Ukraine’s President Volodymyr Zelensky will attend a crucial conference in Rome this week, where world leaders and businesses will gather to bolster support for rebuilding Ukraine. This comes as US military aid falters, leaving Ukraine in a precarious position. The Ukraine Recovery Conference aims to mobilize investments, particularly from the private sector.
The event will see the participation of EU chief Ursula von der Leyen and German Chancellor Friedrich Merz, in addition to fifteen heads of state and government will focus on Ukraine’s long-term recovery. Ukraine hopes to secure agreements on energy and defense industry cooperation. Russian strikes have repeatedly targeted Ukraine’s power grid, exacerbating the need for support.
Zelensky Emphasizes Immediate Defense Needs
Zelensky will meet Italy’s President Sergio Mattarella on Wednesday, as he stressed Ukraine’s urgent need to defend against intensifying Russian attacks. “Ukrainian representatives will focus on immediate defense tasks,” Zelensky stated. The conference, an annual event since Russia’s 2022 invasion, will open with a speech by Italian Prime Minister Giorgia Meloni.
The United States, once Ukraine’s biggest backer, will send the President’s envoy, as Trump criticized the billions in support sent to Kyiv under the Biden administration. However, he recently announced additional weapons for Ukraine, despite halting some shipments. European countries have stepped up to fill the gap left by the US withdrawal.
Analysts noted the war’s potential longevity and the difficulty of securing sustained support. The World Bank estimates Ukraine’s reconstruction will cost $524 billion over the next decade, a figure which is approximately 2.8 times Ukraine’s estimated nominal GDP for 2024. However, the Italian government emphasized the necessity of private investors for this recovery.
Over 2,000 companies, including 500 Italian firms, will attend the conference, with convincing investors remains challenging as the war continues. “The recovery of our state is a real, daily process,” stated Oleksii Kuleba, Ukraine’s recovery minister.
New Approaches and Future Prospects
The Trump administration has adopted a more transactional approach to Ukraine support. In April, Washington and Kyiv signed a landmark minerals deal. This agreement will jointly develop Ukraine’s natural resources, with revenues going to a joint recovery fund. The Rome conference will also address Ukraine’s EU aspirations and human capital challenges. Many Ukrainians have been called up to fight or have fled the country.
