72% of surveyed businesses plan to invest in Ukraine despite the war

The integral score of the Investment Attractiveness Index of Ukraine slightly increased in 2025 and reached 2,70 points out of 5 (compared to 2,49 in 2024). Thus, the index has almost recovered to the level of the second half of 2021, before Russia’s full-scale invasion.

These are the findings of the new wave of the annual survey conducted by the European Business Association among its member companies in partnership with the international group of companies NEQSOL HOLDING B.V.

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Drivers and barriers to investment

EBA member companies’ leaders name Ukraine’s European integration path, preferential international trade regime and the “transport visa-free regime,” deregulation, and digitalisation of public services as the main positive factors for the investment climate.

Among the negative factors are Russian military aggression, corruption, a weak judicial system, labour shortage, and attacks on Ukraine’s energy system. In addition, 78% of respondents say that currency transaction restrictions also worsen the country’s investment attractiveness.

Investment climate dynamics

The share of business leaders who consider Ukraine’s investment climate unfavourable is gradually decreasing – 71% think so in 2025 (compared to 79% in 2024 and 84% in 2023). Among them, 14% believe it is extremely unfavourable (20% in 2024). At the same time, 21% of respondents assess the climate as neutral, and 8% consider it favourable.

In 2026, 29% of surveyed CEOs expect the investment climate to improve, 44% foresee no significant changes, and 27% anticipate deterioration.

New investments

Despite the war, 72% of surveyed EBA member companies plan to continue investing in the Ukrainian market. In 2024, 70% were ready to invest, and 57% did so in 2023.

Meanwhile, the share of top managers who believe that entering Ukraine is profitable for new investors increased from 17% last year to 29% this year.

Business losses

Slightly more than half of companies, particularly 52%, have suffered losses due to hostilities. Among them, 23% have already contacted law enforcement bodies, while another 17% plan to do so. 9% percent have appealed to national courts and 4% – to international courts.

Anna Derevyanko The CEO and Co-founder of Global Business for Ukraine, Executive Director of the European Business Association

The survey results once again shows that internal threats, such as corruption and weak courts, are just as serious as the external threat of Russian aggression. For decades, businesses have highlighted the need for effective and comprehensive anti-corruption measures and the rule of law. These are also critical markers for new investors and the investments that the Ukrainian economy urgently needs.

Volodymyr Lavrenchuk Regional Director at NEQSOL HOLDING B.V. in Ukraine

Despite the war and other challenges, 72% of the EBA member companies surveyed will continue to invest in the Ukrainian market. Among these companies is the international group Neqsol Holding B.V., whose strategic goal in the group’s new titanium extraction direction is sustainable development and strengthening its presence in the US and EU markets. Neqsol Holding also continues significant investments in the development of Ukraine’s telecom sector, with a focus on resilience, sustainability, regional cooperation, and advanced technologies.

HOW WE MEASURE THE INDEX

The European Business Association has been conducting the “Investment Attractiveness Index of Ukraine” since 2008. Throughout the entire measurement period, the Index has never entered the positive zone – above 4 points. In this wave, 88 CEOs of major international and Ukrainian companies took part. Among them, 43% represent medium-sized businesses, 28.5% – large businesses, and 28.5% – small businesses. The main partner in 2025 is NEQSOL HOLDING B.V. The survey was conducted from 13 to 30 October 2025.

NEQSOL HOLDING B.V. is an International Group of Companies headquartered in Amsterdam, operating in 11 countries worldwide (including US, UK, Azerbaijan, Ukraine, Netherlands, Georgia and Turkey). NEQSOL Holding has 3 head offices located in Amsterdam (Netherlands), Baku (Azerbaijan) and Kyiv (Ukraine) to manage its businesses in telecommunications, energy, construction, mining and hi-tech industries. This year NEQSOL HOLDING B.V. completed largest privatization of the war period in Ukraine, purchasing UMCC Titanium – 10th global producer of titanium ore.