Ukraine’s War Losses Reach $600 Billion, Envoy Says

Ukraine’s total losses from the ongoing war have reached an estimated $600 billion, according to Ukraine’s Ambassador to Cairo, Mykhailo Nahornyi, who said the post-war reconstruction phase will present significant opportunities for Egyptian companies across multiple sectors.

Speaking during a meeting of the Egyptian-Ukrainian Business Council, attended by Egyptian and Ukrainian business leaders, Nahornyi stressed that Ukraine has managed to preserve its national identity and state institutions despite the war. He noted that once hostilities end, reconstruction will become the country’s top priority.

“The scale of destruction means vast demand for international partners,” Nahornyi said, pointing to opportunities in construction, housing, infrastructure, power generation, railways, and agriculture. He emphasized that Egyptian companies are well-positioned to play a meaningful role in rebuilding efforts.

Nahornyi highlighted Egypt’s role as one of Ukraine’s key trading partners, particularly in food exports. Egypt remains a major destination for Ukrainian agricultural products, while also ranking among the leading exporters of citrus fruits, potatoes, and processed food products to Ukraine. He added that stored grains and food supplies continue to reflect the depth of economic ties between the two countries.

The ambassador also revealed that Ukraine is on track to join the European Union within three to five years, a move he described as a “strategic opportunity” for foreign investors. Once Ukraine becomes part of the EU, companies operating there would gain access to the European single market, enhancing competitiveness and long-term returns.

From the Egyptian side, Gamal El-Agizi, Chairman of the Egyptian-Ukrainian Business Council, said the outbreak of war in February 2022 caused a temporary disruption in bilateral trade. However, Ukraine was able to gradually resume export activity, particularly in the agricultural sector.

“Despite severe logistical and security challenges, Ukraine has continued exporting grains and consumer oils to Egypt,” El-Agizi said, underscoring the resilience of trade relations even amid ongoing conflict.

Both sides agreed that economic relations between Egypt and Ukraine are historical and robust, with the coming period expected to witness new initiatives aimed at expanding trade, investment, and strategic cooperation.