Germany’s Scholz urges investment in ‘future EU member’ Ukraine

German Chancellor Olaf Scholz on Wednesday urged businesses to invest in war-torn Ukraine and stressed a commitment to smooth Kyiv’s path to European Union accession.

“If you invest in Ukraine today and in the coming years, you are investing in a future EU member,” Scholz said in a speech at a German-Ukrainian business forum in Berlin.

“After the war, we will see growth rates and development opportunities in Ukraine,” Scholz said, comparing the economic potential to that of the eastern European countries that joined the bloc after the collapse of the Soviet Union.

German trade with Ukraine had grown from some eight billion euros ($8.4 billion) in 2021 to almost 10 billion euros in 2023, Scholz said.

Meanwhile, around 2,000 German companies were active in Ukraine, with trade in defense and chemical products among other areas, he said.

In the Ukrainian energy sector, which has been relentlessly targeted by Russian attacks, Scholz said he hoped cooperation would increase “because… we need a lot of private investment.”

Germany was supporting Ukraine in its search for a “just peace” that would bring to a close the war sparked by Russia’s full-scale invasion, Scholz said.

Such an agreement would have to ensure “Ukraine’s independence and free choice for a future in Europe,” the chancellor said.

Ukraine would become a member of the EU but there was “still some way to go before that happens,” he said.

Germany would go “down this path together” with Ukraine towards accession, Scholz said.

Speaking at the same event as Scholz, Ukrainian Prime Minister Denys Shmygal said “the role of private business is key” in the rebuilding of the country.

“Every euro invested… is a contribution to our common future” in the EU, Shmygal said.