The Ukrainian initiative "Grain from Ukraine" has become a success story, but in order to restore the potential of the Ukrainian economy, the international community must create a new fund to support Ukrainian exports.
It has been stated in the article "Time bomb: what is happening with the export of Ukrainian grain by sea? How to increase grain exports despite Russian terror" published by Dutch investor Nils Troost on Ukrainska Pravda.
In particular, he offered to support a joint decision that Turkey, Romania and Bulgaria have joined forces to hunt mines in the Black Sea, a move aimed at improving shipping safety and shoring up vital Ukrainian grain exports to secure funding. While other international partners have been excluded – so as not to inflame tensions further – anything to support the safety of ships and their crews is welcome.
The second would involve the creation of a new fund aimed at overcoming the main limitations in trade, specifically by providing financing and insurance. This fund could support companies looking to bring business back to Ukraine, while paving the way for further investments that are required to support the nation’s export capability. By introducing and contributing to a fund with specific remit, international partners would have a meaningful social and political impact on Ukraine, while at the same time anticipating a return on their investment. The presence of this fund alone will create sustainable business both now and in the future, clearing the way for the next season of Ukrainian produce to enter export terminals and ultimately reach the global market.
Finally, international partners could provide funding to encourage the development of the grain processing industry, where new processing plants can keep more of the value chain in Ukraine. Again, this would have social benefits with new jobs and expertise, while adding valuable refined products to Ukraine’s exports.
International business is ready to engage, but more support is needed at an international political level. At a time when international partners are seeking innovative and diverse ways of making their mark and standing alongside Ukraine, helping to re-energise one of its major industries – one with major influence on lives both in Ukraine and in developing nations – must be seen as a win-win for all involved.