Opening speech by President von der Leyen at the Ukraine Recovery Conference

Prime Minister Tusk, dear Donald,

Prime Minister Svyrydenko, dear Yulia,

President Costa, dear António,

Fellow leaders,

Distinguished guests,

Ladies and Gentlemen,

First of all, I want to thank you, dear Donald, for hosting us. It is wonderful to be here again in Gdańsk, your city, the city of freedom, the city of solidarity.

Since the very start of Russia's war of aggression, Gdańsk has always lived up to its reputation. The entire city has mobilised in defence of freedom and in support of Ukraine: 5,000 families hosted Ukrainians in their homes, schools started teaching in Ukrainian and the local government has provided constant support to people on the frontline. The people of Gdańsk are showing that solidarity is not only part of your history, it is part of your character. So, on behalf of Europe, to the people of Gdańsk – I want to thank you from the bottom of my heart for your generosity.

Four decades ago, the people of Gdańsk helped change the course of European history, they showed that freedom could prevail over oppression and they helped open the path to Poland's European future. Today, the people of Ukraine are doing the same. The courage of Ukraine's armed forces has shifted the momentum on the battlefield. Ukraine's defence industry, with Europe's support, is showing that it can out-innovate Russia. Ukraine now produces drones at a scale that matches – and even exceeds – Russia's production capacity. And the determination of the Ukrainian people has shown to the world that their European choice cannot be broken. Now, it is our task to turn that choice into reality. Earlier this month, we opened the first cluster of negotiations with Ukraine. This was a historic moment; a recognition of the remarkable progress Ukraine has already made and a strong signal that Ukraine's future belongs in our European family. Enlargement is more than a process, it is an anchor for Ukraine's future. This first cluster focuses on the fundamentals of our Union – the rule of law, strong democratic institutions, effective public administration –, the foundations on which lasting prosperity is built. It provides a clear roadmap for the reforms ahead and it gives confidence to citizens, businesses and investors alike. As always, accession will remain merit-based, without any question. But if Ukraine continues to reform with the determination it has shown in recent years, its place in the European family is becoming a reality.

And Ukraine's European future is already taking shape today. Ukraine joined our ‘Roam Like at Home' scheme earlier this year, it is moving forward on SEPA – which is very important for businesses –, and it is taking steps towards integration in the Single Market. This brings real benefits to Ukrainians today and it sends a powerful message to investors. If you invest in Ukraine, you invest in Europe. Not only in an economy of around EUR 200 billion, but in a future member of a Single Market worth EUR 20 trillion. A market one hundred times larger and one built on the rule of law, legal certainty and the protection of property rights. That is why Ukraine's European path is such a powerful proposition. And that is why now is the time to invest in Ukraine.

That leads me to my next point. The prosperous Ukraine of tomorrow requires massive investments today. Since the beginning of Russia's full-scale invasion, the European Union and its Member States have provided more than EUR 200 billion in economic, financial and military support. And with the Ukraine Support Loan, we will provide a further EUR 90 billion over the next two years. Today, we are transferring the first tranche under this loan, EUR 3.2 billion in macro-financial assistance. So you are right, I am happy and proud to announce this disbursement today. And we will start paying the first money of the EUR 6 billion for drone production in the coming days. This, indeed, is solidarity in action.

It shows Europe's support for Ukraine is here to stay. At the same time, we continue to call on all our partners to maintain their support, because a strong and independent Ukraine is in all our interests. Our ambition is not only to help Ukraine endure, it is to help Ukraine grow and prosper as a free and European country. That is why the European Union has become the largest provider of investment and risk-sharing support in Ukraine. We are helping cities and towns to rebuild. We are supporting the resilience of the energy sector. We are providing financing to businesses, including in the frontline regions. Now we are taking the next step. At last year's Recovery Conference in Rome, we announced the creation of a European Flagship Fund, the largest equity fund – dedicated to the reconstruction of Ukraine. Today, that Fund is ready to go. It will invest in some of the most strategic sectors for Ukraine's future. From clean energy to infrastructure, to the high-growth companies that will drive Ukraine's economy in the decades ahead. The Fund is backed by the European Union, Poland, France, Germany and Italy. It can mobilise up to half a billion still this year, with the aim of reaching EUR 1 billion over time. Public capital will take the first share of risk. This creates the confidence needed to attract private investment of scale. The message to investors is simple – when you invest in Ukraine, you not only invest in their future, but in the future of Europe.

Ladies and Gentlemen,

Ukraine's recovery and growth are not only in Ukraine's interest, they are in Europe's interest too. This war has shown how fundamental Ukraine's security is to Europe, not only as a recipient but as a security provider. Ukraine's battlefield experience is unmatched; its defence companies are some of the most innovative in the world. They are developing and producing cutting-edge capabilities, from interceptor drones to jamming systems. These technologies protect Ukrainian lives every day and they are increasingly important for Europe's own security and resilience. That is why deeper integration of our defence industry is so important. We are already seeing what this partnership can achieve. Ukrainian-designed drones being produced in Germany. Fuel for Ukraine's Flamingo missiles will soon be made in Denmark. In other words, we need: Ukrainian ingenuity and innovation and European scale and industrial know-how. That is the mixture that we need to prosper.

Ladies and Gentlemen,

One year ago, when we gathered for the last Recovery Conference, the situation in Ukraine was dark. Today, the outlook is different. Ukraine has made progress on the battlefield, we have strengthened Ukraine's economic foundations, we have advanced its European path and we have created new opportunities for investment and growth. Ukraine's courage has made this possible and our solidarity has helped make it a reality. The lesson of Gdańsk remains as relevant today as it was four decades ago. Solidarity is the road to freedom.

And in that spirit, thank you, Gdańsk and Poland, for your solidarity.

Thank you, Europe, for your solidarity.

Thank you, Ukraine, for your courage. Slava Ukraini. And long live Europe.