Swedish business sector’s role in Ukraine’s economic recovery

Trade, the private sector and business sector engagement in Ukraine is essential for its resilience to Russia’s war. By maintaining economic ties and business relationships with Ukraine, Sweden and Swedish businesses help keep Ukraine’s economy going and alleviate the suffering caused by the war. The reconstruction of infrastructure, hospitals, housing and other buildings is crucial, and private investments and businesses can play a key role in this. Swedish businesses have good possibilities to take part in this process by offering sustainable, modern and high-quality solutions.

The Government’s reform agenda for development assistance aims to enhance the interplay between trade, development assistance and business support. The Government’s efforts to support Ukraine include concrete examples of synergies between these areas. The Swedish Government is taking action at several levels to promote economic development in Ukraine and engage Swedish businesses:

Political activities at EU level to support and simplify the EU’s trade with Ukraine.
Swedish development assistance that promotes the development of the private sector in Ukraine.
Initiatives that support Swedish business engagement in Ukraine. In the first half of 2024, a trade office opened in Kyiv to guide Swedish businesses. As of 1 April 2024, Swedish businesses associated with the Swedish Export Credit Agency can apply for export credit guarantees for business activities in Ukraine. The contact group Team Sweden Ukraine, which consists of the Ministry for Foreign Affairs, other ministries, Business Sweden, the Swedish Export Credit Agency, Swedfund, the National Board of Trade, the Swedish Institute, the Swedish International Development Cooperation Agency and several other Swedish actors, meets regularly to coordinate support for the Swedish business sector’s participation in the reconstruction of Ukraine.

How Swedish businesses can contribute to Ukraine’s reconstruction

Swedish businesses can help in several ways:

Procurements: Swedish businesses can take part in procurements conducted by international organisations and banks, such as the UN, the World Bank, the European Bank for Reconstruction and Development, the European Investment Bank and the Nordic Investment Bank, and the Ukrainian procurement agency Prozorro.
Business participation: Swedish businesses can take part in international exhibitions such as Rebuild Ukraine to offer their products and services and acquire Ukrainian and international partners.
Investments: Swedish businesses can invest in Ukraine, which supports the country’s economic development and reconstruction, and seek financing solutions with international and Nordic finance institutions.
Export credit guarantees: At the Swedish Export Credit Agency, Swedish businesses can apply for export credit guarantees for business activities in Ukraine to facilitate the export of vital goods to Ukraine.
Donations: Businesses that wish to donate equipment or material to Ukraine can receive support from the Swedish Civil Contingencies Agency in the form of coordination and transport.

Support through EU trade policy

Shortly after Russia’s full-scale invasion, the EU adopted temporary trade facilitation measures for Ukraine, which have been extended for another year until 2025. These measures have resulted in major benefits for Ukraine’s economy since exports to the EU have increased in several areas.

Swedish actors in Team Sweden Ukraine encourage support for Swedish business engagement

Business Sweden

With the trade office and staff on the ground in Kyiv, Business Sweden guides Swedish companies to business opportunities in Ukraine. Business Sweden spreads information about procurements and offers practical support and strategic guidance to contribute to the reconstruction and development of Ukraine.

The Swedish Export Credit Agency

The Government has allocated SEK 333 million for special export credit guarantees for Ukraine to reduce the risks Swedish businesses face when investing in Ukraine. Since 1 April 2024, businesses can apply for these guarantees at the Swedish Export Credit Agency.

Swedfund

Swedfund supports Ukraine through investments in the development of sustainable businesses. Swedfund also uses feasibility studies to develop sustainable projects in Ukraine and thus contributes to business opportunities for Swedish companies offering solutions within the framework of these projects.

Press release: Government proposes SEK 300 million to Swedfund to invest in Ukraine

The Swedish Civil Contingencies Agency

The Swedish Civil Contingencies Agency supports Ukraine in the form of posted staff and donations of material and equipment. This support is provided through various UN bodies, the EU Advisory Mission, the Organization for Security and Co-operation in Europe and the EU Civil Protection Mechanism. The Swedish Civil Contingencies Agency coordinates and transports donated material from the agency itself and other actors to contribute to critical sectors, including the energy sector, rescue services, the water sector, school buses, mine action, road and railway transport, medical equipment and medicines.

Russia's invasion of Ukraine (msb.se)