Ukraine’s Zelenskiy ‘rings’ NYSE bell, seeks $400 bln in foreign investment

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  • Zelenskiy opens market in New York after meeting with JPM and Pfizer
  • Ukraine seeks $400 billion for 500 projects
  • ‘Advantage Ukraine’ focuses on the pharmaceutical, energy and military industries

Kyiv/NEW YORK, Sept 6 (Reuters) – Ukraine’s President Volodymyr Zelenskiy remotely rang the opening bell at the New York Stock Exchange on Tuesday as his country called for billions of dollars in private investment. to rebuild factories and industries destroyed by Russia.

The Zelenskiy government has launched a platform of more than 500 projects worth $400 billion for foreign companies and private investors to help rebuild Ukraine’s economy, even as the war with Russia drags on.

Zelenskiy appeared on a video screen behind the platform overlooking the NYSE floor where the opening bell traditionally rings. Shopkeepers clapped and cheered as a banner read: “We are free. We are strong. We are open for business.”

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Fresh from a roundtable with top executives from JP Morgan (JPM.N), Pfizer Inc (PFE.N) and other US companies, Zelenskiy said in English that Ukraine was already rebuilding its economy, more than six months after it began the Russian invasion. .

“Ukraine is the story of a future victory and an opportunity for you to invest now in projects worth hundreds of billions of dollars to share the victory with us,” he said.

Ukraine is also requesting about $5 billion in international aid each month to keep its economy running, in addition to military aid from members of the NATO alliance.

The United States and its allies in Europe and Asia have already sent billions in humanitarian aid, weapons and other security spending, and officials are watching for any signs that domestic political support may be waning.

Just over half of Americans said the United States should support Ukraine until Russia pulls out, a recent Reuters/Ipsos poll showed. read more

‘INVEST NOW’

“Advantage Ukraine”, the investment drive, focuses on 10 key sectors, including the military-industrial complex, energy, pharmaceuticals, metallurgy, woodworking and logistics.

“It is necessary to invest in Ukraine now and not wait for the end of the war,” Economy Minister Yulia Svyrydenko said in a statement.

The advertising group WPP (WPP.L) leads the initiative’s marketing campaign.

Svyrydenko told Reuters last month that Ukraine’s economy should stabilize over the next year and expand by as much as 15.5% in 2023, after a likely 30-35% contraction this year. read more

On Tuesday, he said Ukraine was eager to recover foreign direct investment, which he said had reached $6.7 billion before the war. “The Russian invasion adjusted our short-term plans, but it did not force us to abandon our strategic objectives,” she said.

Corruption concerns had dampened foreign investors’ interest in Ukraine before the invasion.

The Ministry of Economy is also providing subsidies to existing companies and has relocated 700 companies from the front lines of the conflict.

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Reporting by Andrea Shalal, Additional reporting by Conor Humphries in Dublin, Written by Karin Strohecker Editing by Heather Timmons, Andrew Cawthorne and Rosalba O’Brien

Our standards: The Thomson Reuters Trust Principles.

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