Realities and opportunities for business in wartime Ukraine

Ahead of the Ukraine Recovery Conference, Global Business for Ukraine and the European Business Association’s Ukraine Recovery Committee hosted a high-level discussion «Fact vs. Fiction: Business Realities in Wartime Ukraine» on July 9. The event brought together business leaders, government officials, international partners, and industry experts to address persistent myths about doing business in Ukraine during the ongoing war. 

Anna Derevyanko, Executive Director of the European Business Association, CEO and Cofounder of Global Business for Ukraine, shared findings from a recent investor sentiment survey, noting that while Ukraine’s potential is recognized, investors seek a safer, more predictable, and transparent environment. 

More in-depth survey data is available via the link.

Alessandro Zanelli, CEO of Nestlé in Ukraine and South Eastern Europe, highlighted Nestlé’s new factory in Ukraine, built and fully operational just within 30 months from the announcement of the decision, and this happened in the very complicated circumstances created by the war. He commented that this is a reference of both business wisdom and ethical choice, continuously showing the Commitment Nestle to Ukraine. He also noted that Nestlé’s Business Services Center in Lviv, employing 1,800 people and managing global operations, has remained fully functional throughout the war.

Oleksandr Komarov, CEO Kyivstar, emphasized the importance of maintaining employee morale and security, and detailed the rapid recovery of telecom infrastructure, with Ukraine’s electronic communications market performance now exceeding some Western countries. Kyivstar has rebuilt half of the 3,000 lost telecom sites and constructed over 3,000 new ones, increased energy resilience, and paid nearly $1 billion in taxes since February 2022. The company is pursuing its digital operator strategy and preparing to public listing.

Grégoire Dattée, Managing Partner of Forvis Mazars Ukraine, stated that foreign investors are staying and continuing to invest in Ukraine, with visible progress against corruption through digital tools like Diia and Prozorro. He also pointed to Ukraine’s young, reform-driven leadership and declining oligarchic influence as signs of lasting change. 

Vitaliy Radchenko, Managing Partner of CMS Ukraine, affirmed his firm’s full operational status in Ukraine, advising on major energy and M&A deals. He highlighted vast investment opportunities in the reconstruction of Ukraine’s energy system and noted a rise in fund disbursement from international partners and growing strategic investor interest. 

Aliona Shkrum, First Deputy Minister for Development of Communities and Territories of Ukraine, emphasized that reconstruction is vital for economic survival and population retention, with 80% of damaged structures in the Kyiv region already restored. She highlighted that many private businesses have invested hundreds of millions of dollars  during the war and are already seeing returns, with new PPP laws attracting more private capital.

Rishad Aliyev, Group Director of Investor Relations at NEQSOL, shared that the company has continued investing in Ukraine since 2020, including acquiring fixed network providers and privatizing a major titanium producer, stressing the need for a clear sectoral strategy and long-term vision. 

Svitlana Mykhailovska, Deputy Director of the European Business Association, highlighted the EBA’s efforts in gathering firsthand insights from conflict-affected areas through regional offices, leading to a White Paper with recommendations for supporting businesses during wartime. 

The White Paper can be accessed here.

Philipp von Michaelis, CEO and co-founder of Global Clearance Solutions, stressed the importance of early, strategic engagement in conflict-affected areas and emphasized integrating demining into broader infrastructure and energy investments.

Olga Balytska, Head of Real Estate and Infrastructure at PwC Ukraine, Co-chair of the EBA Recovery Ukraine Committee, urged international investors to engage with Ukraine now, emphasizing that risk is manageable with local expertise, government support, and war risk insurance. She noted that with 80% of EU-Ukraine Association Agreement implemented, now is the time to invest. 

Dmytro Kashchuk, CBDO of the Geological Investment Group, offered an assessment of Ukraine’s subsoil use sector, urging investors to focus on legal realities and expressing concerns about the lack of clear war-risk protections in current agreements.

Vira Savchenko, CEO of BDO Ukraine, Co-chair of the EBA Recovery Ukraine Committee, challenged the myth that Ukraine’s frontline regions are uninvestable, pointing to untapped potential, growing business activity, and active government support in these areas. 

We are thankful to BDO, CMS, Forvis Mazars, PwC, Global Clearing Solutions, and Nestlé for supporting the event, as well as to our insightful speakers who shared their expertise and perspectives on doing business in wartime Ukraine.