President Zelenskyy’s message to business leaders at Davos: invest in Ukraine 

When Russia invaded Ukraine in February 2022, there was an expectation that the country would quickly capitulate that was echoed by many analysts.

As Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, reminded participants at the 2024 Annual Meeting in Davos, that is not how things played out. “Nearly two years since the start of the war, Ukraine still stands,” he said in the opening remarks before a special address from Ukraine’s President Volodymyr Zelenskyy. “Its people stand and fight on a daily basis to protect the independence of their homeland.”

That’s largely, Schwab pointed out, because of the country’s resilience in the face of aggression. It’s also because of the billions it has received in aid from the US and Europe.

Today, Zelenskyy called for a different kind of investment: from the private sector. “Business investment is so necessary,” Zelenskyy said in a closed-door session that brought together over 70 global CEOs from among the Forum’s partner companies. “Because people need jobs.”

Leaders in the country have already been laying the groundwork for this to happen, enacting reforms that will create the right type of environment for businesses to thrive. For example, rule of law reforms have been continuing, despite the ongoing war, as have efforts to build a comprehensive anti-corruption institutional framework. And the work to create a truly digital society, including the rollout of e-governance tools, which was underway before the war, has continued.

The efforts are already paying off. For example, last month, EU leaders announced they were opening accession negotiations with Ukraine. And while Ukraine’s economy fell by almost 30% in 2022, following Russia’s invasion, this past year it grew by over 5%, Zelenskyy told participants in his special address. Recent successes like the creation of the new Black Sea corridor, which Ukraine set up in summer, are paving the way for even more economic growth. As a result of that initiative, “nearly 16 million tons of cargo have been transported from our ports,” Zelenskyy pointed out.

It is these sorts of developments that Zelenskyy hopes will make business leaders understand the scale of the effort. “If we can make reforms and fight corruption, and our GDP is growing, all while we are at war, it means you can trust in us, you can invest in us,” he told participants.

It was a message he shared again during his special address. “To bring peace closer, we need you in Ukraine to build, to reconstruct, to restore our lives. Each of you can be more successful with Ukraine.”

Click to watch the full session.