“We will build Ukraine back better” – Greetings from EastCham’s CEO Jaana Rekolainen from the ReBuild Ukraine fair
Ulkomaankauppa- ja kehitysministeri Ville Tavio ja EastCham Finlandin toimitusjohtaja Jaana Rekolainen.
The ReBuild Ukraine, which focused on Ukraine’s built environment and energy, brought together 550 companies from 30 countries in Warsaw.
Text Satu Niemelä Pictures Jaana Rekolainen, Business Finland
Over the course of a few days, thousands of European trade fair visitors networked, discussed cooperation opportunities, presented their companies’ activities, and pondered financing issues. More than 50 Finnish companies and a 100-member Team Finland delegation participated in the event. The Finnish delegation was led by Minister for Foreign Trade and Development Ville Tavio.
Ukraine wants to become as the Europe’s energy hub after the war. The event featured many plans for green transition, increasing renewable energy, using liquefied natural gas, hydrogen, and nuclear power. Finnish energy solutions were also presented and offered to Ukraine.
There were 50 companies from Finland attending the fair. Picture: Business Finland.
Ukrainian ministers and officials, as well as city and regional leaders, came to Warsaw to talk about Ukraine’s needs. Areas were presented with impressive videos showing the situation before the war, the destruction and their repairs, and plans for the future.
– “We build back better” was strongly emphasized in everything. Ukraine wants to build a greener, more modern, and contemporary European economy. There was a lot of information about Ukraine’s needs, and we heard about investment plans for different regions of Ukraine. The role of private investment will be significant in Ukraine. Financing was expectedly an important issue, says EastCham’s CEO Jaana Rekolainen.
“Ukraine wants to build a greener, more modern, and contemporary European economy.”
Financing issues are being resolved in the Finnish national plan for Ukraine’s reconstruction, coordinated by the Ministry for Foreign Affairs, which is good because competition in Ukraine’s markets will be tough. Some European countries are ahead of Finland in financing matters.
There are Finnish companies in Ukraine that have been operating in the country for a long time and have continued to work during the war. Some Finnish companies operating in Poland use the country as a stepping stone to the Ukrainian market. For companies that are just getting to know the Ukrainian market, it may be natural to start exporting and seek local partners to support export operations.
– However, it is difficult to have concrete discussions with customers as long as we do not have trade financing instruments. The Team Finland network helps companies with these issues. Finnish companies had active discussions with each other about possible cooperation schemes. All companies are interested in what other companies are doing and how they are entering the market. Minister Tavio also had a lot of time for discussions with companies, which was greatly appreciated, says Rekolainen.
Ukraine wants to become a strong actor in the European green energy market.
However, attending the Warsaw fair may still be a long way from the Ukrainian market. It is worth planning carefully for entry into the Ukrainian market. Business is still running in Ukraine despite the ongoing war. When the war ends, there will be a queue of companies going to the country’s markets. Companies that have a foothold and recognition there have an advantage. Competition is tough and will increase. Ukraine is an interesting market in the long run for Finnish and other European companies.
– The same message was repeated several times at the fair: if you want to do business in Ukraine’s markets, you must visit the country and be present there. It is good to find Ukrainian partners and explore possible cooperation schemes.
Some countries have directed their own aid directly on a bilateral basis. For example, Denmark is collaborating with the city of Mykolaiv. Danish firms have implemented significant projects in the area. This model could also work for other countries.
Peer support among Finnish companies is important. Together, we can consider what can be done, whether there are common projects or possibly production facilities. To better serve companies, EastCham Finland decided earlier this fall to open an office in Ukraine.
“Peer support among Finnish companies is important.
– The decision is correct. Establishing a presence in Ukraine is essential. We must be strongly present to help companies concretely, says Rekolainen.
Further reading:
Upcoming events:
Online training: Starting the business operations in Ukraine