Prime Minister Rishi Sunak wants British businesses to fight for Ukraine

This week, Prime Minister Rishi Sunak will call for investors and business leaders to join Ukraine's fight for freedom at the next major global summit. In order for Ukraine to recover from the Russia-Ukraine conflict rapidly, investment and innovation from British business leaders to intensify – Prime Minister Rishi Sunak has said.

The UK Government have recognised that Ukraine's recovery is as important as its military strategy against Russia. The UK Government revealed that at the global summit, British businesses, global investors, world leaders, and NGOs will be asked to, "step up their backing for Ukraine" and assist with the long-term rebuilding of the country.

On Wednesday (21 June) Prime Minister Rishi Sunak is set to attend the Ukraine Recovery Conference, where he will announce that innovation must be embraced by global leaders. The innovation tactic increase will make for Ukraine's economic recovery. The UK Government declared that the scheme towards Ukraine's economic recovery should mirror "the success of innovation on the battlefield".

In 2023, Ukraine's military spending has been reported as the 11th-largest military expense. In the last year, Ukraine's military spending has risen by 34 per cent. In 2022, the finances spent on military recourses in Ukraine stood at $44 billion – 36th place in regard to military expenses around the world.

Diego Lopes da Silva, a Senior Researcher with SIPRI's Military Expenditure and Arms Protection Program, said in a report: "The invasion of Ukraine had an immediate impact on military spending decisions in Central and Western Europe."

According to the UK Government, to ensure that the economy of Ukraine is rebuilt, British business chiefs, global leaders and NGOs must comply with the number of deployable schemes put forward at the global summit.

The recovery of Ukraine has been considered an emergency, considering the most recent counteroffensive and the dam disaster in Kherson.

Over one thousand foreign leaders will travel to London to attend the global summit. The global leaders will collaborate with 61 states worldwide.

Also attending the global summit, is NGO representatives, over 100 business leaders and British entrepreneurs. Alongside Prime Minister Rishi Sunak, President Volodymyr Zelenskyy of Ukraine has confirmed that he will attend virtually.

It has been pre-arranged, that Prime Minister Rishi Sunak will say: "Ukraine's bravery on the battlefield must be matched by the vision of the private sector to help the country rebuild and recover."

Prime Minister Rishi Sunak will also mention Ukraine's rapid ability to harness creation and innovation, together with reflecting on the devastated businesses and livelihoods throughout the country.

Prime Minister Rishi Sunak will also speak of the ingenuity and determination living on in Ukrainian society, despite the consistent strikes from Russia.

The innovation schemes that will be announced at the global summit this week include a digital platform that allows global companies to work with businesses in Ukraine. This digital platform will make for the enabling of virtual networking, sustainable collaborations, and long-lasting business expansions.

The initiative has been named 'TechBridge', launched by Business and Trade Minister Nusrat Ghani in partnership with the Government of Ukraine.

The scheme was already proposed to Ukraine, prior to the escalation of the Russia-Ukraine conflict in 2022. However, since the devastation that the country has fallen victim to – the initiative is essential for the rebuilding of the economy and morale.

TechBridge will not only allow innovators, entrepreneurs, and technology industries from Ukraine and the UK to collaborate, but it will also provide people will the correct training, upskilling and business support across the tech field.

At the global summit, Rishi Sunak is also set to launch the £10 million Innovate Ukraine Green Energy Challenge Fund. It has been predicted that this £10 million donation will speed up the development of low-carbon and affordable energy projects for Ukraine.

Providing the people in Ukraine with access to affordable energy resources is being held as a priority by the UK Government. The 43 million people who are still in Ukraine, are regularly experiencing acute energy levels and blackouts.