“After the war, Ukraine is unlikely to see a massive influx of private investors,” said Nepran
21 July 19:30
YOUTUBE
A massive influx of private foreign capital should not be expected after the war ends. A significant portion of future investments will be directed toward infrastructure reconstruction with the participation of governments and international partners, while private businesses will primarily assess military risks.
This was stated by Mykhailo Nepran, First Vice President of the Ukrainian Chamber of Commerce and Industry, in an interview with the "Komersant Ukrainian" YouTube channel.
According to him, it is important to distinguish between government investments in reconstruction and investments by private businesses, as they are of a different nature.
“Investments in bridges, hospitals, schools, roads, or water supply systems are one thing. They may come from the governments of other countries or international financial institutions. But with private investors, the situation is much more complicated,” Nephran explained.
He noted that even after hostilities end, entrepreneurs will weigh security risks, so a large-scale influx of private capital should not be expected. According to the expert, certain large-scale projects may be implemented in the defense industry, but most of them will be built in the safest regions of the country.
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Separately, Nephran drew attention to another issue—the peculiarities of Ukrainian business culture. According to him, Ukrainian entrepreneurs are traditionally reluctant to bring in outside co-owners and investors, as they seek to maintain full control over their own businesses.
“Historically, a model has developed here in which the owner wants to manage the company independently and is not willing to share control. This is one of the reasons why a fully-fledged stock market has never taken shape in Ukraine,” he noted.
The expert also pointed out that a significant portion of the so-called foreign investments that have flowed into Ukraine over the past decades was, in fact, Ukrainian capital that was initially transferred abroad and then returned as investments via offshore jurisdictions.
In his view, once the war ends, government reconstruction programs will remain the main source of large-scale financial injections into the Ukrainian economy.
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