Restoration of Ukraine: Canadian companies promise support, Latvia invests €5 million in the reconstruction of Chernihiv, and the European Commission provides €50 million for port development

21/12/2023

Canadian private businesses expressed readiness to shoulder responsibilities in the post-war reconstruction process in Ukraine, stated Mary Ng, the Minister of Trade of Canada. She emphasized that the modernization of the Free Trade Agreement between Canada and Ukraine "affirms the commitment to Ukrainian friends and supports long-term stability, security, and economic recovery in Ukraine."

However, the Conservative Party of Canada in the House of Commons protested against the updated free trade agreement. "This has never been seen before, and it is unexpected," commented Canadian Prime Minister Justin Trudeau on the decision. In his view, this is a common trend among right-wing and far-right parties worldwide, which refuse to support Ukraine and begin to present untrue explanations and reasons.

The Latvian government allocated €5 million for the restoration of the Chernihiv region in 2023 and plans to allocate the same amount next year.

The European Commission will also allocate €50 million for the repair of port infrastructure to facilitate further exports of Ukrainian grain.

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Since 2006 SCHNEIDER GROUP has been supporting international companies expanding to Ukraine. Our portfolio includes a full scope of services: from market analysis and partner search to complete accounting outsourcing, legal and tax consulting, and interim management services. We take over all non-core business functions so that our clients can focus on developing their business. We help our clients establishing subsidiaries in Ukraine compliant with local legislative requirements and transparent for international management. Our experts offer advice on best practices to optimise processes, reduce risks and minimise costs.

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