Despite the war, 70% of companies in Ukraine are planning new investments. Discover where they intend to invest and the challenges they face.

Why the Investment Climate Has Changed

The National Bank notes that in the third quarter of 2024, the contribution of investments significantly supported economic growth at 2.1%. In October, the business activity expectations index improved to 49.4 points from 48.7 in September, particularly reflecting positive sentiments in the services sector.

While the investment climate has somewhat improved, the reason for this is not entirely clear. According to the European Business Association (EBA), 79% of business leaders consider the investment climate in Ukraine unfavorable, down from 84% last year.

The motivation for the planned investment round in Ukraine stems from the need to acquire equipment, carry out postponed repairs, and invest in energy solutions, all of which have been awaiting their time.

“First and foremost, of course, it is the companies already present in the Ukrainian market that are investing,” explains Anna Derevyanko, Executive Director of the EBA. “Indeed, many are focusing on maintaining their businesses, operational activities, and teams. Part of the investments is aimed at restoring what has been destroyed and renewing assets.”

“Companies are also reporting investments in backup power, new and alternative energy sources, which is especially relevant ahead of the winter season,” she adds. “Additionally, there is a focus on enhancing cybersecurity and investing in their own infrastructure.”

In addition to the aforementioned, companies are expanding production lines and investing in increasing export capacities, as well as in real estate and land. The machinery, pharmaceuticals, agriculture, energy, construction, and logistics sectors are particularly active in terms of investments.

If the current round of predominantly Ukrainian investments proves successful, it could pave the way for foreign investments to join them when the security situation in the country allows.

“Ukraine is capable of enhancing European strategic autonomy in many crucial areas,” says Yulia Svyrydenko, Deputy Prime Minister for Economy. “We can become a new manufacturing hub for the EU, an energy hub, a reliable supplier of critical materials, and a vital element of value chains in new technologies.”

Current State of Investments in Ukraine

The Ministry of Economy, which has just showcased Ukrainian investment opportunities in Poland, advises investors to focus on sectors such as mining, energy, metallurgy, and defense industry.

Even the Victory Plan announced by the President emphasizes the importance of foreign investments in the critical materials sector.

“The EU is experiencing a shortage of critical materials essential for high-tech production. In contrast, Ukraine possesses large reserves of titanium, uranium, lithium, graphite, and other minerals,” the Ministry of Economy points out. “Investment projects in these areas in Ukraine would help reduce the EU's geopolitical dependency. Moreover, our priority is not just raw material extraction but also processing and further involvement in European value chains.”

When it comes to the defense industry, Ukraine is expecting the arrival of three new major European investors interested in establishing joint ventures with Ukrainian partners, as announced by Deputy Prime Minister Svyrydenko.

However, the investment potential of Ukraine is certainly not limited to these sectors.

“I believe that space technologies, robotics, and IT are industries that are not only important for the future of humanity but are also necessary for positioning us as a country in this highly competitive world,” notes Mikhail Vidyakin, business consultant and lecturer at the Kyiv School of Economics.

“Unfortunately, we have lost a lot of knowledge and time, and now we have to catch up and learn, but it is never too late,” adds the expert. “Moreover, in the IT and digitalization sector, we Ukrainians already have remarkable achievements, successful projects, and a strong human capital base.”

In fact, the digital potential of Ukraine has already attracted investors, as evidenced by the recent acquisition of mobile operator Lifecell and internet provider “Datagroup-Volia” by French billionaire Xavier Niel. He did this through the NJJ holding, planning investments in Ukraine at the level of $1.5 billion.

A new wave of investment activity is expected from companies already operating in Ukraine. In 2025, 16% of them plan large-scale investment projects with an average deal size of $9 million, according to EBA data.

Hromadske reached out to several such companies to share their investment plans.

For instance, one of the largest investors in Ukraine, the Danish brewing company Carlsberg, has increased its investment level since the onset of the large-scale war, investing 2.5 billion UAH. For the next three years, the company plans to invest in business development in Ukraine—specifically in factories in Kyiv, Zaporizhzhia, and Lviv—up to 1.5 billion UAH per year.

“Ukraine is an attractive market, and for Carlsberg Group, it is one of the most prioritized,” the company stated. “Several factors contribute to this: the country’s good potential, highly qualified specialists focused on results, high-quality service, a competitive cost structure, and proximity to regional markets.”

Among the largest investment projects of Carlsberg Ukraine are enhanced security measures at the Zaporizhzhia plant, construction of an additional shelter at the Kyiv plant, the opening of a mini-brewery at the museum and cultural complex “Lvivarnya” in Lviv, and an innovative canning line at the Kyiv brewery that increases beverage production capacity in cans by 80%.

Furthermore, there are investments in people.

“Since 2022, the company has begun renovation work on office and production premises. Each year, we periodically increase salaries for all employees, maintain wages for those mobilized, and create new jobs,” said Carlsberg Ukraine.

The defense industry, in turn, will receive an additional 55 billion UAH from the state budget for 2025 to develop production and implement new technologies. An additional 500 million UAH has been allocated to provide accessible loans to defense enterprises. This could serve as a significant stimulus for the sector, which Ukrainian companies are counting on.

One of the largest private arms manufacturers, the company “Ukrainian Armored Vehicles,” has ambitious plans.

“Next year will be the year of ammunition. We plan to develop this direction, expand, and increase production volumes,” the company stated. “We also plan to launch production of new calibers for us.”

In addition to ammunition, “Ukrainian Armored Vehicles” prefers to continue developing its line of armored vehicles, with the possibility of integrating electronic warfare systems into them.

The company has also ventured into drones. In September, it presented the remotely controlled ground robot Protector at an exhibition in Poland.

“In the context of modern warfare, the development of various drones is a promising and very important direction, as it saves the lives of soldiers,” the company’s press service explained. “Therefore, we plan to continue working in this direction.”

Another point on the list of Ukraine's investment opportunities is critical minerals. In October, the Cabinet of Ministers approved the sale of the United Mining and Chemical Company to the Neqsol group, which owns the mobile operator Vodafone Ukraine, for 4 billion UAH.

UMCC is a major player in the titanium ore market, which it mines and processes at factories in the Zhytomyr and Dnipropetrovsk regions. These substances are needed for the production of industrial paints and dyes, particularly white. This color is one of the most demanded in the industry, from automobile manufacturing to household appliances.

“Despite the challenging situation, investment opportunities in Ukraine remain. In my opinion, the investors who will successfully realize Ukraine's investment potential are primarily those who understand the Ukrainian market, have relevant management experience working in wartime, and additionally have a presence in international markets with well-developed business partnerships,” says Volodymyr Lavrenchuk, Regional Director of Neqsol Holding Ukraine.

What Needs to Be Done to Increase Investments

Undoubtedly, further investment activity in Ukraine largely depends on the security situation—the situation at the front, the intensity of shelling of cities and towns, the effectiveness of air defense, possible peace agreements, and the political decisions related to these agreements.

“I think many things will be put on hold now in anticipation of an agreement announced by the newly elected American president Donald Trump,” notes Mykhailo Demkiv, a financial analyst at the ICU group. “At the very least, we will see an attempt to achieve peace. In my opinion, the structure of this peace will determine serious investments in Ukraine. Only if our country has clear security guarantees against renewed aggression can we talk about investment activity.”

“Without this condition, we can expect a status quo, where the main funding comes from foreign governments, and private investments come mainly from local companies