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The Business Compact gives leading international businesses a platform to show their support for Ukraine’s recovery and its drive to modernize, build a resilient and agile economy and emerge from war as a stronger and more prosperous state. As a signatory you will join thousands of companies around the world supporting the recovery and reconstruction of Ukraine, by looking for opportunities, when the time is right, to engage in trade and investment, peer-to-peer expertise sharing, pro bono work and business activities.
The Business Compact was officially launched at this year's Ukraine Recovery Conference (“URC”) on June 21/22
The URC23 itself mobilized the international community to help secure Ukraine’s long-term economic future, including helping Ukraine build back better, as a more resilient, greener, and more prosperous European nation. In particular, the URC23 placed emphasis on the role of the private sector – and the reforms required to drive investment – as essential components of Ukraine’s long-term recovery.
After URC, FCDO has signed the Memorandum of Understanding (MoU) with the UN Global Compact Ukraine. United Nations Global Compact Ukraine in partnership with the Government of Ukraine is now a host of the Ukraine Business Compact.
On March 18, 2024, the Ministry of Economy of Ukraine held a workshop on investment in Ukraine. During the workshop, we have received over 100 questions covering various topics related to investing in Ukraine, including opportunities, risks, and more. After carefully reviewing all of them, the Ministry of Economy of Ukraine presented the answers in a practical Frequently Asked Questions guide accompanied by a letter from the Deputy Minister of Economy of Ukraine Volodymyr Kuzyo.
A vibrant private sector will help to drive Ukraine’s recovery and ensure it can modernize, build a resilient and agile economy and emerge as a stronger and more prosperous state. Ukraine has competitive advantages and growth potential which make it an attractive market for trade and investment for domestic and international business. The aim of this compact is to re-enforce the business community's support for peace in Ukraine and to set out mutual expectations for success of the recovery efforts.
By signing this compact we commit to supporting the recovery and reconstruction of Ukraine by looking for opportunities, when the time is right, to engage in trade and investment, peer-to-peer expertise sharing, pro bono work and business activities including but not limited to:
1. Investing in business opportunities in Ukraine, participating where possible in reconstruction through direct financial contributions or investments into Ukrainian operations, and/or
2. Working with Ukraine-based companies, including to harness the country’s existing and future potential via trade, expertise sharing and partnerships, and/or
3. Supporting Ukraine-wide development and economic growth, where possible and in line with business objectives.
We will adhere to 4 core principles in supporting long-term sustainable economic recovery and reconstruction ofUkraine:
● Investing and behaving sustainably, accelerating green transition and inclusive growth in accordance with international corporate practice.
● Acting responsibly and reinforcing responsible business practices, aligned with international standards, including adherence to applicable legislation, support and respect of human rights, equitable and inclusive practices, and prevention of corruption.
● Implementing best practice corporate governance and working to identify areas where compact signatories and Ukrainian businesses can share capabilities and promote best practice governance in a mutually beneficial way.
● Respecting all applicable sanctions legislation and regulations.
There is no signature deadline.
The Business Compact is open to any company that is committed to the principles and commitments outlined in the compact and wishes to demonstrate their support for Ukraine’s recovery and reconstruction.
Signatories must adhere to all applicable sanctions, legislation, and regulations.
We understand that some companies are still in the process of exiting Russia or have suspended operations partially or temporarily. By signing the Business Compact, companies would be demonstrating that they are serious about their support for the recovery and reconstruction of Ukraine.
Yes. The Ukraine Business Compact is open to all businesses and organizations committed to Ukraine’s recovery. All participating companies should still have active operations and be properly constituted.
Yes. If a company’s parent (holding, group, etc) is a signatory to the Business Compact, then we will post the name of the parent company on the global list, assuming that all subsidiaries participate as well.
Subsidiaries that wish to be specifically named in addition to the parent company should register to sign in addition to the parent company.
The Business Compact is specifically aimed at business organizations. As key stakeholders, non-business and non-governmental organizations are very welcome to promote and share the Business Compact amongst their membership and networks.
The URC team is on hand to help with technical difficulties in signing the Business Compact. Please reach out to ubc@globalcompact.org.ua and we will be happy to assist you in signing.
No. The Ukraine Businessbehavior Compact is a voluntary initiative. There is no intended mechanism to enforce the behaviour or actions of companies. Rather, it is designed to promote business support of recovery and reconstruction in Ukraine via their stated adherence to commitments and principles of the Business Compact and to accelerate positive change in Ukraine and its partners.
The Ukraine Business Compact is an opportunity for each business to make a visible statement of their support to the values and principles of Ukraine’s recovery. The commitment of each business (unless requested otherwise) has been showcased at the URC in London June 21/22. We hope that signing the Business Compact will send an important message to the core stakeholders of businesses that choose to support it and that signatories will respond to further invitations to support and participate in recovery.
Existing statements on Ukraine are welcomed and are an important part of business support for Ukraine’s recovery and reconstruction. The Ukraine Business Compact takes a step further as a collective declaration to support the recovery and reconstruction of Ukraine by looking for opportunities, when the time is right, to engage in trade and investment, peer-to-peer expertise sharing, pro bono work and business activities.
No.
The Ukraine Business Compact is a voluntary initiative, and signatories are free to end their participation at any time. Signatories may decide to withdraw if they determine they are not able to continue their participation in the initiative. The intention to withdraw should be communicated in writing by an authorized representative of the participating company/organization to ubc@globalcompact.org.ua
The Ukraine Business Compact is a call to action, not a monitoring and enforcement tool.
The UN Global Compact and OECD Guidelines for Multinational Enterprises are two of the foremost voluntary initiatives that support general, sustainable business practices. These focus on enhancing the relationship between businesses and international standards. The Ukraine Business Compact is a specific commitment to the recovery and reconstruction of Ukraine, and support of business opportunities relating to Ukraine. It is complementary to the UN Global Compact and the OECD Guidelines.
If a company chooses to sign up through the webpage, this will be managed externally through a Ukrainian based company. The organization’s software is primarily hosted with AWS, and employs various security measures to protect personal data.
You have a unique opportunity to participate in a series of workshops with the Ministry of Economy of Ukraine!
These workshops are designed to engage with businesses from around the world that are contributing to Ukraine's recovery.
The first UBC workshop was held on 18th March and was focus on investment and business environment reforms. The date of the next workshop will be announced soon.
