Opinion column for The Washington Times by Natalya Yemchenko, the chief corporate affairs officer of System Capital Management.
As world leaders and Ukrainian officials gathered in Rome last week for the 2025 Ukraine Recovery Conference, attention naturally turned toward the towering task of rebuilding Ukraine’s cities, roads and economy. The summit opened with a signal of renewed European commitment: the unveiling of an equity fund and $2.69 billion in pledged support to help drive Ukraine’s recovery.
Yet there’s a bigger story here, which doesn’t always make headlines. Ukraine’s postwar reconstruction isn’t about just bricks, bridges and billions. It’s about people.
Human capital — knowledge, talent and determination — isn’t a side issue. It’s the centerpiece. No amount of money will be enough without the expertise, innovation and hard work of millions of Ukrainians.
Even after more than three years of all-out war against the Russian war machine, Ukrainians manage to thrive under devastating circumstances. Our economy remained resilient despite conflict conditions, growing nearly 3% in 2024. This advancement is expected to continue, with a projected 2.5% growth through the end of the year.
These numbers would be impressive for a nation of Ukraine’s size during peacetime. Achieving this during the all-out war was nothing short of remarkable.
Investors should feel confident pursuing opportunities in Ukraine because of our perseverance in the war and because of Ukraine’s belief in itself. We have proved our desire and ability to be a strong partner for international investment, bringing real expertise to the table for long-term, mutually beneficial partnerships with foreign companies.
The private sector’s willingness to go above and beyond to nurture its own human capital should not be forgotten. At the Ukraine Recovery Conference, many major Ukrainian companies signed onto the Human Capital Resilience Charter, which aims to rebuild a strong labor market in Ukraine and set up the country for further economic success.
DTEK and Metinvest, two of the primary signatories, are affiliated with System Capital Management, an international investment group founded by businessman and philanthropist Rinat Akhmetov. Before and throughout wartime, System Capital Management has sought to maintain economic stability for Ukrainians, employing more than 150,000 workers and powering the economy through investing in more than 250 enterprises worldwide.
