European Business Ready to Invest in Ukraine: SUP research Results
The results of a large-scale, six-month study dedicated to European businesses’ views on investment cooperation with Ukraine and the current needs of Ukrainian companies in the recovery process were presented to the members of the Union of Ukrainian Entrepreneurs (SUP).
The results of this research were first presented by SUP Executive Director Kateryna Glazkova at the URC2025 conference in Rome. In recent years, the Union has actively represented the interests of Ukrainian business in Europe – in dialogue with governments, business leaders, investors, and think tanks. Open exchange of views, recording key signals, and understanding common challenges have become the basis for forming real partnerships.
“We understood that for real impact, not only stories and impressions are needed – data and confirmed facts are essential. That is why we initiated a study based on verified analytics and a clear methodology,” said Kateryna Glazkova.
The research covers key economic sectors, current challenges, and expectations of both Ukrainian and European companies. Behind the figures lies much more than statistics – it is the basis of trust and a guide for future investments. The goal is to transform this trust into concrete joint actions. Sincere gratitude to our partners — BusinessEurope, Confindustria, the Czech Chamber of Commerce, and other business associations — for supporting this project.
Investment Climate: Challenges and Prospects
Research, which covered the views of over 300 Ukrainian and European companies, showed the complementarity of their interests and formed a reliable basis for further investments in Ukraine’s recovery. Questionnaires for both audiences were maximally unified, allowing for direct comparison of assessments by internal and external players regarding identical situations.
Despite the war, Ukraine remains a country with enormous investment potential. Although 26% of its territory is currently occupied, most of the population continues to live, work, make plans, and pay taxes.
Ukrainian business, even in extremely difficult conditions, does not stop. It adapts, develops, and actively seeks partners for growth and recovery.
By initiating this study, the Union aimed to gain a deeper understanding of what European investors expect, what motivates them to cooperate, and what prevents some of them from taking decisive action. The obtained results reflect the real picture – the views of both sides on the prospects of interaction, barriers, trust, and Ukraine’s investment potential in the context of joint recovery.
Investment Activity: Sectors, Interests, and Cooperation Potential
Research focuses on key economic sectors in which Ukrainian and European companies operate. Ukrainian business is most active in the IT and services sector, while European companies are primarily focused on industry, construction, and healthcare. Both sides recognized transport and logistics as key areas for cooperation.
The growing interest of Europeans in less active sectors in Ukraine creates opportunities for new partnerships. This is the strength of complementarity: Ukrainian and European businesses have common interests and can form a strong basis for investments in Ukraine’s recovery.
Almost 55% of European companies expressed interest in investing in Ukraine. The greatest interest is observed in industry, energy, and infrastructure, as well as the agricultural sector, medicine, and defense.
In practice, 76% of Ukrainian companies continue to invest even during the war. Among European companies, 30% have already made investments, and over 40% plan to do so in the near future. SUP members have already invested over €1.7 billion since 2022.
These data are also confirmed by the EBRD study “SMEs in Wartime: Trends, Challenges, and Needs,” according to which 58% of small and medium-sized Ukrainian companies continue to invest in the third year of the war. The main areas are production equipment, energy supply, and staff development.
Despite the war, interest and trust in the Ukrainian economy remain high.
Perception of Investment Climate and Main Barriers
84% of Ukrainian companies assess the investment climate as positive or very positive. Among European businesses, 66% share this opinion, with 40% highly appreciating the prospects. At the same time, about a third of respondents, primarily from Europe, take a neutral stance – awaiting further changes or reforms.
Despite positive signals, businesses clearly outline the barriers that hinder the development of investments in Ukraine. Among the main challenges are war, corruption, excessive bureaucracy, imperfect legislation, weak investor protection, and the lack of transparent “rules of the game.” The opinions of Ukrainian and European companies regarding these problems are almost identical.
“These are not just complaints – but a concrete roadmap for change. We want investors to choose Ukraine – confidently and for the long term,” adds Kateryna Glazkova.
What Investors Want to See in Ukraine
The study identified a “checklist” of key steps for the Ukrainian government that could encourage foreign companies to invest without waiting for the end of the war:
- Investor protection – guarantees of security and predictability;
- Tax incentives – ensuring benefits for foreign capital from day one;
- State investment guarantees – the country’s readiness to share investment risks;
- Access to state projects – transparency and accessibility of information about tenders for reconstruction;
- Simplification of administrative procedures – reducing bureaucracy, saving time and money;
- Full digitalization of processes – the ability to conduct business quickly and transparently online.
Forecasts and Investment Formats
85% of European companies believe in the strong potential of the Ukrainian market in the next 3-5 years. Over 70% of Ukrainian companies share the same optimism.
For Ukrainian business, among the priorities are the protection of property rights, overcoming corruption, and the stability of state policy. European partners emphasize the importance of supporting strategic investments and developing public-private partnerships.
Among the most common investment formats are partnerships between Ukrainian and European companies (47.5%). Joint ventures are also gaining momentum: 21% of companies in the EU and 28% in Ukraine prefer this format. In addition, Ukrainian business shows greater openness to direct investments – 20% compared to 15% among European companies.
Role of Dialogue and Next Steps
European business increasingly trusts the Ukrainian economy. Despite the war, Ukrainian companies continue to invest, develop, and attract capital. Many European companies are already planning to enter the Ukrainian market. Both sides recognize significant potential for cooperation in the coming years.
At the same time, one of the main obstacles remains unclear and unpredictable rules of the game. This is a systemic issue that requires joint resolution – through dialogue, business participation in decision-making, and implementation of reforms.
European companies see Ukraine as a long-term partner. At the center of joint reconstruction are trade, joint ventures, and direct investments.
“European companies view Ukraine not only as a market but also seek to become partners in recovery and further development. The demand from international business has already been formed, and now clear steps are needed from our state to turn interest into real investments,” concluded Kateryna Glazkova.
B2B, B2G formats, working groups, and industry dialogues remain key to effective interaction. Transparent communication, better awareness of investment opportunities, and involving business in state processes are necessary conditions for sustainable economic growth.
The study results will form the basis for further work on strengthening Ukraine’s investment image. The Union of Ukrainian Entrepreneurs calls on partners to join in forming a new investment space – understandable, transparent, and stable.
The research results are available at the link, and you can also watch the presentation video on our YouTube channel.
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SUP is the largest independent association of entrepreneurs in Ukraine, comprising over 1300 companies from all sectors and regions of the country. With regional offices, a European office in Warsaw, and a representative office in Brussels, the Union actively works on reforms and shaping business policy through 10 industry committees and three internal centers: Analytical Center, Business Protection Center, and International Cooperation Center.
SUP representatives play a key role in the negotiation process for Ukraine’s accession to the EU, acting as the voice of Ukrainian business. Particularly impressive is the fact that despite the full-scale war, SUP member companies have invested over €1.7 billion in the Ukrainian economy since 2022. This figure demonstrates the unwavering strength, trust, and responsibility of Ukrainian business, which continues to operate, develop, and seek partners even in wartime conditions.