The integrated score of Ukraine’s Investment Attractiveness Index saw a slight increase in 2025, reaching 2.70 out of 5 (compared to 2.49 in 2024). These are the findings of the annual survey conducted by the European Business Association among its member companies in partnership with NEQSOL HOLDING B.V.
Experts note that the index has almost returned to the level of late 2021, just before Russia’s full-scale invasion.
According to company executives, the main factors positively influencing Ukraine’s investment climate include the country’s European integration course, preferential international trade regimes, the “transport visa-free regime,” as well as deregulation and digitalization of public services.
At the same time, key negative factors remain Russia’s military aggression, corruption, a weak judicial system, labor shortages, and attacks on Ukraine’s energy infrastructure. In addition, 78% of respondents believe that currency restrictions negatively affect investment attractiveness.
The share of business leaders who consider Ukraine’s investment climate unfavorable is gradually decreasing. In 2025, 71% of respondents assessed it as unfavorable (compared to 79% in 2024 and 84% in 2023), with 14% describing it as highly unfavorable (20% in 2024). Meanwhile, 21% view the climate as neutral and 8% as favorable.
Looking ahead to 2026, 29% of surveyed CEOs expect the investment climate to improve, 44% anticipate no major changes, and 27% foresee deterioration.
Despite the war, 72% of companies that are EBA members plan to continue investing in the Ukrainian market. This compares to 70% in 2024 and 57% in 2023 among companies already operating in the country. The share of top managers who believe that entering the Ukrainian market would be advantageous for new investors has also increased from 17% last year to 29% this year.
“The study once again shows that internal threats such as corruption and weak courts are as serious as the external threat of Russian aggression. For decades, businesses have emphasized the need for effective and comprehensive anti-corruption efforts and the establishment of the rule of law. These are crucial signals for both new investors and existing ones, whose investments are vital for Ukraine’s economy,” said Anna Derevyanko, Executive Director of the European Business Association
