Freeland calls Ukraine a ‘fantastic investment’ as Ottawa pledges $235 million

CTV military analyst retired Maj.-Gen. David Fraser says Canada's $235-million contribution to Ukraine 'comes at a time when they need it the most.'

Former federal minister Chrystia Freeland this week said Ukraine can become an economic juggernaut and boost European economies by taking up the opportunities it missed after the collapse of the Soviet Union.

Her comments come as Ottawa pledges another $235 million for Ukraine through the NATO military alliance, and as the world watches for the latest iteration of a Washington-brokered deal to end Russia’s war on Ukraine.

Freeland spoke Tuesday at a Toronto conference aimed at drumming up investment in Ukraine. It appeared to be her first major speech in Canada since Prime Minister Mark Carney appointed her as special envoy for the reconstruction of Ukraine.

“It is a country that will be a fantastic partner for us all, a fantastic investment for the businesses that have the courage to invest now,” she told the conference.

Freeland said while Ukraine missed out on an economic boom when it secured independence in 1991, it can unleash its potential once the war Russia launched ends, through innovation and “the entrepreneurial approach that Ukrainians are taking to fighting this war.”

The Toronto MP did not specify which sectors could see the most growth but noted “an increasing recognition that Ukraine can be the arsenal for Europe, and that Ukraine can be the shield for Europe” through its growing defence industry.

“As we move from fighting the war to fighting the peace, I think we really have to see this as an opportunity for an economic renaissance,” she said.

She said it makes more sense to talk about the rebirth of Ukraine’s economy, instead of rebuilding the economy that existed before Moscow’s 2014 partial occupation. That escalated to a full-scale invasion in 2022.

“Just imagine how incredible that economic renaissance can be when all of that energy that we have heard about here is unleashed and is directed to the rebuilding of Ukraine,” she said.

She said the economic boom in Poland, which has been among the leading EU economies over the past decade, suggests what a postwar Ukrainian economy could look like.

Freeland also said that the ongoing corruption scandal in Ukraine is proof of a healthy democracy doing the hard work of investigating possible wrongdoing and seeking accountability.

On Wednesday, Foreign Affairs Minister Anita Anand announced funding for Ukraine during the NATO foreign ministers’ meeting in Brussels, following a funding announcement in Ottawa by Defence Minister David McGuinty.

Ottawa’s $235 million package for Ukraine includes $200 million for what it calls the “prioritized Ukraine requirements list,” which will be used to purchase a half billion U.S. dollars worth of goods from American suppliers.

The remaining $35 million will go to NATO’s comprehensive assistance package for Ukraine.

“That particular contribution is going to assist Ukraine with military resources such as fuel, medical supplies, communication services, winter gear, and more,” Anand told reporters in a callback from Brussels.

Ukrainian Foreign Minister Andrii Sybiha said he was grateful for Canada’s help and posted on social media that “this support will help to protect lives from Russian terror.”

This week, in an interview hosted by the Kyiv Post, Freeland described her job as promoting investment in Ukraine and convincing Canadian businesses to get involved.

“The job is to listen to investors, to hear from them, what do they need,” she said.

She also said the role is about informing Canadians about the opportunities Ukraine holds.

“It is a moment to tell some of the Ukrainian story … to turn the conversation, at least a little, from the crimes which are still being committed every single day — but also to be talking about the resilience, the innovation, the ingenuity and the opportunity,” Freeland said.

The former journalist has not been interviewed by a Canadian news outlet in the 11 weeks since her appointment, despite multiple requests from The Canadian Press. Last month, her office would not provide an on-record explanation of why she hasn’t done domestic media interviews.

Freeland is set to move to England for a job administering the Rhodes Trust educational charity, which starts in July and requires her to live in Oxford.

It’s not clear whether Freeland will continue in her envoy role, which was created by a cabinet order that expires in September 2026.

Ukraine’s Ambassador to Canada Andrii Plakhotniuk told the Senate foreign affairs committee Wednesday that Ukraine’s reconstruction is expected to cost “more than half a trillion dollars.”

Senators asked him to characterize ceasefire talks with Washington. He said those talks have made some progress but are preliminary and ongoing.

He said Ukraine has raised “three major points” with Washington, including the future of territories occupied by Russia, the use of Russia’s sovereign assets to fund reconstruction, and the need for Ukraine to have “robust” security guarantees to prevent more Russian incursions.

Plakhotniuk was not asked at length about reconstruction and investment.

On. Oct. 22, senior Global Affairs Canada official Alexandre Lévêque told the same committee “the appetite of Canadian companies to do business in Ukraine remains relatively limited at this time” due to physical risks during an active conflict.

The committee heard that France’s defence ministry was in talks with carmaker Renault about building drones partly or entirely in Ukraine.

This report by The Canadian Press was first published Dec. 3, 2025.