Hope India, Ukraine will continue strengthening economic cooperation: Ukrainian Dy Economy Minister

Gandhinagar (Gujarat) [India], January 11 (ANI): Ukraine’s Deputy Minister of Economy Volodymyr Kuzyo on Wednesday said that it is the first time that the official delegation of Ukraine is participating in the Vibrant Gujarat Summit. Kuzyo said he hoped that Ukraine and India will continue to strengthen economic cooperation.
In an interview with ANI, he thanked the Gujarat government for hosting Ukraine in the Vibrant Gujarat Summit. Prime Minister Narendra Modi inaugurated the 10th edition of Vibrant Gujarat Global Summit 2024 at Mahatma Mandir in Gandhinagar on Wednesday.
Asked about Ukraine’s participation in the Vibrant Gujarat Summit, Volodymyr Kuzyo said, “The first time, the official delegation in Gujarat and participating in the Vibrant Gujarat Forum? So, we are especially thankful for the government of the state for hosting us and it’s our honor. I hope that we will continue the strengthening of the economic corporation between our countries, and this is Gujarat especially.”
He noted that Ukraine’s economy’s growth in 2023 was about five per cent in comparison to 2022, when the economy of the country was shrinking down around 30 per cent. He acknowledged that Ukraine still has constraints and limitations due to the ongoing war with Russia.
Responding to Ukraine’s economy amid the ongoing war with Russia, he said, “Comparing to 2022, when the Ukrainian economy was shrinking down around 30 percent, this year 2023, Of course we have the economic growth which is about five percent growth, especially we have this stable industrial output and the agriculture output as well. But, anyway we still have the constraints and limitations because of the aggression of the war against against Ukraine. So, taking these limitations, we should be like unique and to have the support from all our partners, countries.”
He emphasised that the Ukrainian government has prioritised the Ukraine plan, which includes focus agri food and processing sector, ICT, logistics and transport sectors.
On being asked about Ukraine’s focus areas in recovery amid the conflict, he said, “I would focus on the sectors as the Government of Ukraine priortised under the Ukraine plan, which is in fact energy sector, agri food and processing sector, then ICT and innovations, then logistics and transport and the …. So those sectors would be under a special focus of the Government of Ukraine and will be working for having the economic grows at directing investments both local and international.”
Speaking about the negative effects of the war, he said, “the war itself has negative impact overall on the global economy right. Starting from the grain and cereals export from Ukraine, which impact the global food security, we on the Ukrainian side do everything to keep the grain corridor and you know to export cereals and to grain from Ukraine. So, we have launched the insurance mechanism for vessels, you know. And thats, that’s what we are doing on our side. But anyway, we encourage our partners to support on this and to keep covering and reduce the risks of having this food insecurity.”
Meanwhile, Norway’s Ambassador to India May-Elin Stener expressed happiness on Norway being partner country of the Vibrant Gujarat Summit. She said that a few of the Norwegian companies are here at the Norwegian Pavilion of the Summit.
In an interview with ANI, Stener said, “I would begin by saying that Norway is very happy to be a partner country of the Vibrant Gujarat Global Summit. It’s great to be here and we have about 130 Norwegian companies in India now and quite a few of them are here at the Norwegian pavilion of the summit. So it’s great to be here. It’s great to be part of this and the main focus of the Norwegian companies being here is circular economy and it’s also energy and particularly renewable energy. And then we have a few companies focusing on different aspects of the maritime cooperation.”
May-Elin Stener underscored that India is now the fifth-biggest economy in the world and one of the fastest growing economies. She said that there are vast opportunities for Norwegian companies in India. She stated that Norway is negotiating a Free Trade Agreement (FTA) with India within the framework of European Free Trade Association (EFTA) and expressed hope that it will conclude soon.

She said, “Well, India is now the 5th biggest economy in the world and one of the fastest growing economies. So of course, there are vast opportunities for Norwegian companies in India. We are currently negotiating a free trade agreement with India within the framework of EFTA, and we hope to conclude that soon and that will create confidence so that even more Norwegian businesses will look to India and explore the opportunities here. ”
Speaking about Norwegian companies’ participation in the Vibrant Gujarat Summit, May-Elin Stener said, “Those companies who are here now at the Vibrant Gujarat Summit. They are also looking particularly at Gujarat and that would be particularly on the coastal side and on the maritime looking at the ports, where are the opportunities for investing and where are the opportunities for particularly renewable energy, floating solar energy and floating wind energy.”
Meanwhile, Singapore’s Ambassador to India Simon Wong said, “We are here in a big way to support the 10th anniversary of Vibrant Gujarat and also in celebration of 20th anniversary first started from the then CM Modiji, now he’s the Prime Minister. We are very very impressed with the Modi guarantee. That is the reason why Gujarat has become so vibrant and a key station for us and a key state for us to invest. This time around, we are a 100 strong delegation led by our Singapore Business Federation and also ESG and also with other chambers.”
In an interview with ANI, Simon Wong said Singapore is participating in the Vibrant Gujarat Global Summit to announce 21000 Crore Rupee investment in new areas – IT, green energy, semiconductors.
Simon Wong said, “I think our companies have identified the Port of Kandla to invest in. That is one big project. We also have united successful enterprise 2300 Crore rupee of investment in data centers. So, we announce very soon and also we have a recyclable company called Blue Planet which really look at waste conversion that is in different parts of land view.”
He called India and Singapore “traditional, strong and steadfast partners.” Highlighting the ties between two nations, Wong said the investment between India and Singapore in 2023 was USD 17 billion.
He said, “I would say we are traditional, strong and steadfast partners. Last year alone, our investment is 17 billion USD. We are the number one investor last year and I think this year we will still maintain our position as number one. In terms of trade. We are about 40 billion US dollars in trade, a little bit in Singapore’s favor, but I’m sure with the export of green energy from India, the balance will be achieved.”
Speaking about India being the voice of the Global South, he said, “I think India as the voice of the Global South is very, very important. First mooted by Prime Minister Modi at G20 and end dos by many, many key countries including Singapore. So, we are looking forward to India setting an example to lift other developing countries up.
The Vibrant Gujarat Global Summit was started in 2003. The tenth edition of the Vibrant Gujarat Global Summit is being held from 10 to 12 January 2024 in Gandhinagar. Its theme is ‘Gateway to the Future’. This 10th Edition of the Summit is celebrating “20 Years of Vibrant Gujarat as the Summit of Success”.
There are 34 Partner countries and 16 Partner organisations for this year’s Summit.
The Summit has various events including seminars and conferences on globally relevant topics such as Industry 4.0, Technology and Innovation, Sustainable Manufacturing, Green Hydrogen, Electric Mobility and Renewable Energy and Transition towards Sustainability. (ANI)