Former Google Executive Invests in Drone Manufacturer; Company Shows Interest in Ukraine
The attitudes of big business toward Ukraine and the war are gradually changing. Following a conference in Gdańsk, Poland, dedicated to Ukraine’s postwar reconstruction, there was increasing talk not only of international aid but also of private investment.
Major business leaders are beginning to view Ukraine as a promising, large-scale market once the war ends. One example of this interest is an investment by a former Google executive in a company that manufactures drones.
According to journalist Andrew Kramer, the conference discussed opportunities for private capital and the future recovery of the Ukrainian economy. This indicates that international business interest in Ukraine is gradually moving beyond the scope of charitable and government aid.
According to the journalist, businesspeople view Ukraine as a large postwar market moving toward European Union membership. At the same time, they are willing to invest in Ukraine despite the ongoing war.
“Such investments represent a bet that Ukraine will not allow Russia to realize its grand ambitions and will remain an independent state,” he writes.
Funds were provided to Ukraine’s Naftogaz, in particular, by the U.S. Export-Import Bank, which opened a $300 million credit line for the purchase of American construction equipment and services for the oil industry. It is noted that Ukraine possesses some of Europe’s largest known natural gas reserves, estimated at approximately $300 billion.
The author emphasized that the willingness to invest money in the country is a sign of a shift in sentiment. He noted that former Google CEO Eric Schmidt and his wife, Wendy Schmidt, have invested in real estate in Kyiv. The couple purchased shares in commercial real estate funds that own shopping centers managed by a Ukrainian investment company. According to Forbes, the value of their investment ranges from $55 million to $70 million. Schmidt has also invested in Ukrainian drone manufacturers.
The European Bank for Reconstruction and Development, the largest institutional investor in Ukraine, announced that it has attracted over $570 million in new investments. Meanwhile, amid ongoing Russian attacks on coal-fired power plants, the bank is preparing to invest in carbon-free energy.
The journalist noted that while companies that operated in Ukraine before the war—including McDonald’s and Nestlé—have expanded, new investments are growing at a limited rate.
This is reported by a New York Times journalist.
