Investor interest in Ukraine is real but not yet reflected in capital – EBA Executive Director
International businesses are showing interest in Ukraine, but the ongoing war continues to deter actual investment, according to Anna Derevyanko, Executive Director of the European Business Association (EBA). However, she emphasized that sectors such as defense, logistics, construction, and healthcare are already viable for business operations in Ukraine.
"We and our member companies [of the EBA] have agreed that it's time to encourage businesses not to wait for a ceasefire – because realistically, that wait could be indefinite. If you're seriously considering Ukraine, figure out how to build a business model that allows you to be successful right now," Derevyanko said in an interview with Interfax-Ukraine. "We're talking about sectors like defense, logistics, construction, and healthcare – areas that are immediately relevant."
She noted that Ukraine continues to receive international aid and that risk insurance programs are slowly being launched, meaning companies with access to these instruments can enter the market more quickly.
At the same time, Derevyanko acknowledged that "international private capital is still sitting on the fence, waiting."
"There is interest [from international private investors], but it's not yet translating into capital. We even have an inside joke among our team and the business community that abroad you often hear: 'You have our full support – with a zero budget,'" she said.
In her view, building trust with each company Ukraine hopes to attract is crucial, and direct communication between Ukraine's leadership and top executives of international firms plays an important role in this.
"This is part of economic diplomacy, and we can help with that. But if we – business and government – don't unite our efforts to attract or prepare investors for entry into Ukraine, it will be very difficult," she warned.
Derevyanko underscored the need for accountability and transparency in building such relationships, stressing that it's vital to face reality honestly instead of sugarcoating it.
She also recalled that since the onset of the war, the EBA has focused on global development, as Ukrainian businesses are also seeking ways to balance heightened domestic risks and expand abroad. In 2022, the association registered Global Business for Ukraine in Switzerland, a business platform aimed at rallying international companies around Ukraine.
"At Global Business for Ukraine, we're working to build a network of foreign businesses that could potentially be interested in Ukraine. They might invest or engage in trade with Ukraine. The platform also helps Ukrainian companies find more direct routes to local partners in countries they're targeting," Derevyanko explained.
She added that she and several colleagues co-founded Global Business for Ukraine, and some EBA board members also sit on its board.
"This global direction is critical right now – it broadens the landscape and provides insight into how business ecosystems function in other countries, who the key players are, and who to keep in contact with. You start to understand how they think, because every country has its own mentality. To truly integrate into the EU, we have to understand that mentality and speak the same language," she emphasized.
The EBA was established in 1999 and currently brings together 916 members, making it one of Ukraine's largest and oldest business associations.
