Finnish companies eye investments in Ukraine’s recovery projects

Businesses from Finland show interest in Ukraine’s energy, IT, and green technology sectors.

Nov 29, 2024 - 11:00

Finnish companies eye investments in Ukraine’s recovery projects

UNESCO world heritage Ukraine destroyed Russia

Finnish companies are interested in participating in Ukraine’s reconstruction and investing in energy, agriculture, IT, and transportation, according to Ukraine’s Ministry of Economy.

Finland has emerged as a significant supporter of Ukraine since the onset of Russia’s war in February 2022. As of late 2024, Finland has approved 25 military aid packages, amounting to over €2.3 billion in military aid. In June, it approved a package valued at nearly $170 million. In addition to military support, Finland has contributed approximately $255 million in humanitarian assistance for the Ukrainian population affected by the war.

The Ukrainian ministry reported Finland’s interest in Ukraine’s recovery efforts following a meeting between First Deputy Minister Oleksii Sobolev and a Finnish delegation led by Janne Kankanen, Head of Finland’s National Emergency Supply Agency, along with business representatives.

“Finland’s national plan includes participation in Ukraine’s reconstruction, and the National Development Cooperation Fund, Finnfund, is already investing in Ukraine’s private sector. We see significant interest from Finnish companies in contributing to Ukraine’s recovery,” Sobolev noted.

The Ministry highlighted that Finnish companies appreciate the Ukrainian government’s efforts to ensure protection from war risks and consider it a priority area.

The parties also discussed expanding Finnish business presence in sectors such as energy, IT, transportation, and green technologies.

Additionally, Sobolev presented state programs to support businesses and investors, including tax incentives and other benefits for industrial park residents and projects with investments exceeding €12 million.

He also encouraged Finnish companies to participate in the new project collection under the Ukraine Investment Framework announced by the European Commission for the EU private sector.

Earlier, Finland’s Minister for Foreign Trade and Development Ville Tavio revealed that Finnish defense and security technology group Summa Defence is set to establish a new drone production facility in Finland through a strategic joint venture with Ukrainian drone manufacturers.

New drone factory planned in Finland with Ukrainian partners

The company announced plans to create a subsidiary, Summa Drones, which will lead the collaborative manufacturing effort.

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