Zenon Potoczny follows the development of the crisis in Eastern Europe from his Toronto office. The head of the Canadian-Ukrainian trade association said he was concerned about a possible invasion by Russia. But he said firm trade between Canada and Ukraine is currently continuing. Even if the geopolitical tensions between Moscow and Kiev inevitably affect international markets.
In 1991, as the founder of NATO, Canada became the first Western country to recognize Ukraine’s independence. Since then, bilateral relations between the respective governments have intensified. Until the 1994 Joint Declaration on Special Partnerships recognizing Canada’s support for Ukraine’s development. The Canadian-Ukrainian community has a population of 1.3 million. In addition to the embassies in their respective countries, the Commonwealth of Commerce represents efforts to reduce poverty in Ukraine by increasing exports from Ukraine to Canada and Canadian investments in Ukrainian territory.
According to the law, the Canadian-Ukrainian Chamber of Commerce, abbreviated to Cucc, aims to promote trade and investment opportunities between the two countries. Founded in 1992, it has 230 members operating in the Free Trade Area between Canada and Ukraine, established in 2017.
Last weekend, as head of the organization, Potoczny contacted the editors of the Canadian newspaper Financial Post to comment on the crisis between Russia and Ukraine from an economic and business perspective. “Investors are standing by the window,” he said. “They are worried about what is happening and are waiting for the events to come out. Like us, they hope that everything can be resolved diplomatically.
Ukraine represents a great investment opportunity for Canada, especially in the energy sector. “We have worked hard to bring Canadian oil and gas companies to Kiev,” continued the CUCC chairman, who has long experience in the crude oil industry as an entrepreneur. “From an energy point of view, Ukraine is an indispensable market for Canadian companies: not only in research development, but also in the export and sale of equipment.”
On January 30, some Canadian citizens gathered in support of Ukraine at Niagara Falls. The people of the North American country are also sensitive to images of columns of Russian tanks with Z on the side moving towards the Ukrainian border.