QUESTION PERIOD — Global Affairs
Support for Ukraine
December 5, 2024
Senator Gold, as the war in Ukraine drags on, much attention has focused on the terrible toll it has taken. Less well appreciated is that while the war continues, Ukraine is reforming its legislative and regulatory environment to meet the EU standards. This provides more comfort for Canadian business investment in specific sectors of its economy. This is important because rebuilding will require substantial private investment that needs to start before the war ends.
What is our government doing to support Canadian companies interested in doing business in Ukraine now?
Thank you for the question and for highlighting the importance of private investment in Ukraine.
My understanding is that Export Development Canada, or EDC, continues to closely monitor the situation on the ground in Ukraine. It is engaging with Canadian exporters and qualified investors interested in the Ukrainian market and is providing support through its suite of products.
The government is also working with EDC to explore new ways to support the flow of trade between our country and Ukraine and to provide additional assistance to Canadian businesses looking to do business in Ukraine.
Senator Gold, thank you for that. EDC is doing a good job, but one potential vehicle that could be used in this situation is FinDev. Although traditionally focused on supporting investment in developing countries, relatively minor adjustments to its terms of reference might allow this vehicle to be used in Ukraine.
Will the government consider this option so that it might become an additional support for Canadian investment in Ukraine’s rebuilding?
Thank you, senator, for that. The government is always looking for new and innovative ways to assist and to improve its work in its support of Ukraine, and I’ll certainly bring this to the attention of the minister.
