From risk to readiness: Business leaders discuss Ukraine’s investment opportunities at URC 2026
On June 24, the European Business Association and Global Business for Ukraine held a special event on the sidelines of the Ukraine Recovery Conference 2026 in Gdańsk. The discussion brought together Ukrainian and international business leaders, policymakers, financial institutions, and experts to explore how Ukraine can move from perceived risk to real investment readiness and become a competitive destination for long-term capital.
Opening the event, Ylva Johansson, EU Special Envoy for Ukrainians in the EU, highlighted that Ukraine’s recovery is not only about rebuilding infrastructure but also about addressing a major demographic challenge.
According to Johansson, Ukraine may require up to 8 million additional people to support reconstruction efforts. At the same time, more than 4.5 million Ukrainians currently benefit from temporary protection in the EU, while millions more are part of the global Ukrainian diaspora. She stressed that Ukrainians abroad can serve as a powerful human bridge between Ukraine and the world. Rather than viewing return and integration as mutually exclusive options, more flexible approaches should be developed that allow Ukrainians to contribute to Ukraine’s recovery while remaining connected to host countries. The EU will continue supporting upskilling, reskilling, and the development of social infrastructure in Ukraine.
Dmytro Natalukha, Head of the State Property Fund of Ukraine, emphasized that Ukraine is entering a new phase – from managing risks to preparing for growth and investment. While risks remain, businesses have adapted to a “new normal” and continue operating under wartime conditions. He also noted that many Europeans have developed strong personal and professional ties with Ukraine over the past years, creating a foundation for future cooperation and investment.
Dmytro Natalukha encouraged investors to look beyond headlines and engage directly with opportunities on the ground. He highlighted the large-scale privatization agenda and the availability of state-owned assets as a significant opportunity for businesses seeking an early position in the Ukrainian market.
What makes recovery work: from connectivity to bankable projects
During the first panel discussion, business leaders explored the key conditions necessary to attract private investment to Ukraine.
Oliver Gierlichs, Managing Director&CFO of Bayer Ukraine, stressed the strategic importance of agriculture for Ukraine’s economy and highlighted the need for new technologies, logistics development, and innovation in the agricultural sector. He noted that Ukraine’s progress in strengthening the rule of law, protecting intellectual property rights, and combating corruption remains essential for attracting international investors. Ukraine’s integration into European markets, he emphasized, should be viewed as an opportunity that strengthens Europe rather than competition to it.
Oleksandr Komarov, CEO of Kyivstar, shared his investment experience, noting that the company has already exceeded its previously announced investment commitments and invested over USD 1.3 billion, primarily in infrastructure development. Looking ahead, the company sees significant opportunities in investing in infrastructure, development of b2b and b2c services, and promoting Ukraine as a business destination. Among the most important reforms for investors, Kyivstar highlighted continued progress in the rule of law and further liberalization of currency regulations to ensure the free movement of capital.
According to Vitaliy Radchenko, Managing Partner of CMS office in Ukraine, significant equity and debt capital is already available for projects in Ukraine, but with limited tools, measures or guarantees for mitigation of the war risks, the IRR premium for assets or projects in the country at war seems to remain insufficient and attract new names or investors to the market while russian attacks on infrastructure continue. At the same time, sectors such as energy and transport infrastructure require substantial and immediate investment in the coming years. Existing investors with experience in Ukraine are increasingly willing and comfortable to reinvest, which triggered the bump in domestic M&A activity. Ukraine’s defence projects and bilateral cooperation with US, EU and UK has also resulted in rising number of joint ventures between Ukrainian and foreign players.
Danyil Vakhovskyi, Executive director of the General Cherry Company, pointed to Ukraine’s defense and miltech sector as one of the most attractive investment areas today. He stressed that Ukrainian defense technologies are already contributing to the modernization of Europe’s defense industry and helping reduce strategic dependencies on external suppliers. Strong partnerships between Ukrainian and European companies could become a key pillar of future European defense capabilities.
Bogdan Yarmolenko, Country Managing Partner of EY Ukraine, emphasized the importance of mobilizing private capital for reconstruction and identified public-private partnerships (PPPs) as one of the most promising models for delivering large-scale recovery projects. While Ukraine has introduced important reforms and derisking instruments, more efforts are needed to convert existing needs and ideas into bankable investment projects capable of absorbing available funding.
Building back through manufacturing: Opportunities in Ukraine’s electric public transport value chain
The second panel focused on opportunities within Ukraine’s electric public transport value chain and broader industrial recovery.
Yiğit Tahmisoğlu, Energy Expert at Berlin Economics, presented the findings of a recent study examining Ukraine’s potential to develop domestic industrial capacity and strengthen Ukraine’s electric public transport value chain. The report presents a comprehensive overview of the opportunities and challenges in the sector and pathways forward. It suggests that, with targeted support, the sector could generate up to EUR 387 million in annual gross value added, while the current pace of implementation would deliver only around 12% of this potential. Sustained demand, supported by effective demand-side policies, will be central to helping manufacturers scale production and strengthen the wider value chain. The report is available at the link.
Andriy Sadovyi, Mayor of Lviv, highlighted the city’s focus on modernizing public transport infrastructure and noted that Lviv continues to expand engagement with international partners and investors through dedicated cooperation platforms and country-focused initiatives.
Vera Savchenko, CEO of BDO in Ukraine, emphasized that investors do not expect Ukraine to be risk-free, but they do need well-prepared projects, credible local partners and proper de-risking instruments. According to her, reconstruction projects become investable only when financing, permits, risk mitigation, governance, compliance and implementation capacity are brought together in one structured package. She also stressed that Ukraine’s reconstruction is not only about capital. It is equally about people: skilled workforce, management capacity and local expertise will determine whether available funding can be transformed into real industrial projects, jobs and long-term value creation in Ukraine.
Maryna Ihnatenko, CFO of Scania Ukraine, underlined the importance of war risk insurance for attracting international businesses to Ukraine. From the perspective of global investors, risk-sharing mechanisms are essential but must become more accessible and commercially viable, particularly for small and medium-sized businesses. She also highlighted compliance and transparency as increasingly important factors, noting that international investors conduct extensive due diligence and expect high standards of corporate governance.
The event concluded with a shared understanding that Ukraine’s reconstruction requires more than funding alone. Sustainable recovery will depend on people, institutions, reforms, and the ability to transform reconstruction needs into investable projects. As Ukraine moves from resilience to growth, businesses already present in the country continue to demonstrate that investment opportunities are not only possible but increasingly tangible.
The EBA and GB4U express much gratitude to the event partners – CMS, Bayer Ukraine, EY Ukraine, BDO in Ukraine, and Berlin Economics – for their support and valuable contribution to the discussion.
