Yesterday in Kyiv, the roundtable discussion “Ukraine on the Investment Map: Capital, Recovery, Growth” took place, organized by the Union of Ukrainian Entrepreneurs (SUP) within the project “Support for Business Leadership in Strengthening Economic Resilience and the Reconstruction of Ukraine (BLR II)” which SUP implements in partnership with CASE Ukraine with the support of the Center for International Private Enterprise (CIPE).
The event became the second of five meetings within the initiative and brought together representatives of business, the expert community, and state institutions to discuss one of the key challenges for the economy — attracting investment during a full-scale war.
What Holds Back Large Capital
One of the main speakers of the event was Deputy Minister of Economy of Ukraine Yehor Perelyhin, who outlined the key barriers currently holding back the inflow of large capital into Ukraine.
According to him, the war remains the defining risk factor for international investors, especially for large industrial and institutional players. Other risk factors include the lack of quality project preparation and a shortage of long-term financial instruments for large investment projects.
Today, the main volume of investments is provided by international financial institutions and state funds: the EBRD, IFC, World Bank programs, the American-Ukrainian Reconstruction Investment Fund, and other international support mechanisms.
“If we want to attract private investors, we need to provide them with specific instruments and explain why investing in Ukraine today is перспективно,” Perelyhin emphasized.
At the same time, Ukraine is negotiating with international partners on launching new mechanisms for preparing investment projects and insuring war-related risks. In particular, consultations are ongoing with Sweden and JPMorgan regarding the creation of a private project preparation facility, as well as with DFC, the Government of Norway, and international insurance brokers regarding the expansion of war risk insurance instruments.
According to Perelyhin, the Ministry of Economy is currently working on several directions to expand available guarantees:
- restructuring the joint project with the World Bank worth $100 million;
- attracting financial guarantees through the Polish agency KUKE;
- the possibility of direct financing of guarantees from the state budget.
Investments During War: The Main Challenge for the Economy
During the discussion, participants repeatedly emphasized that the issue of investment is critically important today for Ukraine’s economic resilience and future recovery.
Former Acting Minister of Economy, Trade and Agriculture of Ukraine Pavlo Kukhta proposed allocating UAH 5 billion for investment insurance by redistributing funds from the “National Cashback” program. In his opinion, such a mechanism could create a much greater multiplier effect for the economy and stimulate industrial development already in 2026.
“The investment issue is the number one issue for Ukraine’s economy,” he emphasized during the discussion.
Participants also paid special attention to the problem of the actual isolation of Ukrainian capital from the global financial market. Due to war risks, international capital is entering Ukraine much more slowly than the economy requires, while domestic investments are mostly formed through the retained earnings of Ukrainian businesses.
$584 Billion for Reconstruction: The Scale of the Market Already Being Formed
According to World Bank estimates presented during the event, Ukraine’s reconstruction needs amount to about $584 billion over the next decade. That is why the issue of creating an effective investment ecosystem is becoming not only economic, but also strategic.
Participants of the roundtable discussed different types of capital that can enter Ukraine:
- international financial institutions;
- private investment funds;
- strategic investors;
- venture and private equity capital;
- financing from the governments of partner states.
At the same time, experts emphasized that investors need not only security guarantees, but also well-prepared projects.
Defence-Tech and Manufacturing Among the Key Growth Sectors
Participants also paid special attention to the defence-tech sector, which currently demonstrates one of the highest development dynamics in Ukraine. According to experts, the defense technology market is gradually moving from the stage of rapid growth to consolidation and the formation of a new type of companies — those capable of competing on the global market.
Significant investment potential is also seen in:
- processing industry;
- high value-added manufacturing;
- next-generation agriculture;
- critical materials and mineral extraction;
- infrastructure projects.
Small and Medium-Sized Businesses: What Is Needed for Investors to Notice You
Special attention during the roundtable “Ukraine on the Investment Map: Capital, Recovery, Growth” was given to small and medium-sized businesses — SMEs currently form the foundation of the Ukrainian economy and create the largest number of companies in the country.
Experts noted that today there is a significant number of programs from international financial organizations and institutions, but most of them are mainly focused on large companies and large-scale infrastructure projects. At the same time, for small and medium-sized businesses, the key factor in attracting investment is not only the product or sector itself, but the quality of business organization.
According to the participants, one of the main things investors and funds pay attention to is a clear and structured business model.
The construction of an operational management system plays a particularly important role:
- transparent business processes;
- financial planning;
- predictability of development;
- a clear company structure;
- the presence of a scaling strategy.
According to experts, this significantly increases a company’s chances of attracting both debt financing and private investment capital.
Participants also noted that investment funds are increasingly working with medium-sized checks and are ready to consider small and medium-sized businesses. However, the key condition remains the business’s ability to present its development model professionally and prove to investors that the company is ready to work effectively with capital.
The roundtable became a platform for an open discussion between business, the state, and the expert community about what Ukraine’s new investment model should look like.
Within the framework of the project “Support for Business Leadership in Strengthening Economic Resilience and the Reconstruction of Ukraine (BLR II)” nationwide consultations with businesses, analytical research on key economic challenges, and the preparation of practical recommendations for improving the business environment in Ukraine are being carried out.