Ukraine is investable if the risk is understood - International Chamber of Commerce Secretary General John W.H. Denton
Exclusive interview with Mr. John W.H. Denton, ICC Secretary General, for Interfax-Ukraine
By Maksym Urakin
Secretary General of the International Chamber of Commerce (ICC), John W.H. Denton AO, visited Kyiv in June 2025. In an exclusive interview with Interfax-Ukraine, he discussed ICC’s efforts to support Ukraine’s private sector during the war, plans to promote Ukrainian exports globally, and what the country must demonstrate now to attract investment. Denton also shared his personal reflections on standing with Ukraine during one of the most challenging times in its modern history.
Q: Mr. Denton, this is not your first visit to Ukraine. What motivated your repeated visits since the start of the full-scale invasion?
A: I’ve been to Kyiv four times since the war began. I first came within six weeks of the invasion to show that the global business community stood with Ukrainian businesses. It was important to provide immediate support and demonstrate solidarity. I met with regional chambers of commerce, including those from occupied areas, to understand their needs and realities.
We realized early on that keeping Ukraine’s private sector functioning is essential to maintaining the country’s economic resilience — and to making future recovery possible. A functioning private sector is the foundation for reconstruction. If it collapses, recovery becomes doubly hard.
Q: In 2024, you announced a reduction in the cost of access to the ICC Arbitration Court for Ukrainian companies. Has that happened?
A: Yes, we implemented the reduced rates to remove barriers to dispute resolution for Ukrainian businesses. The arbitration process is only triggered when a dispute arises under a contract that references ICC rules. While we don’t yet have statistics on how many contracts have included this, the mechanism is in place and we’ve encouraged its use.
Q: Another initiative was to make the ICC’s One Click platform accessible to Ukrainian SMEs. Has this been achieved?
A: Yes. The platform has been translated into Ukrainian and integrated into the network of the Ukrainian Chamber of Commerce and Industry. Regional chambers are also using it. We’ve also conducted multiple training sessions for Ukrainian companies to help them understand how to use it effectively.
Q: Can Ukrainian businesses whose assets were seized during the occupation use ICC arbitration mechanisms?
A: Yes, provided there is a valid contract referencing ICC arbitration that has been breached due to the occupation. We also advocate for the creation of a compensation fund for damages — potentially funded from frozen Russian assets — and we are ready to advise on its design. We have suspended ICC Russia — we didn’t dissolve it, as that requires approval from our global membership, which includes over 100 countries with diverse views. Suspension was the most effective measure available. We are clear in our condemnation of Russia’s invasion.
Q: How is ICC helping Ukraine expand into new global markets beyond Europe?
A: We’ve taken Ukrainian business delegations to Latin America and Africa — for example, to Bogota and Nairobi — to major regional business forums. These events help increase the visibility of Ukrainian SMEs, correct misperceptions, and foster new partnerships. Ukrainian businesses need to be seen and heard on the global stage.
Q: What tools can ICC offer Ukrainian exporters and SMEs during wartime?
A: One of the most powerful tools is Incoterms — global trade rules developed by ICC. We also provide training to help companies meet EU green deal standards and are working on “Ecoterms” as a sustainability upgrade. Additionally, we’ve created an agri-food hub and recently engaged over 100 Ukrainian agribusinesses to help them meet EU deforestation regulations.
Q: What are ICC’s expectations for the upcoming Ukraine Recovery Conference in Rome?
A: Our focus is very practical. We will convene a roundtable on export finance guarantees, a major barrier to investment. Investors aren’t fully covered for risks in Ukraine. We’re bringing together key stakeholders — governments, financial institutions, businesses — to resolve this. We’ll also discuss other investment barriers and how to reduce risk for the private sector.
Q: What should Ukraine do now to build investor confidence?
A: Ukraine needs a clear and coherent investment attraction strategy with marketable projects. It must improve public-private partnerships, ensure rule of law, and address corruption perceptions. Winning the war is crucial — but so is winning the peace. Investors need predictability, and Ukraine must send clear signals in a highly competitive global investment landscape.
Q: The court system in Ukraine has a reputation for corruption. How can businesses be confident in legal protections?
A: That’s why ICC offers an independent Court of Arbitration, which is globally respected and free of such concerns. It creates a trusted mechanism for resolving disputes. Simultaneously, Ukraine must continue to reform its legal system to build long-term confidence.
Q: How would you describe ICC’s cooperation with the Ukrainian Chamber of Commerce and Industry?
A: Very productive. The Ukrainian Chamber, under Hennadiy Chyzhykov, is dynamic and well-respected by ministries and the Office of the President. It plays a crucial role in bringing regional chambers together and amplifying the voice of business across the country.
Q: You’ve met with multiple Ukrainian government officials during this visit. What were the key themes?
A: We met with the Minister of Finance, the Minister of Environmental Protection, Deputy Foreign Minister, advisors to the President, and others. Discussions focused on private sector resilience, investment facilitation, and reconstruction strategy.
Q: If you had one message to share with the global business community about Ukraine, what would it be?
A: Ukraine is investable — if you understand and manage the risk properly. And personally for me to stand with Ukraine means enabling Ukraine’s private sector to survive, grow, and ultimately help build a new Ukraine. That’s incredibly meaningful!
ICC (International Chamber of Commerce) is the world’s largest business organization, representing private sector interests at the global level.
- Headquarters: Paris, France
- Member countries: over 170 countries
- Members: more than 45 million companies, entrepreneurs, and business associations worldwide
- Status: holds observer status at the United Nations and collaborates closely with the WTO, G20, IMF, and other international bodies.
Develops global business standards and rules (e.g., Incoterms®);resolves international disputes through the ICC International Court of Arbitration, one of the world’s most respected arbitration institutions;promotes free trade, sustainable development, and economic digitalization.
ICC is widely regarded as the voice of global business and plays a key role in shaping the international business environment.
