Ukrainian President Volodymyr Zelenskyy visited Copenhagen and addressed parliament, where he thanked the Danish government for donating F-16s. And the number of foreign businesses that have left Russia during the nearly 18 months of war.
Zelenskyy Praises Denmark’s Support
President Zelenskyy arrived in Copenhagen on Monday for a two-day official visit, during which he met with Prime Minister Mette Frederiksen, Foreign Minister Jeppe Kofod, and other Danish officials. He also delivered a speech at the Folketing, the Danish parliament, where he expressed his gratitude for Denmark’s assistance to Ukraine.
Zelenskyy said that Denmark was one of the first countries to recognize Ukraine’s independence in 1991, and has been a reliable partner ever since. He praised Denmark’s contribution to the NATO Enhanced Forward Presence in the Baltic states, and its participation in the NATO-Ukraine Commission and the EU-Ukraine Association Council.
He also thanked Denmark for donating 12 F-16 fighter jets to Ukraine, which he said would enhance Ukraine’s air defense capabilities and deter Russian aggression. He said that Ukraine was ready to cooperate with Denmark on defense industry, energy security, and green transition.
Foreign Businesses Exit Russia Amid Sanctions and Uncertainty
Meanwhile, the number of foreign businesses that have left Russia during the nearly 18 months of war has increased significantly, according to a report by the Moscow Times. The report cited data from the Russian Federal Tax Service, which showed that the number of foreign companies registered in Russia dropped by 12.6% in 2023, compared to 8.1% in 2022.
The report attributed the decline to several factors, including the Western sanctions imposed on Russia after its invasion of Ukraine in February 2022, the uncertainty over the political and economic situation in Russia, and the difficulties of doing business in a hostile environment.
Some of the major foreign companies that have exited Russia or reduced their presence include:
- Shell, the Anglo-Dutch oil giant, which announced in July that it would sell its stake in a joint venture with Gazprom Neft, citing “changing external conditions”.
- Volkswagen, the German carmaker, which suspended its production in Russia in June due to supply chain disruptions and low demand.
- Ikea, the Swedish furniture retailer, which closed its online store in Russia in May after a court ruling that banned its use of the domain name ikea.ru.
- McDonald’s, the American fast-food chain, which closed 12 restaurants in Crimea in April after Russia annexed the peninsula.
- Coca-Cola, the American beverage company, which shut down two of its plants in Russia in March due to declining sales and rising costs.
Ukraine Seeks More Foreign Investment and Trade
Despite the challenges posed by the war with Russia, Ukraine has been trying to attract more foreign investment and trade to boost its economy and reduce its dependence on Russia. According to the State Statistics Service of Ukraine, foreign direct investment in Ukraine increased by 9.4% in 2023, reaching $16.8 billion by the end of June.
Some of the sectors that have attracted foreign investors include agriculture, IT, renewable energy, infrastructure, and tourism. Some of the countries that have increased their investment and trade with Ukraine include Turkey, Poland, Germany, France, and China.
Ukraine has also signed free trade agreements with several countries, such as Canada, Israel, and Singapore. It is also negotiating with other potential partners, such as India, Indonesia, and Vietnam.
Ukraine hopes that by diversifying its economy and expanding its international ties, it will be able to withstand Russian pressure and achieve its aspirations of joining the European Union and NATO.
