Penny Pritzker: If Ukraine Implements Reforms, Its Market Can Present Phenomenal Business Opportunities


Kyiv, September 28, 2014.  Ukraine has to take concrete steps on reforms now to bring broad-based and sustainable prosperity to all citizens; and, as conditions improve, the United States Department of Commerce will help showcase the historic investment opportunities these changes could represent and bring the American private sector to this market. This statement was released by Penny Pritzker, the United States Secretary of Commerce at her press briefing at the Ukraine Crisis Media Center.
During her first visit to Ukraine, Ms. Pritzker met with President Poroshenko, Prime Minister Yatseniuk, mayor of Kyiv Klitchko, young Ukrainian entrepreneurs and leaders of Ukraine-based American companies. Holding a number of meetings, Ms. Pritzker concluded that Ukraine has great potential in developing business; however it has to undertake a number of reforms to improve the domestic business and investment environment. A number of legislative measures in terms of eradicating corruption, strengthening the rule of law, and  streamlining the bureaucracy have to be adopted in the shortest time possible.  “These steps are hard, but they will change the future of your country”,- said Penny Pritzker. She also underlined that the United States of America are committed to strengthening the economic ties between two nations.

Namely, the US has made significant financial commitments to Ukraine. The United States has provided a one billion dollar loan guarantee for Ukraine. This year Ukraine will receive USD 291 million in support; USD 53 million which was announced last week.  As the most beneficial sectors for US-Ukraine cooperation, the US Secretary of Commerce identified the agricultural and energy sectors. She also made it clear that the US is committed to helping Ukraine regain its energy independence.
As for the analogue of the Marshall plan for Ukraine, Penny Pritzker once again underscored the importance of implementing a number of reforms, necessary to attract investment into the private sector. “There is a great will by your leaders to see these kind of reforms occur now”,- said Ms. Pritzker.
“What we want to do is to host Ukraine in the United States in front of American business to showcase what Ukraine has done to encourage investment. We want to partner with the government to allow them to make their case to the business community in the United States”,- she concluded.

Penny Pritzker is the United States Secretary of Commerce, grand-grand daughter of Nikolas Pritzker, who emigrated from Ukraine to America133 years ago. 
Ms. Pritzker was sworn in as the 38th Secretary of Commerce by Vice President Joe Biden on June 26, 2013.