ITC, Ukraine step up partnership for Ukraine’s economic recovery, host ambassadors roundtable
(Geneva) – The International Trade Centre (ITC) and the Ministry of Foreign Affairs of Ukraine host more than a dozen Geneva-based ambassadors to align on priority actions for Ukraine’s economic recovery, including through increased exports by micro, small and medium-sized enterprises (MSMEs), as the country marks nearly three years of full-scale invasion.
The war against Ukraine has heavily affected MSMEs, which make up nearly all businesses in the country and provide over three-quarters of jobs. According to the Ukrainian government, 60% of MSMEs have been affected by the war, with over a third forced to cease or significantly limit their operations. As of January 2024, the war has caused over $155 billion in damage to infrastructure and resulted in GDP shrinking by a quarter compared to pre-2022 levels. Such challenges make it increasingly difficult for MSMEs not only to engage in exports but to sustain basic operations.
Aligning priorities for economic recovery
The Ambassadors' Roundtable on Ukraine’s Economic Recovery was co-chaired by State Secretary of the Ministry of Foreign Affairs of Ukraine Oleksandr Bankov and ITC Executive Director Pamela Coke-Hamilton. The roundtable provided a platform to discuss Ukraine’s economic recovery priorities and proposed support initiatives. Twenty missions joined Ukraine and ITC for the roundtable, with 14 ambassadors present, contributing to a constructive dialogue on international support for Ukraine’s recovery efforts.
The discussions focused on four pillars: enhancing small business competitiveness and diversifying markets; facilitating trade reforms; reintegrating internally displaced persons and relocated businesses; and advancing Ukraine’s EU accession.
ITC Executive Director Pamela Coke-Hamilton said: ‘With the Ministry of Foreign Affairs of Ukraine, and with the ambassadors here today, we’re aligning on the actions we can take together to strengthen the economy, from the ground up. We’re prioritizing support to small businesses so they can keep operating and even exporting, as they’re a source of key goods and services even in such difficult and fragile contexts, helping to bring stability where people need it most.’
State Secretary of the Ministry of Foreign Affairs of Ukraine Oleksandr Bankov noted: ‘Ukraine sees significant potential in developing large-scale export support projects using ITС tools. We have to join forces to support export facilities of Ukrainian MSMEs to assist them to survive and expand their operations abroad by fostering their competitiveness and trade capacities, exploring new markets and regions, facilitating economic integration of internally displaced persons and relocated businesses in Ukraine.’
Building on existing initiatives
ITC has been supporting MSMEs in Ukraine since 2016, working across sectors such as fruits and vegetables, textiles, berries, nuts and apparel. Connecting small businesses to external markets is crucial for driving growth and innovation, especially when the domestic economy has been disrupted. Expanding beyond domestic borders opens new revenue streams, enhances diversification and builds economic resilience. This is particularly important for Ukraine where, according to UNDP, more than 71% of companies are not involved in supply chains with international firms, and 57% of MSMEs operate solely in the domestic markets.
Since February 2022, ITC has continued supporting Ukraine through interventions focused on connecting businesses to new markets, facilitating the economic reintegration of businesses and internally displaced persons, and improving access to trade information.
Note to the Editor
About the International Trade Centre - The International Trade Centre is the joint agency of the World Trade Organization and the United Nations. ITC assists small and medium-sized enterprises in developing and transition economies to become more competitive in global markets, thereby contributing to sustainable economic development within the frameworks of the Aid-for-Trade agenda and the United Nations’ Sustainable Development Goals.
For more information, visit www.intracen.org.
Follow ITC on X | Facebook | LinkedIn | Instagram | Flickr
Media contact
Susanna Pak
Senior Strategic Communications Officer
International Trade Centre
E: pak [at] intracen.org
T: +41 22 730 0651
