Chancellor Angela Merkel and Ukraine’s Prime Minister Arseniy Yatsenyuk together opened the German-Ukrainian business conference at the Haus der Deutschen Wirtschaft (House of German Industry) in Berlin. Later the Chancellor met with the Ukrainian government delegation.

More than 600 representatives of leading German and Ukrainian businesses were invited. "This demonstrates that, in spite of all its difficulties, Ukraine has a lot to offer as a business location," said Angela Merkel.

German-Ukrainian chamber of commerce

In the presence of the two heads of government, an agreement to establish a German-Ukrainian chamber of commerce was signed. In the well developed sectors of the Ukrainian economy, but also "in the energy and transport sectors, German businesses could be competent partners," said Angela Merkel.

More than 2,000 businesses with German stakeholders are currently operating in Ukraine. Germany is one of Ukraine’s main trading partners. In 2014 the volume of trade was 5.2 billion euros, while German direct investment totalled 4.5 billion euros.

The establishment of a German-Ukrainian chamber of commerce is a "genuine qualitative leap forward, because with it we have an institution that can help explore various business opportunities," said Angela Merkel.

Reconstruction and stability

Ukraine is currently in a very difficult economic situation. This is especially true of the situation in eastern Ukraine, but much of the country’s infrastructure has also been destroyed and the currency has been devalued.

Establishing a chamber of commerce is a cautious sign of an improvement in the situation. "We would like to be a good partner for Ukraine on the road to stability and economic prosperity," stressed Angela Merkel in her speech.

A peaceful environment is needed for reform

Following the long-planned business conference the Chancellor praised the efforts made by Arseniy Yatsenyuk to push ahead with the difficult reform process in Ukraine. Important steps of great significance have been taken, she said, although such matters as corruption and personnel changes cannot be tackled within a period of only a few months. Germany will continue to support this process.

The free trade agreement with the EU is an important "driver of dynamic development". Angela Merkel stressed that the agreement "is not targeted against anybody. It marks an opening of Ukraine’s markets towards the European Union, but it is not a move against Russia."

Implementation of Minsk agreements of central importance

The Chancellor made it clear that stability in Ukraine is necessary and vitally important for economic development. The fact that the country now has a ceasefire "is certainly helpful, but does not in itself guarantee adequate stability. Ukraine must regain access to its own borders." This is not yet the case, if we look at the separatist-controlled areas around Donetsk and Luhansk, said Angela Merkel.

Sanctions on Russia are "coupled to the implementation of the Minsk agreements. That is what we have always said," the Chancellor declared. If more time is required for implementation, "we will continue to see the sanctions in conjunction with the Minsk agreements."