Ekonomichna Pravda holds its second investment forum: what was discussed
Investments and war may seem incompatible, yet for the fourth year in a row Ukraine has been living in conditions where investing in business under such circumstances has become the norm. The full-scale war continues, testing the resilience of Ukraine's economy. How investors are responding was explored by Ekonomichna Pravda.
Ekonomichna Pravda held its second annual investment forum, Ukraine – Open for Investment. Speakers discussed the challenges of investing in the Ukrainian economy and ways to overcome them amid the ongoing war.
The event brought together leading investors from Ukrainian business, government officials, investment bankers, lawyers and representatives of various sectors of the economy.
Among those attending were Andrii Pyshnyi, Head of the National Bank of Ukraine (NBU); Taras Kachka, Deputy Prime Minister for European Integration; Oleksandr Komarov, CEO of Kyivstar, one of Ukraine's largest private mobile operators; and Taras Panasenko, co-owner of the Aurora "one-dollar store" retail chain.
In addition, Andrii Zhurzhii, CEO of the Inzhur investment company; Volodymyr Mudryi, Chairman of the Board of OTP Bank; Volodymyr Ponomarov, First Deputy Chairman of the Board of Ukrgasbank; Svitlana Sobipan, CEO of Avesterra Group – a company specialising in poultry farming, agricultural production and processing; Vasyl Shalyha, CEO of Agrosem – a dealer of agricultural technologies, mineral fertilisers and seeds; and representatives of the Dragon Capital investment company (its founder Tomas Fiala is the owner of Ukrainska Pravda).
The forum opened with a conversation between Ekonomichna Pravda Editor-in-Chief Mykola Maksymchuk and National Bank Head Andrii Pyshnyi on currency restrictions and their connection to investment in Ukraine.
"Currency restrictions are not a whim of the NBU but a forced measure. They are like a tourniquet we applied to the wound of the Ukrainian economy at the moment of the full-scale war. We understand that it stopped the bleeding, but if kept on for too long, it can cause harm, which is why we have begun to loosen it," Pyshnyi said.
The NBU head noted that the approach to capital movement liberalisation has been, and remains, gradual. Meanwhile, any easing must generate an additional positive effect for economic development.
"In 2023, when restrictions on capital movement were at their tightest, the NBU first considered proposing a package of currency liberalisation measures. That was also when the idea of 'new money – new rules' emerged. This means that restrictions on capital outflows do not apply to the repayment of loans provided after the start of currency liberalisation," Pyshnyi explained.
The NBU head also mentioned the new system of "incentive-based liberalisation", which allows the limit on capital outflows from Ukraine to be increased by the amount invested from abroad, in foreign currency, into the charter capital of Ukrainian companies.
This mechanism has been in place for six months and has already enabled entrepreneurs to repatriate an additional US$23 million from Ukraine to repay external loans. "In the first half of 2025, investments in Ukrainian companies averaged US$17 million per month. This figure rose to US$20 million in August and to US$56 million in September," Pyshnyi said.
Nevertheless, the banking system remains stable, encouraging banks to resume corporate lending. According to Pyshnyi, the volume of such lending is growing by 35% year on year.
Taras Kachka, Deputy Prime Minister for European and Euro-Atlantic Integration, noted that Ukraine has managed to maintain international partners' interest in investing in the country. The key business driver, he said, is integration into the EU market with high-quality, practical products.
"This is the sector that will attract investment in the future," Kachka said.
According to Kachka, businesses should take a closer look at industries that are building their own brands and becoming recognisable. He was referring primarily to the agricultural sector.
The first discussion panel brought together the country's leading investors and insurance experts to discuss practical ways of attracting funds for Ukrainian businesses. Participants engaged in lively debate on how companies can seek financing abroad and shared successful examples of raising investment domestically.
Answering a question from Ekonomichna Pravda journalist Ihor Pylypiv, Kyivstar CEO Oleksandr Komarov shared the company's experience of listing on the NASDAQ New York Stock Exchange. According to Komarov, an IPO is about openness, transparency and exceptionally high standards of business scrutiny.
"It is also about reputational capital. Some partnerships with major international brands that we had been pursuing for several years worked out immediately after the listing. Access to this club opened up these opportunities for us," Komarov said.
However, he noted that the level of reporting among large and medium-sized Ukrainian businesses often falls short of the requirements even of Ukrainian banks, creating transparency risks and challenges for investment.
Avesterra Group CEO Svitlana Sobipan said that investing in large projects is necessary when a business has a strategy and financial discipline. Nonetheless, investors are always interested in entering environments where it is safe – for example, the food sector, which has demonstrated growth even amid the war.
Andrii Semchenko, Chairman of the Board of the insurance company INGO, reminded participants about investment insurance for Ukrainian businesses. He noted that today, assets in Ukraine can be insured against war risks for amounts of up to €50 million.
"If previously the problem was finding someone willing to insure the risk, today the issue is the price of insurance, which has risen significantly," Semchenko said. According to Semchenko, the cost of such insurance in Kyiv is 7–10% of the insured asset's value, which deters many from entering into such contracts.
Representing the banking sector, Volodymyr Mudryi, Chairman of the Board of OTP Bank, noted that over the past two years bank balance sheets have doubled in terms of lending volumes. In other words, demand for credit is high, but limits on capital movement remain insufficient.
In conclusion, the speakers shared their views on the priority sectors for investment: infrastructure, digital services, alternative energy, agriculture, banking and defence.
The second panel focused on the practical experience of Ukrainian businesses that are oriented towards international markets. The speakers discussed how companies can scale up and successfully enter foreign markets as well as how to attract investment for international expansion even when their core assets remain in Ukraine. The discussion was moderated by Nataliia Mykolska, Executive Director of Diia.City United (tech business association).
The biggest challenges to raising funds while expanding abroad remain the war, regulatory barriers and a shortage of skilled personnel.
Serhii Honcharov, Executive Director of NAUDI (the National Association of Ukrainian Defence Industries), noted that 2025 marked a shift in the mindset of European partners, who have begun to consider deeper cooperation, particularly in the defence industry and defence tech.
Meanwhile, Honcharov pointed out that Ukrainian companies still tend to finance their international expansion largely from their own resources.
Taras Panasenko, co-founder of the Aurora retail chain, shared his experience, noting that the company's profitability enables it to "pull" Ukrainian manufacturers into international markets alongside it. For example, in 2025 Aurora's Romanian operations are expected to sell goods from 30 Ukrainian producers worth over €1 million.
Vitalii Suieta, Chief Products and Resources Officer at Ukrainian industrial group Interpipe, stressed that entering international markets with Ukrainian products is simply not possible without investment in product quality and modern equipment.
Meanwhile, Vasyl Shalyha, CEO of Agrosem, noted that trade with the European Union has become increasingly organic in recent years. Although Ukraine still exports mainly raw materials, the trend is gradually shifting towards goods with higher added value.
In the second half of the evening, a public interview took place between Serhii Sydorenko, editor of European Pravda, and Yevhen Baranov, Head of Infrastructure at a leading Ukrainian investment firm Dragon Capital, focusing on the realities of investing during wartime.
"If we look at things realistically, the current balance between risk and expected return is very straightforward. Investors often say that returns in Ukraine may be attractive, but they are comparable to those in parts of Africa, while the risks are completely different. This balance does not work in our favour," Baranov said.
However, he noted that investment activity has begun to pick up over the past 18 months, largely due to macroeconomic stability supported by financial assistance from the United States and European partners.
"At present, the main sources of capital are international financial institutions. All other investment demand is driven by players who were operating before the war and continue to do so now," he explained.
Baranov also pointed out that large financial institutions are generally unable to invest directly in small and medium-sized businesses. As a result, he believes that intermediary instruments linking major institutions with mid-sized businesses represent a promising area for development.
Summing up, he emphasised that traditional investors have not fundamentally changed their approach and continue to invest in Ukraine. For example, Dragon Capital plans to return to its 2021 investment levels in 2025. Meanwhile, European investors tend to overestimate the risks associated with Ukraine.
During the final panel of the evening, participants discussed whether Ukraine has sufficient capital for large-scale projects, how such capital can be attracted and what steps are needed to structure deals effectively. The interaction between business and the state in the investment sphere was also a key topic.
Mykhailo Hranchak, an investment banker at Dragon Capital, responding to a question from the panel moderator Taras Kozak, founder of the Univer investment group, said that there are projects in Ukraine that genuinely interest investors. However, sellers often demand prices far higher than buyers are willing to pay.
"Just today I spoke to the owner of a business valued at over US$150 million. He said, 'I'll wait until the war is over; there will be plenty of buyers and I'll sell at a higher price.' This is how most owners think," Hranchak noted.
Andrii Zhurzhii, CEO of an investment company Inzhur, agreed that business owners are more likely to retain control of their companies rather than sell them during the war. Meanwhile, he stressed that there is still no shortage of investment opportunities, with energy being one of the most attractive sectors.
Addressing the issue of demand for financing, Volodymyr Ponomarov, First Deputy Chairman of the Board of Ukrgasbank, noted that a 20% increase in the banking system's loan portfolio over nine months clearly demonstrates strong demand.
"What should banks lend to? Decentralised energy, defence, agriculture and small and medium-sized businesses. In the coming years, there will also be demand for financing municipalities, infrastructure projects and supply chains linked to post-war reconstruction," Ponomarov said.
A lively debate followed with Dariia Marchak, Deputy Minister of Economy. She stated that the government is doing a great deal to support investment, including discussions with international partners on mechanisms for insuring war-related risks.
Marchak also mentioned that the government continues to work on a public-private partnership framework, which has not yet been launched. This drew criticism from the panel moderator. She acknowledged that one of the state's key problems is insufficient communication about the initiatives currently being developed by the government.
Yulian Khorunzhyi, Senior Partner at ARIO Law Firm, added that working with the state has become extremely difficult due to constantly changing rules.
"This is dangerous. One has to anticipate potential criminal liability in advance and seek advice on the maximum possible sanctions they might face, because developments are impossible to predict," Khorunzhyi said, a view shared by Zhurzhii.
The event's general partners were OTP BANK, Interpipe and Kyivstar. It was also supported by Avesterra Group, Agrosem, Ario Law Firm, Insurance Company INGO and Ukrgasbank.
Translation: Myroslava Zavadska and Tetiana Buchkovska
Editing: Anastasiia Kolesnykova