An aerial view of the Kiev Pechersk Lavra monastery near the Motherland Monument. Credit: Pandora Pictures/Shutterstock.

Ukraine’s investment promotion agency, UkraineInvest, has signed a memorandum of cooperation with the UN Global Compact, a UN body responsible for encouraging sustainable business policies.

The new agreement will help Ukraine improve its investment image, as well as promote investment opportunities abroad. The agreement establishes the Ukraine Business Compact, an initiative gathering international companies to work towards Ukraine’s reconstruction and economic recovery plans.

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In addition, it lays the framework for the Ukraine Energy Initiative, a coalition of international stakeholders that will rebuild and further develop Ukraine’s energy sector, which has suffered extensive damage from Russian bombardments.

The UN Global Compact is an initiative launched 25 years ago by the then-UN Secretary General Kofi Annan to form a global alliance consisting of businesses that could improve the image of global markets worldwide. Its bureau in Ukraine has 142 members, a fraction of the total 24,000 members spread across 167 countries.

News of the agreement comes as officials in Kyiv look to attract more investors from abroad and with the country now having entered its third year of war with Russia.

In November last year, UkraineInvest signed two memorandums of cooperation, including an agreement with the Luso-Dutch project development company Madoque Renewables to build a methanol plant in the Ternopil region. The other, signed with Business France, will allow for the exchange and promotion of investment opportunities in Ukraine, as well as the exchange of Ukrainian tax benefits information and other incentives for international investors.

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