Energy, defense sectors most attractive for investment in Ukraine despite war risks - survey

The energy sector and defense industry emerge as the most attractive sectors for investment in Ukraine, according to a Business Ombudsman Council survey. Among 60% of respondents, energy was deemed the most promising area, followed by defense at 53.2%. The IT, construction, and agriculture sectors also ranked prominently. Notably, despite the ongoing war, foreign business representatives expressed a sustained interest in the Ukrainian market.

None of the surveyed foreigners indicated they had no interest in investing. Over a third of foreign companies rated their familiarity with the local business climate as high. Foreign investors typically prefer direct investment in existing enterprises or forming joint ventures with Ukrainian firms as the primary means of entering the market.

However, war-related risks remain the main deterrent, cited by 75% of respondents. To enhance the investment climate, 90% of foreign investors highlighted the need to reduce corruption, 75% advocated for simplifying administrative procedures, and 65% stressed the importance of ensuring access to justice. Tax incentives and special economic zones were considered lower priorities by investors.

Ukraine's EU integration trajectory significantly positively influences investment decisions, with 94.9% of international companies viewing it favorably as a sign of long-term stability and regulatory alignment. Currently, 61.1% of Ukrainian businesses actively export to EU countries, while another 9.9% plan to commence exports soon.

Barriers to entering the EU market, according to Ukrainian businesses, include high financial costs (45.5%), intense competition (38.9%), and the challenge of certifying products to European standards (36.2%). The survey included 319 Ukrainian companies from 20 regions, conducted between May 14 and June 4, 2026.