Finnish business views Ukrainian market as promising for expansion and new investments, with focus on sustainable growth and EU standards.
Finnish companies consider the Ukrainian market promising for expansion and new investments, alongside implementing principles of sustainable growth and aligning the business environment with EU standards. The most attractive sectors for investors include IT and digitalization, green transition and energy, innovative construction technologies, as well as food and processing industries. These topics were discussed at a meeting of top managers from leading Finnish companies with Ukraine’s First Deputy Minister of Economy, Oleksii Sobolev.
All participating companies are already active in Ukraine and are interested in expanding their business, investing in new projects, and contributing to the country’s recovery. They seek constructive dialogue with the Government to coordinate priorities, secure possible state support, and maximize efficiency in investing in both new and existing projects.
Among them:
- Nokia, operating in Ukraine for 30 years, supports critical networks during the invasion, including hospitals and schools. The company plans to establish a defense innovation center in Ukraine in partnership with local defense firms and aims to expand Ukraine’s digitalization projects and 5G network rollout with a focus on compliance with EU standards.
- KONE, specializing in urban infrastructure and modernization and active in Ukraine since 1991, sees significant potential in rebuilding Ukraine, especially in critical infrastructure, housing, railways, and urban development. It aims to support modernization of construction to European standards and improve accessibility in high-rise buildings.
- Wärtsilä, experienced in 108 countries, focuses on energy equipment, modular power plants, and modern solutions. It offers assistance to the Ukrainian Government on energy efficiency and decarbonization initiatives, emphasizing prioritizing projects that are commercially viable while enabling the most effective “green” recovery.
- Sweco, one of Europe’s largest engineering firms working in Ukraine since 1990, focuses on green transition initiatives. It participates in projects for energy-efficient housing for internally displaced persons, revival of industrial parks, and water purification. The company provides consulting services for long-term, eco-friendly infrastructure planning aligned with EU standards.
- Hesburger has invested €6 million in a frozen burger production plant in Boryspil and operates a food service chain in Ukraine. It plans to open ten new restaurants in western regions of the country and is interested in exporting livestock products to the EU.
“We appreciate Finnish companies already active in Ukraine, as well as those considering our market promising for long-term investments and projects. Ukraine’s integration into the European Union is a matter of national security today. The more European businesses operate here now, the better for all of us. We are open to dialogue and ready to provide necessary support to investors. The government has several effective tools to support investments, and we work closely with the European Commission on introducing new mechanisms required by the market,” said First Deputy Minister of Economy Oleksii Sobolev.
Finland has a National Plan for Ukraine’s recovery focused on financing and consulting services for Finnish companies. This includes market research, partner search, export financing, and investments. Representatives from business associations also joined the discussion: the East Office of Finnish Industries, a Finnish business leadership community providing information, coordination, and support for companies in Ukraine and their cooperation with local business, and the Confederation of Finnish Industries, the largest employers’ organization in Finland.
The Ministry of Economy invited Finnish associations to participate in raising awareness among businesses and potential investors about existing investment opportunities in various sectors, support tools, and programs. This includes workshops and business matching events for partner search and networking.
According to representatives of the Confederation, a business development federation with offices in Kyiv and Helsinki is currently being established. Over the next two years, it is expected to help more than 200 small and medium-sized Finnish enterprises enter the Ukrainian market, investing in the economy and offering new business solutions. Together with the Ukrainian side, Finnish partners are ready to work on effective tools for supporting these companies.
