued.
So, together with our allies we will maintain our support for Ukraine’s defence and for the counter offensive.
We will stand with Ukraine for as long as it takes as they continue and to win this war.
And we’ll also stand with them as they win the peace and harness all of that ingenuity and defiance to build that the future they deserve.
The question for us today is what can we do to support this – to fast-track recovery and help Ukraine unleash its potential?
It’s clear that Russia must pay for the destruction that they’ve inflicted.
So, we’re working with allies to explore lawful routes to use Russian assets.
And on Monday, we published new legislation to allow us to keep sanctions in place until Russia pays up.
But beyond that, we must bring to bear a partnership of governments, international financial institutions, and business leaders - all of us here today to make this happen.
The British government will continue to play its full part and I’m proud that today we’re announcing a multiyear commitment to support Ukraine’s economy.
Over three years, we will provide loan guarantees worth $3 billion.
We’re also launching a new UK-Ukraine TechBridge to foster investment and talent along with support for green energy and more - all part of a vast collective effort from allies and partners around the world including significant new support from the EU which is also being announced this week.
Financial institutions are playing their part.
The IMF is putting $15 billion into Ukraine over four years, as part of a $115 billion commitment by the G7 and its partners, and institutions like the EBRD are providing seed capital to support private sector-led growth.
Because, above all, we must build a platform for business.
Only they can truly crowd-in the innovation and investment that Ukraine needs.
And that’s why, we’re launching the Ukraine Business Compact – for the private sector to pledge their support for Ukraine’s recovery and reconstruction.
And I am delighted to announce today that over 400 businesses from 38 countries, with a combined market cap of $4.9 trillion, have now signed up.
The City of London has a huge amount to offer – in their deep and liquid capital markets and world-class finance expertise.
So, there is no better place to announce today the new London Conference Framework for War Risk Insurance.
This is a huge step forward towards helping insurers to underwrite investments into Ukraine - removing one of the biggest barriers and giving investors the confidence, they need to act.
With this and with everything that we do here, we are sending a message.
That our support – on the battlefield and beyond – cannot be outlasted and that Ukraine’s incredible spirit will prevail.
Now, in a moment I’ll hand over to my friend President Zelenskyy, but first I’d just like to share something I heard recently.
It’s about a Ukrainian soldier fighting to defend Bakhmut.
He was stationed in an empty house, not far from the frontline surrounded by the destruction of war.
When he could snatch a moment of free time, he used it to plant seeds.
He was trying to create a plot of vegetables hoping that by the time the homeowners returned they would have begun to grow.
What a profound expression of hope.
And, you know, from that house to this hall - we’re doing the same thing.
We’re planting the seeds of Ukraine’s future.
Today, we can water them and in time the Ukrainian people will harvest them.
And now it is my great pleasure to introduce President Zelenskyy – Volodymyr, you have the floor.
[Following President Zelenskyy’s address]
Thank you, Thank you Volodymyr.
Not least for providing options for my summer holiday in a couple of months.
I know I speak for everyone here when I say we’re with you.
It’s not just morally right that Ukraine wins this fight for freedom and democracy but it’s in everyone’s interest that you do as well – and that your economy truly thrives.
And we’re going to help make that a reality.
So, thank you again and thank you to everyone who’s here today for your support.
I know this is going to be a fantastic conference because we are going to make a difference, we are going to make it count.
It is my enormous pleasure to introduce someone who has shown tremendous leadership on this issue from the very start - the President of the EU Commission, my friend, Ursula von der Leyen.