Ukraine seeks investments from India to reconstruct war-hit economy

Ukrainian leaders pitched for India to help rebuild its war-ravaged economy on Wednesday at a business summit organised by India primarily to seek inward global investment.

Suggesting that Ukraine's recovery would be "a win-win for Ukraine and international partners," Kyiv's deputy economy minister Volodymyr Kuzyo proposed a recovery vision for Ukraine in a presentation in India's western Gujarat state.

The presence of senior Ukrainian officials marks a shift in bilateral ties, strained since Moscow's invasion nearly two years ago and India's unwillingness to call Russia out.

India has instead increased energy purchases from Russia to all-time highs, to the chagrin of some Western nations who support Ukraine in the war. India has traditionally strong ties with Russia, and beyond energy, it remains significantly dependent on it for arms, ammunition and nuclear technology.

At the seminar in Gujarat titled "Ukraine-India: Investment Opportunities for a Better Future", the Ukrainian officials stressed that despite the war, momentum was strong for both Kyiv's economy and its accession to the European Union.

Ukraine pegs private sector investment opportunities at over $30 billion, led largely by energy, but also seeks investment in reconstruction and infrastructure including motorways, sea and river ports, railroads, storage and distribution.

It also wants investment into demining, saying that of 156,000 square km of potentially-contaminated territories, only 50,000 have initial surveys, with equipment needed.

Kuzyo said Indian investments could be supported by import duty relief, subsidies and international financial bodies' and insurers' support.