What does the future of investment cooperation between Ukraine and Europe look like? What expectations, barriers, and opportunities do businesses on both sides see?
These questions were at the center of the first panel discussion within the event “Partnership for Development: The Response of Ukraine’s Private Sector,” which took place on July 11, 2025, in Rome as part of the Ukraine Recovery Conference 2025 and was organized by the Union of Ukrainian Entrepreneurs (SUP) jointly with the Business Ombudsman Council in Ukraine.
SUP Study
SUP’s study – “European business perspectives on investment cooperation with Ukraine and the needs of Ukrainian business in the recovery process” – served as the analytical basis for the discussion. It was presented by Kateryna Glazkova, Executive Director of the Union of Ukrainian Entrepreneurs (SUP).
Key Findings of the Study
- European interest in Ukraine is not theory, but a fact:
– 55% of European companies are considering investing in Ukraine already today.
– The greatest interest is in industry, energy, and infrastructure, followed by agriculture, medicine, and defense.
- Ukrainian business does not stop:
76% of Ukrainian companies continue to invest resources in their own country even during the war – this is a sign of resilience and confidence in the future.
- There are common ground and points of growth:
– Ukrainian companies are active in IT and services, European companies in construction, manufacturing, and healthcare.
– Transport and logistics are a key area of interest for both sides.
– Europeans are increasingly paying attention to sectors that are currently less developed in Ukraine – there is room for new partnerships here.
- Investment Climate: there is trust, but action is needed:
– 84% of Ukrainian companies assess the environment as positive or very positive.
– 66% of European companies are also positively inclined, although a third are still waiting for real changes.
- What hinders: Apart from the war, businesses are constrained by corruption, bureaucracy, lack of clear rules of the game, and distrust in investor protection. European companies also point to a lack of quality information about opportunities.
- What motivates: Protection of property rights, tax incentives, state guarantees, access to state projects, simplification of procedures, digitalization of processes – these are critically important for investors.
- Partnership is the predominant format: 47.5% of European companies see cooperation with local businesses as the best option for entering the Ukrainian market. Joint ventures and direct investments are also in focus.
The future looks promising: 85% of European companies and over 70% of Ukrainian companies believe in Ukraine’s strong market potential over the next 3–5 years. “This is a real result,” emphasized Kateryna Glazkova.
Panelists
The discussion itself was also attended by:
- Roman Waschchuk, Business Ombudsman of Ukraine
- Barbara Rambousek, Director, EBRD, Inclusive Finance
- Luiza Santos, Deputy Director General, BusinessEurope (online)
- Andrzej Rudka
- Moderator was Dmytro Polyanskyi, Leading Recovery Specialist, Business Ombudsman Council in Ukraine
Panel Discussion “Engaging Foreign Business in Ukraine’s Recovery: Prospects and Obstacles”
In the second panel discussion, “Engaging foreign business in Ukraine’s recovery: prospects and obstacles,” participants discussed the barriers faced by Ukrainian and international companies when implementing projects within post-war recovery, as well as possible ways to overcome them.
Panelists
The discussion was moderated by Greg Fishman, Secretary-Treasurer of USUBC, and gathered representatives of international business, international financial institutions, and the public sector.
- Tetiana Korotka, Deputy Business Ombudsman of Ukraine
- Lisa Kastner, Head of IFC in Ukraine
- Iryna Kravchenko, Deputy Head of EBRD Representation in Ukraine
- Artūras Žarnovskis, Program Manager Co-create Future of Ukraine and European Peace Facility
- Eric P. Luhmann, Director of Global Business Development and Special Projects, Amsted Rail Company
- Jim Weiss, Deputy Head of Samsung in Central and Eastern Europe
Participants discussed the following key topics:
- What are the main barriers preventing Ukrainian and foreign businesses from effectively engaging in Ukraine’s reconstruction?
- How to create favorable conditions for attracting European companies and developing their cooperation with Ukrainian partners?
- What does international business expect from investments in Ukraine, and what initiatives can encourage this?
- What risks and deterrents do investors themselves identify – both Ukrainian and international?
The event was given a special emotional resonance by the final performance of “Cultural Forces of Ukraine” – powerful, profound music within the historic walls of Palazzo Valentini became a symbol of inner resilience and inspiring culture.
The event became an important milestone in forming a new quality of partnership between Ukrainian business and the international community. By presenting its initiatives, expertise, and vision, the Ukrainian private sector confirmed its active position in the country’s post-war recovery process and its readiness for constructive cooperation with international partners.
Sincere thanks to USUBC for supporting the event and the European Business Association for informational assistance.