The Business Ombudsman Council (the Council) has presented a report based on the study “Ukraine at War: Business Environment Transformation and Investment Prospects.”
The event brought together representatives of the business and analytical communities from the American Chamber of Commerce, the European Business Association, the Chamber of Commerce and Industry, the Federation of Employers of Ukraine, the Union of Ukrainian Entrepreneurs, the Institute for Economic Research and Policy Consulting, the Centre for Economic Strategy, as well as the Norwegian and French Chambers of Commerce.
The Council aimed to explore the key challenges and opportunities for business development during wartime and to assess the prospects for attracting investment. The report’s findings helped identify systemic issues faced by the private sector involved in Ukraine’s recovery.
The document combines results from a survey conducted in autumn 2024 among representatives of Ukrainian and international businesses, along with an analysis of changes that have occurred since the start of the full-scale invasion and their impact on business operations.
“This report is our attempt to look ‘beyond the horizon’ and to test the ‘investment appetite’ of the private sector. Despite tremendous challenges, businesses continue to operate, grow, and plan for the future in Ukraine, while international partners are showing increasing interest in ‘future Ukraine’,” noted Deputy Business Ombudsman Tetiana Korotka.
Survey respondents included residents of Poland, Germany, Canada, the United Kingdom, Sweden, France, Bulgaria, and Ukraine.
According to the study, over 60% of foreign investors plan to invest up to USD 5 million in Ukraine. More than 30% of companies are ready to invest significantly larger amounts—up to USD 100 million.
“The resilience of Ukrainian business is a clear signal to investors: this is a place worth being in and investing in. But for business to invest and grow, projects or financial instruments alone are not enough. Stability, legal protection, and clear rules of the game are essential,” emphasized Business Ombudsman Roman Waschuk.
At the same time, entrepreneurs note that the key factor in making investment decisions is war-related risks (69%). Additionally, 38.9% point to economic uncertainty, currency fluctuations, and inflation as negative influences. The biggest legal and regulatory barriers deterring investors include: permit procedures (15.4%), limited access to justice (15.4%), lack of effective political risk insurance (15.4%), corruption (7.7%), and military risks (7.7%).
A separate part of the study focused on the private sector’s participation in public procurement. Unfair competition and contract enforcement issues significantly affect business trust and willingness to participate in tenders.
The study also includes the Council’s proposals for priority changes to stimulate investment inflows.
The Council will continue to document business challenges, share analytics, and propose practical solutions to turn barriers into opportunities.
Download the UA version of the report here.
