Less panic, more investment: how business assesses the Ukrainian market in 2025
24 November 2025 22:25
A new survey by the European Business Association shows that assessments of the investment climate in Ukraine, although still mostly negative, are showing a gradual improvement, "Komersant Ukrainian" reports.
In 2025, 71% of company executives said the investment climate was unfavorable, while in 2024 the number was 79%, and in 2023 – 84%. The share of those who consider the situation to be “extremely bad” has also decreased from 20% to 14%.
At the same time, one in five managers assesses the investment climate as neutral, and 8% – positive. This is the highest figure in three years.
Expectations for 2026
Businesses are divided on the market outlook:
- 29% expect improvement,
- 44% believe there will be no significant changes,
- 27% predict deterioration.
Analysts note that the overall level of uncertainty remains high, primarily due to the war.
More companies will invest
Despite the fighting, the share of businesses willing to continue investing in Ukraine is growing:
- 72% in 2025,
- 70% – у 2024,
- 57% – у 2023.
The share of top managers who believe that Ukraine is becoming more profitable for new investors has also increased from 17% to 29%.
What improves investment attractiveness
The most frequently cited factors were:
- movement towards the EU and deeper integration,
- simplification of state regulation,
- digitalization of public services,
- trade preferences and “transport visa-free travel”.
At the same time, the key risks remain unchanged:
- war with Russia,
- corruption
- lack of trust in the courts,
- shortage of personnel,
- attacks on the energy system.
Separately, 78% of respondents named restrictions on foreign exchange transactions as a significant factor that worsens investment attractiveness.
