Ukraine’s Investment Attractiveness Index reached 2.70 out of 5 in 2025, approaching the level recorded at the end of 2021 — the period before Russia’s full-scale invasion. In 2024, the index stood at 2.49.
These findings were published by the European Business Association (EBA) based on its annual survey of company executives, conducted in partnership with NEQSOL HOLDING B.V.
What stimulates investment
According to businesses, key factors positively affecting the investment climate include:
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Ukraine’s progress toward EU integration;
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preferential international trade regimes and the “transport visa-free” regime;
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deregulation and digitalization of public services.
Main barriers
Businesses identify the following as the most serious negative factors:
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russian aggression;
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corruption;
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weak judicial system;
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labor shortages;
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attacks on the energy system;
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currency restrictions — negatively assessed by 78% of respondents.
How perceptions of the investment climate have changed
- The share of executives who consider the investment climate unfavorable is decreasing:
71% in 2025 compared to 79% in 2024 and 84% in 2023; - 21% assess it as neutral;
- 8% — as favorable.
Expectations for 2026 are mixed:
- 29% anticipate improvement,
- 44% expect no change,
- 27% foresee deterioration.
Growing willingness to invest
Despite the war, 72% of EBA member companies plan to invest in Ukraine in 2025. For comparison:
- 70% planned to invest in 2024,
- only 57% — in 2023.
The share of top managers who believe that entering the Ukrainian market is advantageous for new investors also increased significantly — from 17% to 29%.
Combat-related losses and legal actions by businesses
52% of surveyed companies reported losses due to hostilities. Among them:
- 23% have already approached law enforcement agencies;
- 17% plan to do so;
- 9% have filed lawsuits in national courts;
- 4% — in international jurisdictions.
Expert commentary
Anna Derevianko, Executive Director of the EBA:
“Internal threats — corruption and weak courts — remain as critical as external aggression. For years, businesses have stressed the need for real anti-corruption efforts and the rule of law. Without this, Ukraine cannot unlock its investment potential.”
Volodymyr Lavrenchuk, Regional Director of NEQSOL Holding B.V. in Ukraine:
“Seventy-two percent of companies continue to invest, and our group is among them. NEQSOL Holding is developing a new direction — titanium ore extraction — and increasing investments in the telecom sector, focusing on resilience, regional partnerships, and innovative technologies.”
How the survey was conducted
The EBA’s Investment Attractiveness Index has been measured since 2008. During this time, it has never entered the “positive zone” (above 4 points).
In 2025, 88 company executives took part in the survey:
- 43% — medium-sized businesses,
- 28.5% — large businesses,
- 28.5% — small businesses.
The survey was conducted from 13 to 30 October 2025.
