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      Kyiv, July 2026 – German companies continue to demonstrate confidence in Ukraine's economic potential despite ongoing wartime challenges. According to the latest German-Ukrainian Business Outlook 2026, conducted by the German-Ukrainian Chamber of Industry and Commerce (AHK Ukraine) in cooperation with KPMG in Germany, more than one-third of surveyed companies (38%) plan to expand their activities in Ukraine or enter the market regardless of how the war develops. Nearly two-thirds (63%) intend to increase investments following the end of the war.

      The findings highlight the level of optimism on the part of international businesses operating in Ukraine. Four out of five companies (80%) describe their current business situation as satisfactory, good or excellent, while 49% expect further improvement over the next 12 months. The results also suggest that many companies have adapted their operations to wartime conditions and continue to pursue growth opportunities despite ongoing uncertainties.

      In addition to the 38% of surveyed companies planning to expand or enter Ukraine under any conditions, a further 11% of companies are also considering expansion or market entry after the war ends, while 14% note that they are willing to support future investment subject to certain conditions (e.g. greater stability, security guarantees, progress on Ukraine's path towards EU accession). 

      The findings indicate that many international companies no longer view Ukraine solely as a post-war opportunity. They are making business decisions today, investing in talent, technology, and local operations despite ongoing challenges. These decisions reflect growing confidence in Ukraine’s long-term economic prospects and its path towards deeper integration with European markets.
      Andriy Tsymbal
      Andriy Tsymbal

      Managing Partner

      KPMG in Ukraine

      Ukraine Through the German Business Lens: Survey Results
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      Hiring and investment plans point to continued growth

      The survey’s positive outlook is also reflected in companies’ hiring and investment plans. Nearly half of surveyed companies (47%) expect to increase their workforce in Ukraine in the next 12 months, while 43% plan to expand investments over the same period.

      Among companies planning additional investments, technology and innovation are the leading priorities (66%), followed by improvements to human capital (59%). Infrastructure development and sustainability-related initiatives are also viewed as important investment areas.

      The study also points to significant post-war investment potential. Nearly one in four companies (23%) expects to significantly increase investment within six months after the end of the war, while a further 40% of survey respondents plan for moderate investment growth in the same six-month period. 

      Market potential and talent remain Ukraine’s key advantages

      Respondents identified market potential (54%) and the availability of qualified professionals (50%) as Ukraine’s key business advantages, with companies also highlighting the country’s advanced level of digitalisation and IT infrastructure (30%), strategic geographic location (28%), and opportunities associated with reconstruction initiatives (28%) as attractive market propositions.

      Survey findings therefore indicate that international companies increasingly view Ukraine as a market where they can invest and see growth, while also positioning themselves for future reconstruction opportunities.

      Security and reforms remain essential for further investment

      Nonetheless, businesses undeniably continue to face significant challenges. War-related risks (56%), employee safety concerns (40%), energy security issues (32%), corruption (32%), and labour shortages (31%) remain key barriers to stronger business engagement.

      Companies therefore emphasise the importance of war-risk insurance (71%) and government-backed guarantees (60%) as priorities to support further investment. Respondents also identified rule-of-law reforms (63%), accelerated alignment with EU standards (50%), and strengthened security measures (50%) as being critical governmental measures necessary to improving Ukraine’s business environment.

      The survey further demonstrates strong support for Ukraine’s European integration. More than six in ten companies (63%) believe that accelerating Ukraine’s EU accession process would be one of the most effective steps to strengthening the country’s investment attractiveness and supporting long-term economic growth. 

      The German-Ukrainian Business Outlook 2026 was conducted between 31 March and 10 May 2026 by the German-Ukrainian Chamber of Industry and Commerce (AHK Ukraine) in cooperation with KPMG in Germany. The survey collected responses from 102 German companies with business activities in Ukraine or business relations with the country.

      Ukraine Through the German Business Lens: Survey Results
      Find out more