“We will prevail. We will rebuild a strong, modern Ukraine. At Home in Europe.”

Ladies and Gentlemen,

This sums up what I heard from many Ukrainians in the months leading up to this conference.

Ukraine is going through a very difficult time. Again and again, we are seeing the worst Russian attacks of the war. They are targeting civilian homes, hospitals, energy infrastructure, and publishing houses. In Kyiv, in Odesa, in so many other places.

But you never surrender. You Ukrainians, your resilience and your determination - are an inspiration. Therefore, Im convinced you will turn also reconstruction into a success!

That is why we are here talking about the future.

Many companies are here. We are all here, talking about the strong, modern Ukraine we want to rebuild.

In the past years, we got to know a country with a highly educated and digitally literate workforce. Resilient and inventive!

All the ingredients are there to unleash a Ukrainian “Wirtschaftswunder.” An economic miracle for the 21st century.

Ukraine has the potential to be a hub in Europes industrial and digital transitions, leapfrogging towards a modern economy, much like Czechia, Poland, Slovenia and others did in the past three decades.

Anyone who has ever met the brilliant young Ukrainian engineers building long-range drones in repurposed factories knows that potential.

In the last few months, I have joined roundtables with business leaders in Paris, in Copenhagen, in Prague and in The Hague.

I was impressed by how much European businesses are determined to join the reconstruction effort.

In France, I met a company that is planning to rebuild water and waste management systems.

In the Netherlands, I was told they are putting together clusters of companies so they can bid for large projects together.

The World Bank estimates that rebuilding the country will require more than €500 billion in investments. This is comparable only to reconstruction after World War II.

This need can only be met if the private sector pulls its weight. Luckily, interest from EU companies is huge.

Last year, the Commission published a call for EU companies interested in investing in Ukraine. The response was immense. We got project proposals worth many billions of euros. They all want to work with us on tailor-made EU-backed de-risking arrangements.

Interest was so strong that the European Commission extended the call until October and widened its scope to also include Ukraine-based companies. This is a call to action to the business leaders in the room.

We already have some great success stories.

Last year, a French investment holding used EU financing to acquire Lifecell one of Ukraines mobile operators, and Volia, an internet provider. The €1.5 billion deal was the biggest foreign direct investment in Ukraine in the past two decades.

This was one of the contracts we announced at last years conference in Berlin. Today, we are signing many more. They will mobilise another €10 billion for the reconstruction of Ukraine.

One programme, jointly developed with Czechia, will mobilise more than € 140 million for the reconstruction and modernisation of hospitals across Ukraine.

Another new initiative will mobilise €1,5bn to mitigate risk for large-scale renewable energy investments. Russias attacks on power plants have led to a significant electricity deficit, especially in winter. These projects will help fill the gap.

We are also in the process of setting up a new Equity Flagship Fund for Ukraine, together with France, Germany, Italy and Poland. An initiative to unlock even more private investment in growth sectors, such as energy, transport, or critical raw materials. 

But our financial support is only one part of the story.

At the same time, we are working with Ukraine to build the structures that are needed to rebuild a strong, modern Ukraine.

This work rests on 4 pillars:

First, we are doing this through the EU accession reforms.

Those reforms will help Ukraine build:

•  an independent judiciary,
• implement effective anti-corruption measures,
• ensure transparent public procurement,
• a fair and efficient tax system

This will benefit the Ukrainian and all other businesses that want to be part of the reconstruction effort.

Ukrainians are making enormous progress on these hard and complex reforms while fighting a war for their survival. It is impressive to see how fast they are moving.

By the end of the year, we will have finished the technical work to open all negotiation clusters.

Now is the time to take the next steps and open the first negotiation cluster, as soon as possible. And the commission will continue with preparations to make it happen as soon as possible.

Second, we are advancing the gradual integration of Ukraine into the European Single Market.

Many EU companies are already now using Ukraine for manufacturing. Just look at the new industrial parks near Lviv.

Soon, operations for businesses will become even easier. We are working with Ukraine on alignment with EU technical standards and certifications. That will ensure safety and quality.

In simple terms, that will mean that many Ukrainian-made products can soon be treated equally to those made in the EU. This will make Ukraine part of Europe-wide value chains.

And this goes far beyond technical standards. Ukraines continued alignment with key areas of EU legislation is already bringing our markets closer together. In several sectors of the internal market, we can treat Ukrainian companies and citizens as if they are already part of the Union.

Starting this January, Ukraine will join the EU roaming area, meaning no more extra charges, no more barriers. Ukrainians will call, text, and connect across Europe just like any other EU citizen. This is a sign of belonging, of shared destiny, and of the future we are building together.

And this shared future includes our collective security. Ukraines innovative and fast-scaling defence industry will be essential for a stronger, more integrated European defence industrial base.

Under the EUs SAFE instrument, a €150 billion loan programme for defence investment projects, EU Member States can acquire defence technologies and weapon systems from companies established in Ukraine. Many European and Ukrainian businesses are already working together to develop cutting-edge defence systems.

Denmark, for example, is using pioneer approach by directly buying Ukrainian-made defence equipment, such as Bohdana howitzers and long-range drones for the Ukrainian army. They are doing so using windfall profits from Russian frozen assets. This is speeding up delivery and strengthening Ukraines domestic defence industry.

Third, we are working with Ukraine to develop the human capital needed for reconstruction.

Last month I was in Denmark to meet a group of Ukrainian women entrepreneurs.

One of them told me: “We will also need the reconstruction of our people”.

Veterans. Victims of sexual crimes. The stolen children. Mental health.

We have support projects to help women, young people, veterans, and people with disabilities find their place in the labour market.

One project trains internally displaced women as IT professionals. This is helping them to earn an income remotely.

And we are working with our Member States to share experience. Croatia has experienced war. They know what is needed to reintegrate veterans into civilian life. And they are sending their experts to advise the Ukrainian Ministry of Veteran Affairs.

We want Ukraine to be a country where people want to stay. And to which many of those who have gained new skills in the EU will eventually return.

The fourth pillar is working with Ukrainian local communities.

More than anything, the war has shown the importance of local leadership.

Ukrainian mayors and local councils are heroes. They helped organise the defence and provided essential services when people lost their homes or energy infrastructure was hit.  

Ukraines reconstruction must be close to the people, addressing local needs and driven by local ownership. Regions and municipalities are our partner, not just recipients of funds. Empowering them will ensure that rebuilding happens faster and fairer.

My message to Ukrainians is clear: your future is in Europe. You are not alone. And step by step, reform by reform, we are building together a stronger Ukraine.

This is why we are here.

Today, we are mobilising over €10 billion in investments: to rebuild homes, hospitals, roads, and energy infrastructure. We are building a modern, European economy.

But just as important is what we are doing through the accession process: we build institutions, a robust and resilient judiciary, a strong, social ecosystem where companies and citizens can thrive.

Yes, we build hope and opportunity.

This is how we help Ukraine become what its people are fighting for: a strong, modern, European nation.

A strong Ukraine as part of a strong EU.

Україна була, є і буде вільною - і ми будемо поруч на кожному кроці цього шляху

Ukraine was, is and will be free - and we will be there every step of the way.

Slava Ukraini!