Julia Kiryanova is the CEO of Smart Holding, one of Ukraine's largest investment groups.She is hoping governments and big firms will funnel billions of dollars to help Ukraine rebuild.Kiryanova helped with some government aid packages, but private investors remain hard to persuade.

The as-told-to essay is based on a conversation with Julia Kiryanova, the CEO of Smart Holding, one of Ukraine's largest investment groups. It's been edited for length and clarity.

I am the CEO of Smart Holding, one of Ukraine's largest production and investment groups. I've been traveling to Western capitals, trying to get business leaders and policymakers to invest in my country's reconstruction.

What we've seen since the war started is a lot of governmental talk. Of course, there are lots of good reasons for that — military tasks are the prime ones for Ukraine today.

However, that should not come at the price of a strong economy. And a strong economy is only possible when the corporate sector is an active participant.

Only the private sector and foreign investors can rebuild the country.

I am traveling to them so they can better understand Ukraine's needs

Having this in mind, I'm seeing policymakers, think tanks, business associations, and the businesses themselves in their own countries.

I want them to understand the situation in Ukraine because sometimes they cannot get it through the media or through any other type of source.

I'm also getting their views, their plans for Ukraine, and how we can support each other in assisting this process and building partnerships.

I have been discussing with officials at the State Department in Washington, DC, how we can improve communications between the private and public sectors in Ukraine.

Julia Kiryanova standing in front of the Capitol Building in Washington, DC, where she spoke with State Department officials.




Courtesy of Julia Kiryanova

Then, I discussed Ukraine's reconstruction with 7 or 8 MPs of the UK Parliament.

I had two very productive meetings with the European Commission in the run-up to its Ukraine Facility proposing to provide $54 billion.

We discussed practical matters, like how to finance that facility in line with international financial institutions.

(Editor's note: Since Kiryanova spoke to BI, the EU spending package was blocked. Hungary, one of the 27 member states, vetoed the plan.)

In Germany, I met with advisors to the Chancellery as well as MPs from the Bundestag.

Julia Kiryanova standing in front of the Houses of Parliament in London, United Kingdom, outside the European Parliament building in Brussels, Belgium, and inside the German Parliament in Berlin, Germany.




Courtesy of Julia Kiryanova

During those talks, I tell them there are business opportunities in Ukraine and the value they can get out of Ukraine.

I am laying the ground work and building momentum for the post-war economy

So far, I have not heard any promises of investments in Ukraine's industry from private investors.

But I am focused on the long run. I do not hope someone will invest immediately tomorrow. If I had these hopes, I'd be frustrated.

We're now working on long-term relationships, which need time and effort.

If foreign investors could adjust their risk appetite, they could invest with us today.

Therefore, I'm saying — now is the time to invest. And those who take this risk today will reap the benefits afterwards.

But they need to take it.

Massive investment will come after the war

To me, Ukraine's reconstruction goes through two phases.

The first phase is when there will be government-to-government assistance to rebuild some of the key infrastructure and key housing in Ukraine.

That is a clear responsibility of the state because only governments can generate the capital required for such reconstruction.

And the second phase is when the private sector comes into play.

By that time, the investment climate and the incentives should be there for a boost in Ukraine's economy. The boost will only come when the private investors have a clear vision of how they can get their money into Ukraine.

However, I'm not saying the private sector will not invest during the first phase or even during the war. I'm saying massive investment will only come after the war.

For the private sector to get prepared to invest at that second stage, we need to have all these discussions now. Foreign investors need to get to know the market, the local partners, and the pre-conditions for investment. This is all now — not after the war.

It is hard work but I am a realist

I feel realistic about the challenges ahead. Ukraine is in a very difficult situation with an unknown time horizon.

Sometimes the messaging can be frustrating, especially with aid packages not being approved by the US — which is critical — or the EU.

But I do believe we're having success. We've held conferences about Ukraine's reconstruction in Lugano, Switzerland, and in London.

And we're holding one in Berlin, Germany, in June — Ukraine's third-biggest conference on reconstruction. These conferences are milestones.

If the private sector is there, then it is a success. Again, there is a long way to go.