The country seeks to attract American businesses.
The Ukraine Ministry of Economy hosted a U.S. delegation on Monday, discussing closer cooperation on critical minerals, among other things. According to a press release by the ministry, Ukraine seeks to attract American businesses to enter the country’s mineral extraction and processing sectors. The ministry emphasized that Ukraine is rich in minerals, adding that other economic sectors could also provide a broad range of investment opportunities. According to the U.S. Geological Survey, Ukraine was a significant titanium, magnesium, and graphite producer in 2019. However, the current situation is difficult to assess amidst the war with Russia. According to market intelligence provider Fastmarkets, the Ukrainian industry is experiencing massive challenges.
The Ministry of Economy also added that it would adhere to Minerals Security Partnership (MSP) principles. The MSP is a multilateral association launched in 2022 to strengthen supply chains of critical minerals, comprising 14 states and the European Union as members. In July, Ukraine and seven other countries joined the Minerals Security Partnership Forum, a platform seeking to connect MSP members with mineral-producing countries to explore mutually beneficial investment and cooperation opportunities.
Already in 2021, the EU and Ukraine launched a partnership on critical raw materials and batteries (we reported). Under the partnership, the two sides continuously explore cooperation along the value chains of raw materials and in scientific geological fields.
Photo: iStock/jasonbennee
