US Appoints Business Leader to Foster Investment in Ukraine

17 Sep, 2023

US Appoints Business Leader to Foster Investment in Ukraine

On Thursday, US President Joe Biden appointed Penny Pritzker, a billionaire businesswoman who previously served as Commerce Secretary, to spearhead efforts to attract investment in Ukraine. This move comes as Ukraine faces the daunting task of securing hundreds of billions of dollars for its recovery in the aftermath of Russia's invasion.

Pritzker's new role as the US Special Representative for Ukraine's Economic Recovery will involve collaborating with both public and private sectors to meet Ukraine's immediate and long-term financial needs. In the announcement of her appointment, President Biden emphasized that Pritzker would work closely with the Ukrainian government, international financial institutions, allies, and partners to support the reconstruction of Ukraine's economy.

Furthermore, Pritzker will play a pivotal role in helping Ukraine implement crucial economic reforms, which have become a priority for the Biden administration. Concerns over corruption and its impact on US public support for assistance to Ukraine have made these reforms especially important.

Penny Pritzker's appointment aligns with Ukraine's efforts to attract foreign businesses despite ongoing security concerns, as Russia continues its bombardment of the country. In June, the United States pledged $520 million to support Ukraine's energy infrastructure during a conference in London. This commitment was in addition to the more than $43 billion in security assistance the US has already provided.

Secretary of State Antony Blinken, during a recent visit to Kyiv, highlighted the enduring presence of US businesses by dining at a McDonald's restaurant and meeting with anti-corruption activists.

According to the World Bank, Ukraine requires over $400 billion for post-war reconstruction, a task comparable in scale to the post-World War II rebuilding efforts. A recent report from the US Agency for International Development stressed the importance of modernizing Ukraine's economy during the reconstruction process. This includes strengthening the private sector and implementing anti-corruption measures, all in line with Kyiv's aspirations to integrate into the European Union.

Penny Pritzker, a former Commerce Secretary under the Obama administration, hails from the prominent Chicago-based Pritzker family, renowned for their association with the Hyatt hotel chain. Her brother, J.B. Pritzker presently holds the position of Governor in Illinois.