Iryna Suprun: communities should cooperate with investors willing to invest in the development of Ukrainian subsoil

In light of rebuilding territories in the post-war period, it’s crucial to assess Ukraine’s abundant natural potential, given that our land possesses the necessary opportunities and resources for this endeavor.

This viewpoint was shared by Iryna Suprun, the founder of Geological Investment Group LLC, a lawyer, and a deputy of the Lviv Regional Council, at the European Studies Academy during the session “Decentralization and Community Development: EU Programs for Ukraine “.

Iryna Suprun asserts that each community should adopt a strategic approach to its development. Presently, there are two primary methods for cooperation and territorial development in Ukraine, which will shape the pace of the country’s post-war reconstruction: attracting external investors or, if feasible, independently developing subsoil resources.

Iryna Suprun noted that Ukraine has witnessed successful instances where communities establish communal enterprises and secure rights for subsoil development. There are also quite successful examples of partnerships between communities and investors who contribute financially to the community, create employment opportunities, and contribute to taxes, including personal income tax and mineral extraction tax. “It’s evident that any incoming investor will seek the community’s trust. It is crucial for all community representatives and the community at large to take a very measured approach to such collaborations. Community representatives need to articulate their stance and the benefits they will reap from partnerships with potential investors. Post-war, there will likely be numerous parties interested in investing in the development of Ukrainian subsoil,” stated Iryna Suprun, founder of the Geological Investment Group.

Iryna Suprun, an expert in the field of subsoil use, pointed out that Ukraine boasts an attractive geography, particularly evident in its rich natural resources, which significantly empower communities to develop. In the context of reconstruction, the natural potential is undeniably vital. Assessing our resources – land, water, and subsoil – it becomes clear that subsoil is the most critical. This aspect offers each community a unique potential resource within the subsoil use system. Suprun emphasizes that Ukraine is among the richest countries in Europe in terms of mineral resources. Since 2016, Ukraine has been a strategic partner of the European Union in critical raw materials, and as of 2022, Ukraine and the EU have signed a cooperation agreement on critical minerals, including rare earth metals like lithium, beryllium, zirconium, strontium, vanadium, and others.

Focusing on the Lviv region, the western part of our country possesses immense energy potential, particularly in the development of oil and gas condensate. There are extensive areas yet to be explored, requiring substantial investment. Additionally, some areas have harnessed the potential of extracting construction raw materials such as sand, limestone, clay, and building stone.

Iryna Suprun highlights a significant advantage of the Lviv region: its robust logistics capabilities. As a result, it is poised to be among the first areas to attract international investment.