Despite the war, businesses are ready to invest in Ukraine.

According to a year-end European Business Association survey, Ukraine’s investment attractiveness index decreased slightly to 2.44 points out of a possible five (2.48 points in 2022). The majority, namely 84% of the interviewed directors of member companies, consider the investment climate unfavorable. Despite the war, 32% believe it will be profitable for new investors to enter Ukraine (17% thought so a year ago).

At the same time, 57% of surveyed companies already present in the Ukrainian market will invest in Ukraine during the war, and 79% are ready to join the reconstruction process. Additionally, 48% point to the deterioration of the investment climate, 39% believe there have been no significant changes, and 13% believe that the investment climate has improved.

The war, corruption, and a weak judicial system are primary influences on Ukraine’s investment climate.

Among the positive changes, businesses gave high ratings to Ukraine being granted the status of a candidate for EU accession, deregulation initiatives, and digitalization of public services.