Synopsis
The Ukrainian embassy has written to the commerce and industry ministry to support Ukraine and its people in financial and humanitarian ways to renew its infrastructure and economy amid its ongoing conflict with Russia.
Ukraine has reached out to India seeking assistance to expand business and goods presence and also for Indian businesses to start or resume operations there.
The Ukrainian embassy has written to the commerce and industry ministry to support Ukraine and its people in financial and humanitarian ways to renew its infrastructure and economy amid its ongoing conflict with Russia.
"The Ukrainian embassy has reached out seeking assistance to rebuild its economy," said an official in the know of the details.
Kyiv has requested for "India's assistance in expanding Ukrainian business and goods presence in Indian market to support Ukraine and its people in financial, humanitarian or any other meaningful way to renewing infrastructure and economy to become a full-fledged member of the European Union and invites global business community official and business entities and relevant business association to join other multinational companies to start or resume business in Ukraine".
ET has reviewed the letter.
Last week, India handed over 7,725 kg of humanitarian aid comprising essential medicines and medical equipment to Ukraine.
The official added that the ministry has shared the communication with trade bodies.
Exporters said that though there is an opportunity in the construction and building sector in Ukraine but the prevailing uncertainty in the region is a deterrent from making use of that opportunity.
"There will be reconstruction and rebuilding opportunities in Ukraine so exports related to engineering goods and turnkey projects would benefit but these can happen only once ceasefire is announced," said an industry source.
An exporter of engineering goods said that industry is unsure of the scope of the opportunity as logistics and general safety remain key concerns. "Exporters may not have the confidence as no one knows what will happen. The uncertainty may not lead to large projects taking place and only small deals are likely," said the exporter.
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