A five-point plan to keep Ukraine’s private sector alive
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In a statement issued by ICC Secretary General John W.H. Denton AO, the International Chamber of Commerce has called for urgent concerted international effort to maintain the viability of Ukraine’s private sector over the coming weeks and months.
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While ICC welcomes emerging thinking from governments about a “modern-day” Marshall Plan to support an eventual post-war recovery, it remains gravely concerned—based on its consultations with local chambers and businesses—that the attrition of Ukraine’s productive capacity will accelerate in the coming months absent of a comprehensive package of interventions from the international community.
A new survey by the Ukrainian Chamber of Commerce and Industry indicates that 30% of businesses have completely closed their activities since early March—while a further 45% are operating at severely reduced levels of output. Trade capacity has also been reduced by an estimated 70%, with key maritime trade routes in the Black Sea unsafe for navigation—limiting the capacity of businesses to generate essential export revenues. Based on current trajectories, direct losses alone could amount to over US$500 billion.
In this context, ICC calls for immediate action to enable the continued functioning of Ukrainian business and urges the international community to commit to a five-point plan to progressively—to the extent possible—restore its productive capacity:
1. Remove tariffs and quotas on exports
2. Adopt enhanced trade facilitation measures for ground shipments
3. Boost ground logistics capacity
4. Provide full risk coverage for trade finance
5. Deliver targeted support for Ukrainian farmers