April 19, 2024
Ukraine should offer the world innovations: notes from the Economic Forum in Davos


Recently the annual World Economic Forum (WEF) took place in Davos, Switzerland, bringing together world leaders, international media representatives and activists. The main theme, “Rebuilding Trust”, was particularly relevant given the fragility of current geopolitics in Ukraine.

From 15 to 19 January, the forum held in-depth discussions on various topics, including the war between Russia and Ukraine. Additionally, the role of innovative technologies in the contemporary turbulent and dangerous world was discussed, as well as consideration of how nations can cooperate and move toward a more interconnected world.

Technological advancements, the important role of artificial intelligence, its applications and potential information bias were prominent in many discussions. Marc Benioff, CEO of Salesforce, emphasized the tech world’s quest to ensure the safe development of artificial intelligence: “We don’t want another Hiroshima. We have seen how technologies can go completely wrong. We don’t want to see artificial intelligence in Hiroshima. “We want to be sure we understand everything now.”

ukraine issue

During a special address to WEF participants, Ukrainian President Volodymyr Zelensky criticized Western allies for not imposing sanctions on Russia’s nuclear industry, possibly due to the West’s dependence on Russian fuel. “Putin threatens not only Ukraine but the entire world,” Zelensky said, claiming to have received “positive signals” regarding EU financial support to strengthen Ukraine’s economic stability and infrastructure and Also sought the support of investors for restoration.

Other topics of interest

Finland’s largest art museum accepted Ilya Repin as a Ukrainian

Finland’s largest art museum, the Athenaeum, has changed the nationality of artist Ilya Repin from Russian to Ukrainian in its cataloging system.

The President of the European Commission, Ursula von der Leyen, reaffirmed Ukraine’s trusted ally status. He stressed the need for “projected financing through 2024 and beyond” and suggested that the EU would find a way to bypass Viktor Orban’s veto and, if necessary, extend a special loan of €50 billion ($54 billion) to Ukraine. Will approve the fund.

However, it should be noted that his support does not appear to be popular among other major investors.

Zelensky met with NATO Secretary General Jens Stoltenberg, but prospects for Ukraine’s immediate entry into the alliance look bleak. If Ukraine were to join NATO, it would be protected by Article 5 of the statute, which treats an armed attack on one or more member states as an attack on all. Many world leaders believe that supporting Ukraine could further provoke Russia, leading to more significant conflict. Despite the lack of immediate support at the forum, Zelensky took the opportunity to reiterate Ukraine’s position to the global elite.

The situation is urgent, and Ukraine’s Foreign Minister Dmytro Kuleba firmly stated that “time is running out.” If military aid funding was not approved, they would “fight with a shovel.”

Economic threats to Ukraine

Ukraine faces a number of threats, including war, the frustrating realization that funding will not arrive soon, the impact of future elections on support levels, and an apparent lack of investment due to political instability and corruption.

Nevertheless, fund managers suggest that Ukraine represents a significant opportunity, and strong-willed investors are open to cooperation with innovative companies and enterprises.

However, Ukraine will need to find and strengthen new economic models to secure funding, especially in the advanced technology sector. The need for financial independence is becoming increasingly important for Ukraine. By using new economic models and advanced technologies, it can establish itself as a strong and resilient global partner. Financial independence will enable more flexible responses to geopolitical challenges and formulation of policies in line with national interests.

Ukraine needs capital-intensive projects that are attractive to international investors. Currently, public discussions lack projects ready to invest billions of dollars, but world leaders and partners look forward to our vision for economic development. We need to erase Ukraine’s image as a “black hole for donors” and become a strong partner that is truly interesting for international investors.

Source: www.kyivpost.com

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