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The reality and future of international investors in Ukraine

The reality and future of international investors in Ukraine

The American Chamber of Commerce, with the support of USAID, has conducted a Survey of International Investors in Ukraine on the impact of Russia’s war on Ukraine’s investment climate, as well as the investors’ concerns and expectations for the future of investment in Ukraine after the war. We have compiled some key takeaways.

Despite the financial losses of investors due to Russia’s war, 64% of respondents said they would be willing to work in Ukraine after the war. This is primarily due to the fact that 82% of investors emphasize the availability of skilled, trained people in Ukraine and 72% note Ukraine’s competitive cost structures (labor, other).

Investors believe that the main challenge for their business in Ukraine is the security situation caused by Russia’s war (85%). That is why respondents consider the end of the war and stabilization of the security situation to be the main prerequisites for successful investment in Ukraine in the future.

According to the surveyed investors, after the war ends, in order to create a favorable investment climate, Ukraine needs to ensure the rule of law and justice in the country, as well as the independence of financial and anti-corruption institutions, rebuild critical infrastructure, and introduce a predictable business tax system.

In addition to the complete withdrawal of Russian troops from the territory of Ukraine, 54% of respondents believe that Ukraine’s membership in NATO and the EU (52%) are prerequisites for Ukraine’s security.

Overall, while looking toward post-war investment opportunities for their companies in Ukraine, many are focused on expanding their existing business, with some planning to open new retail facilities or provide professional services to rebuild Ukraine. Others saw opportunities in entering new markets, both inside and outside of Ukraine, focusing on sustainability and ESG investing. The responses show that there is considerable interest in investing in Ukraine after the war, with opportunities in a range of sectors. However, the exact nature of these opportunities will depend on factors such as the timing of the war’s end, the geopolitical situation, and the implementation of reforms to create a more business-friendly environment.

Among the biggest post-war investment opportunities in Ukraine, respondents named:

  1. Business expansion 
  2. Ukraine’s rebuilding and reconstruction 
  3. Infrastructure 
  4. Agriculture 
  5. Digital transformation 
  6. EU Accession



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