Ukraine's Minerals Sector Reboot: A Billion-Dollar High-Stakes Investment
Ukraine is revamping its minerals sector to attract investment and boost growth after years of war. A new minerals deal with the U.S. aims to unlock potential and fund projects. Despite challenges, efforts include reducing bureaucracy and improving access to geological data to enhance the sector's viability.
With its minerals sector battered by war, Ukraine is embarking on a strategic overhaul to tap into its vast natural wealth. Ecology Minister Svitlana Hrynchuk expressed optimism about a recent minerals deal with the U.S., which aims to draw significant investment to the sector.
The agreement, activated in May, is expected to bolster the sector's contribution to Ukraine's GDP, currently at a mere 4%. Despite ongoing conflict and occupation by Russian forces, Ukraine is focusing on updating its resource strategy, easing access to vital geological data, and reducing bureaucratic hindrances.
Strategic partnerships with the European Commission and the European Bank for Reconstruction and Development are essential components of this initiative, supporting digitization of historical geological data. Although the sector faces numerous hurdles, Ukraine's efforts are positioning its minerals industry as a potentially lucrative field for foreign investors.
(With inputs from agencies.)
Google News