The share of business leaders who view Ukraine’s investment climate as unfavorable is slowly but steadily decreasing. According to the latest survey by the European Business Association (EBA), 71% of respondents still rate conditions as unfavorable in 2025 – but this is down from 79% in 2024 and 84% in 2023. Within this group, only 14% now call the environment “extremely unfavorable”, compared to 20% last year.
Investment appetite rises despite a difficult environment
Behind the still-high level of perceived risk, companies’ actual investment plans tell a more optimistic story. In 2026, 29% of surveyed CEOs expect the investment climate to improve, 44% predict no major changes, and 27% anticipate deterioration. More importantly, 72% of member companies say they will continue investing in Ukraine. This is a further increase from 70% in 2024 and 57% in 2023, confirming that the country’s market remains a strategic priority for most established players.
The survey also shows that Ukraine is becoming more attractive to newcomers. The proportion of top managers who see clear benefits for new investors entering the market has grown from 17% last year to 29% now. This shift suggests that the narrative around Ukraine as a “too risky” destination is gradually being replaced by a more nuanced view: high risk, but also high upside for those who enter early and structure their exposure properly.
Drivers of a better investment climate
Executives point to several structural factors that are improving the business climate. The most important positive driver is European integration – from Ukraine’s EU candidate status to deeper alignment of rules and standards. A preferential international trade regime, the EU “transport visa-free” framework, and the removal of tariffs and quotas for many Ukrainian exports support exporters and industrial producers.
At the same time, deregulation and the digitalization of public services are lowering transaction costs and making it easier for companies to interact with the state. Online business registration, e-licensing and digital customs procedures are gradually becoming the norm, strengthening transparency and predictability for both local and foreign investors.
Risks remain, but are increasingly well understood
Key negative factors are not surprising: the war, corruption, a weak judicial system, shortages of qualified personnel, and ongoing attacks on the energy system. For investors, these risks translate into higher operational costs, the need for robust security and backup infrastructure, and careful structuring of legal protections and insurance. However, they are also increasingly “priced in”, as companies gain more experience working in wartime conditions and adjust their risk management frameworks accordingly.
What this means for investors
For strategic and financial investors, the EBA survey results send a clear message. First, existing investors are not leaving – on the contrary, a growing majority are planning to expand or modernize their operations through 2026. Second, early-mover advantages are still available in sectors that benefit from reconstruction and European integration: manufacturing tied to EU value chains, logistics and warehousing, energy and grid resilience, construction materials, IT and business services.
Investors that combine realistic risk assessment with long-term positioning can use this window to secure market share, local partners and sites before the next investment wave. As perceptions of the business climate slowly improve and capital becomes more comfortable with Ukraine risk, asset valuations and competition for quality projects are likely to rise. The current phase, when many see Ukraine as “difficult but workable”, may be the most attractive entry point for those ready to build a presence ahead of full-scale recovery.
