What needs to change within Ukraine to ensure that international support translates into tangible economic results? This question was at the center of the monitoring event “Ukraine at URC 2026: What We Have and What We Want,” organized by the RRR4U consortium.
The discussion was held as part of Ukraine’s preparations for URC 2026 in Gdańsk, the key international conference where priorities for the country’s recovery and mechanisms for attracting investment will be discussed.
Among the participants was Kateryna Hlazkova, Executive Director of the Union of Ukrainian Entrepreneurs (SUP), who noted that the business community has become significantly more engaged in shaping the agenda of the Ukraine Recovery Conference in recent years. This reflects the growing role of business as a full-fledged stakeholder in Ukraine’s recovery and economic policymaking.
Labor Shortages Have Become a Critical Challenge
One of the central topics of the discussion was the growing shortage of workers across virtually all sectors of the economy.
Kateryna Hlazkova emphasized that Ukraine cannot rely on the forced return of citizens who left the country because of the war. Instead, the government and business community must create conditions that encourage people to build their careers and future in Ukraine voluntarily.
She also highlighted the untapped potential of people aged 50–65+, many of whom remain outside the labor market despite possessing substantial professional experience. According to Hlazkova, this group could become an important labor reserve for the Ukrainian economy, offering stability and being unaffected by mobilization-related risks.
More Veterans Are Choosing Entrepreneurship
The integration of veterans remains another important component of labor market recovery.
According to Hlazkova, only about 22% of veterans who seek assistance from employment centers return to their previous jobs. A significant share instead chooses self-employment and starts their own businesses.
In response to this trend, the Union of Ukrainian Entrepreneurs provides veterans with free consultations, advisory support, and assistance in developing their businesses.
Ukraine Needs a Clear Labor Migration Policy
A modern and transparent policy for attracting foreign workers should become another tool for addressing labor shortages.
According to Hlazkova, the current process of employing foreign nationals in Ukraine remains costly and overly complicated. Employers are often required to collect around 15 different documents, undergo lengthy approval procedures and inspections, while the total cost of obtaining the necessary permits can range from UAH 30,000 to UAH 120,000.
Among the proposed solutions, she suggested introducing the principle of circular mobility. Such an approach would allow Ukrainians currently residing in EU countries to participate in Ukraine’s recovery projects without losing their residency status abroad.
Domestic Business Remains the Largest Investor
Despite the strong focus on attracting foreign capital, domestic businesses continue to be the primary investors in Ukraine’s economy.
Hlazkova noted that, according to a survey of 400 Ukrainian and European companies, the main barriers for international investors remain the ongoing war, corruption, bureaucracy, and insufficient protection of investors’ rights.
Investors identified effective war-risk insurance mechanisms, predictable business regulations, and transparent procurement procedures as key prerequisites for investing in Ukraine. At the same time, market participants stressed that price should not remain the sole criterion for determining procurement winners.
Business Financing Under the Ukraine Facility
Participants also discussed recent changes to the Business Environment component of Ukraine’s Plan under the Ukraine Facility program.
Particular attention was drawn to the reduction in planned financing for micro, small, and medium-sized enterprises from €1.75 billion to €450 million.
Yuliia Shaipova, Senior Project Manager at the Reform Support Team of the Ministry of Economy, Environment and Agriculture of Ukraine, explained that the revision was part of the scheduled update of Ukraine’s Plan. According to her, the original estimates had been prepared in late 2023, under different assumptions regarding the course of the war and the pace of recovery.
She emphasized that the changes do not represent a loss of funding for businesses but rather a technical adjustment of indicators and implementation mechanisms. Part of the financing continues to be channeled through the state budget, while support for SMEs is provided through instruments such as the Affordable Loans 5-7-9% Program and other initiatives implemented with international partners.
Reform Implementation Will Be the Key Measure of Success
Participants agreed that the success of URC 2026 will not be measured by the number of agreements signed or initiatives announced.
Instead, the true indicator of progress will be Ukraine’s ability to implement reforms, effectively utilize international support, and create favorable conditions for entrepreneurship, investment, and human capital development.
According to business representatives, these factors will ultimately determine the pace of Ukraine’s economic recovery and its competitiveness in the years ahead.