In Toronto, President of Ukraine Volodymyr Zelenskyy met with representatives of Canadian businesses to discuss prospects for cooperation in the military and defense sector, energy, agriculture, and banking.
The event was attended by heads and senior executives of Canadian companies and organizations, including Business Council of Canada, Aecon Group, AGI, AKA Energy Systems, Bank of Nova Scotia, Canadian Commercial Corporation, Canadian Imperial Bank of Commerce, Canada Ukraine Chamber of Commerce, CCC, CIBC, Export Development Canada, Fairfax, Hatch, Investment Management Corp of Ontario, Jacob Capital Management Inc, Royal Bank of Canada, Shift Health, Toronto-Dominion Bank, Windermere's Investment Corp.
Among them were one of Canada's largest construction and infrastructure companies, one of Canada's leading agricultural equipment manufacturers, as well as major banks and investment funds.
The Head of State thanked the participants for the strong turnout of leading Canadian companies and their executives.
The President emphasized that Ukraine and Canada have very strong relations and warm historic ties.
“I’m very grateful for all the support Canadians have provided to Ukraine and Ukrainians, both since the beginning of this war and before. We trust each other, and that’s important. That’s why yesterday we signed a document on a 100-year partnership that solidifies these relations of trust between our countries,” Volodymyr Zelenskyy said.
The Head of State outlined the key areas of cooperation with the relevant potential for further development and engagement. First and foremost, these are the military sector and the defense industry.
“We are fighting a war in which we are not the side attacking, but the side defending itself. That’s why all our technologies are focused specifically on defense. I consider the defense sector extremely important and highly relevant for the whole world and, of course, for Canada,” the President emphasized.
This includes protecting land and sea, protecting borders, intelligence, and drones, which Ukraine is successfully using, including as part of medical infrastructure to rescue and evacuate the wounded. Volodymyr Zelenskyy also noted that these new technologies are critically important for other sectors, such as agriculture and forestry. Representatives of Canadian banks said they are ready to finance the defense sector and highlighted the importance of cooperation under the Drone Deal. In addition, the Canadian government is launching a $200 million mechanism to support Ukraine through its export credit agency.
The second important area is energy. The Head of State noted that nuclear energy is the top priority for Ukraine. This is also important for global security, because our experience of the war shows that it is very difficult to survive without such fundamental sectors. The President thanked Canadian partners for their cooperation in this area and highlighted cooperation with Westinghouse. Canadian companies that already have partnerships in Ukraine in the energy sector are ready to expand their cooperation and finance renewable and nuclear energy projects.
In addition, Ukraine’s energy sector has suffered significant destruction from ongoing Russian attacks, which created a major need for reconstruction. Our country is open to cooperation, needs investment, and is ready for partnerships that will also benefit foreign businesses, as Ukraine is connected to the European energy system, opening up broad opportunities for exports. Representatives of major Canadian banks and pension funds said they are interested in working closely with Ukraine and taking part in preparations for reconstruction. They proposed the idea of special bonds for our country.
Another key area is agriculture. This is also extremely important for global food security, as many countries depend on supplies of Ukrainian agricultural products.
Banking is also an important area. Ukraine plans to privatize state-owned banks and is open to foreign capital.
The President also emphasized the importance of supporting veterans, which is already and will continue to be a major challenge for our country.
At the end of the meeting, two documents were signed between Ukrainian and Canadian companies in the presence of Volodymyr Zelenskyy.
Deputy CEO for Investment and International Finance at Ukrhydroenergo Maria Bishko and Export Development Canada President Alison Nankivell signed a memorandum of cooperation providing for a partnership on trade and investment between Canada and Ukraine in the hydropower sector, as well as financial support for the implementation of specific projects in this sector in Ukraine. The document will help Ukrhydroenergo make hydropower-sector purchases from Canadian suppliers.
Chief International and Sustainability Officer at Naftogaz Group Alex Riabchyn and Jacob Capital Management Inc. CEO Sasha Jacob signed a memorandum of understanding. The document will help attract investment into Naftogaz’s power generation and energy storage projects. As a first step, the parties will work on a portfolio of projects with a combined installed capacity of about 1 GW and estimated investment needs of approximately $1 billion.