The key points of the first day of discussion are available in the UBA news. We share what the experts discussed during the second day in this article.
On June 13, the Forum was opened by Mykola Stetsenko, President of the Ukrainian Bar Association, and Hryhoriy Ovcharenko , Director of Local Asset Management at ICU Investment Group.
Mykola emphasized that despite the challenges of war, Ukraine remains a country of opportunities for investors. The main objective of the Forum is to intensify international cooperation, discuss strategic directions of development, digitalization, regulatory changes and European integration. He emphasized the importance of creating a favorable business climate and implementing the best Western business practices to build a strong and economically dynamic Ukraine.
In turn, Hryhoriy Ovcharenko emphasized: “We work with investors, both local and foreign, and what we hear from them, what they need, is exactly what those present here need to address.
Everyone wants one thing under any circumstances – predictability. It is difficult, but we have to do it. Everyone wants the rule of law. There is no one who does not want it, and we talk about it a lot. Everyone wants simple, clear rules. Not only foreigners, but also us, local businesses. And only we can do it. And everyone wants to have reliable partners.”
Mr. Hryhoriy also noted that June 12 (yesterday) was the day of the stock market. And the biggest asset of the business we all work in, which operates during the war, in these difficult conditions, is people. People are us, all of us present here. And it is up to us to decide what will happen tomorrow.
Ukraine’s European integration: what does it mean for business?
The first session of the second day of the Forum was moderated by Serhiy Benedysyuk, Partner, Head of Corporate, M&A and Antitrust Practice at LCF Law Group. In his opening remarks, he emphasized that a stable investment climate and clear rules of the game are the basis of Ukraine’s economic stability – both during the war and in the post-war recovery period.
The participants of the session discussed new opportunities and challenges arising from the development of legislation on investment funds, investment accounts, and the introduction of a funded pension system in the context of European integration. They also discussed business requirements in the light of the Ukraine Facility Plan and the Rule of Law Roadmap, and paid special attention to the transformation of the labor market, including the role of employers, the new Classifier of Occupations, and harmonization with international ISCO and ESCO standards.
Maksym Libanov, member of the National Securities and Stock Market Commission, emphasized the importance of European integration reforms for Ukraine’s accession to the EU internal market. He drew attention to the expected opening of negotiations with the EU within the first and second clusters of the acquis communautaire, which cover the rule of law, the functioning of democratic institutions, and economic integration, including freedom of movement of capital, goods, and services. According to the expert, the key economic achievement of joining the EU will be full access to the EU internal market without tariff and non-tariff restrictions. To achieve this, Ukraine must demonstrate that its regulation of corporate governance, investment and pension funds is equivalent to that of the EU.
The need to move from theory to practice in implementing reforms was emphasized by Hryhoriy Ovcharenko, Director of Local Asset Management at ICU Investment Group. According to him, Ukraine does not have time and must overcome the lag in the development of its own capital market. He noted that the current legislation is almost 90% compliant with EU requirements, but the lack of an effective domestic market and restrictions on capital flows remain key barriers for investors. The speaker also drew attention to the fact that for 20 years, none of the more than 20 bills on investment accounts and the pension system has been adopted due to the desire to create an ideal document, which, in his opinion, only hinders real change.
Deputy Business Ombudsman Tetyana Korotka drew attention to the broader context of European integration – not only as a process of adapting legislation, but as a comprehensive shift in the philosophy of doing business. She emphasized that the movement to the EU is simultaneously a movement of capital, goods, services, labor, and regulatory standards. In the absence of a full-fledged capital market, underdeveloped pension system, and lack of low-risk investment products, Ukrainian businesses have to survive while preparing for new requirements dictated by access to European markets.
Ms. Tetyana emphasized that integration into the EU internal market requires companies to comply with the principles of compliance, transparent corporate governance and ESG standards. It is not only about regulatory requirements, but also about the cost of capital: those who comply with these parameters will have access to cheaper resources. At the same time, non-transparency, uncertain ownership structure and lack of internal management processes reduce the investment attractiveness of companies and make it difficult to protect them even in cases of unjustified pressure from the state.
The speech suggested the need to rethink the strategy of interaction with the state – not only as a reaction to existing problems, but as a systematic, proactive approach that allows building a business capable of integrating into the European economic space.
In her speech, Iryna Zharonkina, Head of the EU Pravo-Justice Project’s Enforcement and Property Rights Component, drew attention to the relationship between an effective justice system and economic development, in particular Ukraine’s ability to attract investment. She emphasized that access to justice is an important prerequisite for trust for both Ukrainian business and international partners.
Ms. Iryna spoke about the Ukraine Facility Plan, a basic instrument in relations between Ukraine and the EU, which provides funding of EUR 50 billion for 2024-2027. According to her, the plan is aimed at maintaining macro-financial stability, rebuilding and preparing Ukraine for accession to the European Union. This instrument identifies key sectors for investment, including energy, infrastructure, agriculture, IT, and critical raw materials.
The speaker outlined the content of the investment fund (Pillar II), which, according to her, can be used by Ukrainian and foreign companies, subject to a number of requirements: transparent ownership structure, compliance with ESG parameters, openness of information about beneficiaries and experience of working with international investors. She also noted that technical support (Pillar III) is aimed at government agencies and is used to adapt legislation and support the European integration process.
Iryna Zharonkina also drew attention to the corporate governance reform, which, according to her, is an important component of preparation for economic integration with the EU. She noted the introduction of corporatization of state-owned enterprises, the adoption of state ownership policy, the intensification of privatization processes and preparations for the liquidation of inefficient SOEs. As the speaker emphasized, clearing the public sector of unnecessary assets allows to settle debt issues, improve relations with contractors and determine the list of strategic enterprises that should remain in state ownership.
Andriy Poddymay, Deputy Chairman of the Sustainable Development Committee of the Federation of Employers of Ukraine, emphasized that Ukrainian companies are already investing billions of hryvnias in human capital development, including by creating their own educational centers to train specialists for specific production needs. In his opinion, the lack of a sufficient number of skilled workers is a serious obstacle to both domestic and foreign investment.
The speaker also drew attention to the outdated Classification of Occupations, which makes it difficult to understand the structure of the labor market. He reported on the adoption of new legislation that provides for the creation of a unified register of qualifications and harmonization with international standards ISCO and ESCO. This tool should become a digital reference point for both employers and citizens with access to information on professions, salaries, training and employment opportunities.
Mr. Andriy also emphasized the importance of vocational education reform, including the introduction of short-term training programs and employers’ participation in the strategic management of educational institutions. He believes that such cooperation will allow to respond quickly to the needs of the labor market and increase the attractiveness of Ukraine for investors.
Investment Risks and Tools to Overcome Them: Key Points
During the second session, the participants took a deep dive into the risks that currently accompany investment activity in Ukraine. From global challenges to local barriers, the experts outlined the key threats faced by both Ukrainian and international businesses under the moderation of Sayenko Kharenko’s partner Sergiy Pogrebnoy.
War as the main investment risk
All the panelists emphasized that war is the main and multifaceted risk that paralyzes investment activity. According to Andriy Nosok, Managing Director of Dragon Capital, Head of Private Equity, military risk includes not only the physical loss of assets, but also the mobilization of personnel, depopulation of the country, and most importantly, the lack of predictability, which is critical for foreign investors. Olga Batova, CEO of the investment company EFI Group, , emphasized that even remote regions are not perceived by international partners as safe, despite their real distance from the frontline.
Staff shortage and mobilization
The second critical challenge, according to the speakers, is the acute shortage of qualified personnel. Serhiy Pohrebnoy vividly illustrated the situation: today there is not a single application for one vacancy, while before there were more than a hundred. Iryna Logvynovska, advisor at SK Security, , emphasized the outflow of personnel abroad, the loss of people due to mobilization and physical losses during shelling.
Political and institutional instability
Ihor Kabuzenko, Managing Partner at Ward Howell Ukraine, highlighted political instability as a risk that may emerge after the war ends. He also drew attention to the institutional weakness of the state: the lack of a cluster approach, the inability to build a coherent economic policy to support key industries, as developed economies do.
Cyber threats, fraud, corruption
Among other systemic challenges, Iryna Logvynovska mentioned cyberattacks, in particular Russian ones, which not only cause financial losses but also paralyze the operation of critical infrastructure. Fraud and internal and external corruption also remain relevant, making it difficult to protect the rights of investors and businesses.
Positive signals and adaptation strategy
Despite the difficulties, Andriy Nosok noted that the Ukrainian market is gradually adapting: local businesses are reinvesting in development, the number of deals is growing, and investors are showing interest, especially in direct investment through new funds. This optimism is supported by macroeconomic stability and currency regulation, which keeps capital in Ukraine.
The speakers also discussed the return of Ukrainians who left abroad due to Russia’s full-scale invasion of Ukraine, the search for new personnel, and shared their own experience in attracting colleagues to teams.
Natural resource extraction: prospects, challenges and strategic steps
The moderator of the third session of the Investment Forum , Maksym Maksymenko, AVELLUM Partner and Head of Real Estate and Infrastructure Practice, opened the discussion with a call to synchronize the understanding of key issues related to subsoil use and formulated four main areas of discussion: the subsoil agreement between Ukraine and the United States, prospects for the extraction of critical minerals, the problem of dormant licenses and the state program for the development of the mineral resource base.
The conversation began with an interactive survey of participants on their expectations of the agreement. The results revealed considerable skepticism: 54% of respondents consider the agreement to be declarative and not to be implemented in practice; 23% each perceive it either as a potential engine of economic growth or as a threat to economic sovereignty.
The moderator reminded that the details of the agreement remain inaccessible due to the “commercial” and “state secret” classification, so he suggested talking about the existing regulatory framework, the vision of reforms, and strategic guidelines that can be taken into account today.
The discussion was attended by:
In his speech, Yegor Perelygin emphasized that the state has already completed the bulk of the necessary legislative work to implement the Mineral Agreement between Ukraine and the United States: “All the necessary legislative changes that had to be passed through the Verkhovna Rada have already been adopted. The further implementation of the agreement is now in the realm of bylaws and regulatory work – orders, instructions, internal procedures,” – said the speaker.
Mr. Yegor emphasized that the agreement itself is not exclusively a document on mineral resources. It should be viewed as a flexible tool (“framework”) that opens up a number of opportunities to attract investment in various areas: from mining and processing to infrastructure and financial mechanisms.
“We are talking about creating an investment fund that can contribute to the development of not only production projects, but also processing, infrastructure initiatives, as well as financial instruments necessary for concluding off-take contracts,” summarized Yegor Perelyhin.
Yulia Borzhemska, Regulatory Policy Manager at DTEK Oil&Gas, voiced the business’s position on the implementation of the Mineral Agreement: “In our opinion, this agreement will really have a positive impact on Ukraine’s economy and market development, as it creates confidence for foreign investors in the stability and security of their activities in Ukraine,” the expert said.
Among the main expectations of business from the state, she named
“It is also important for Ukrainian investors to introduce incentive rents for production from depleted, gas-dense and low-producing fields, as well as to simplify access to land,” emphasized Yulia Borzhemska.
Regarding the mechanisms of interaction with the new investment fund created under the agreement, the expert noted: “The key to attracting investors will be openness – the availability of information about assets, investment terms, repayment terms and opportunities to sell products. This information should be public and posted on online platforms.”
According to her, this will help attract offers from the open market, create real competitive conditions and determine the true market value of assets and investments.
Assessing the potential of the Mineral Agreement to attract US companies, Yegor Perelygin, Deputy Minister of Environmental Protection and Natural Resources of Ukraine, emphasized its strategic importance for several categories of potential investors, from consumers to miners and processors.
According to the speaker, the agreement creates transparent conditions for off-take contracts, which is extremely important for American end users of products, including critical minerals. At the same time, it opens the door for the entry of extractive sector operators into the Ukrainian market.
“The average cost of capital in Ukraine is currently extremely high. Therefore, the emergence of financing instruments provided for by the agreement – including through support from the DFC (U.S. International Development Finance Corporation) – is critical for the development of long-term mining projects,” Perelyhin said.
Another promising area is the participation of American or multinational companies in the development of processing infrastructure (midstream), which is currently a weak point in the supply chain in the European market.
“For such companies, this is a chance to integrate into the extractive sector, optimize logistics and margins. This opens up real opportunities not only for production, but also for building a complete value chain in Ukraine.”, – added the Deputy Minister.
During the discussion, Mykola Kolisnyk, Deputy Minister of Energy of Ukraine, emphasized that the implementation of the Mineral Agreement does not imply a reduction in budget revenues, even in the short term. After all, it concerns only new or inactive subsoil areas that are not being developed commercially.
“It’s not about losses, it’s about new opportunities. The agreement focuses on critical minerals that are practically not mined in Ukraine. The problem is not only financing, but also the lack of appropriate technologies. And the agreement opens the way to American technology and trade channels, which is critical for creating a value chain,” he emphasized.
The speaker noted that access to the world’s largest traders, such as Trafigura, Mercuria and others, as well as the ability to supply processed products to global markets, will give Ukraine a chance to establish itself in the international supply chain.
“We must realize that foreign investors do not work without reliable geological information. Therefore, the initial stage of the agreement implementation will facilitate active exploration of existing fields. This, in turn, will become the basis for transforming the resource potential into real budget revenues in the medium term,”, Mr. Mykola noted.
Transparent mechanisms of access to subsoil were also in the focus of attention. According to the Deputy Minister, the agreement does not change the principles of the market – investors will continue to be able to participate in open tenders for special permits, but now with additional commercial guarantees from the fund.
“The mechanism of the first commercial offer is not a legal obligation, but it is a very important signal for business. It ensures that the products will find a buyer on favorable terms. If we can attract large trading houses directly, this will be a strategic achievement,”, the expert summarized.
Answering a question about the key challenges facing investors in the critical minerals sector, Yulia Lushpienko, Head of Legal at BGV Group Management, outlined the current situation, relying in particular on the results of the latest survey by the European Business Association. According to her, in 2024, the investment attractiveness index of Ukraine, according to the CEOs of the world’s leading companies, was only 2.49 out of 5 possible points.
“This is a signal that international business does not fully understand Ukraine’s potential in the face of war and geopolitical instability. Therefore, we need to take urgent action to change the situation and stimulate economic development.”, – emphasized the speaker.
Among the main barriers to investment in extractive projects, she named the lack of access to long-term and cheap capital, as well as the lack of well-prepared projects that could receive funding from international financial institutions.
“Mining is a complex, long-term project that takes 8-15 years to implement. And that is why the importance of access to finance is critical,”, said Ms. Yulia.
She also emphasized the problem of dual regulation – both by Ukrainian and international standards, which doubles the time and budget costs. Another important condition for attracting investors is compliance with ESG procedures (environmental, social and governance criteria), without which it is simply impossible to move towards European integration.
“We are already integrating into Europe, and ESG assessment is a new reality for investment projects. We cannot do without it,” summarized the speaker.
Investments for victory: how private investment is changing the Ukrainian defense industry
The fourth session of the Forum was devoted to a topic of particular relevance in the context of a full-scale war – private investment in the defense industry.
Opening the panel, Mykhailo Lukashenko, AEQUO Partner and Head of Defense, Security and Aerospace Industry Group, emphasized the importance of focusing on the applied aspects of investing in Ukrainian defense tech.
“In 2025, it is no longer possible to talk about investments in Ukraine without focusing on the defense industry. That is why today we have gathered a team of experts who work in this field on a daily basis and will focus on practice: how to invest correctly, what mistakes to avoid, how to evaluate companies and form exit strategies for projects,”, the moderator said.
Denys Gurak, co-founder of MITS Capital, an investment group that specializes in supporting defense startups at all stages of their development, also co-moderated the discussion of investments in the Ukrainian defense industry.
“We invest at all levels – from idea to mature company, including Pre-seed, Seed and Growth Capital. Our ambition is to build a full-fledged investment bank for defense in Ukraine, so that every company has access to capital and expertise at a critical time.”
How does an investor determine which defense startups are worth investing in? What are the most important criteria – technology, team, uniqueness of the solution? This was the first question to Deborah Fairlamb, founding partner of Green Flag Ventures.
Starting with an introduction, Deborah said that she has been living and working in Ukraine for over a decade, and her $20 million fund, registered in the United States, specializes in investing in so-called dual-use defense tech.
“In fact, our approach is not too different from standard venture capital analysis,” she explained, “We look for a unique product that meets a real need. But no less important is the team. We invest not just in the product, but in the people who are able to scale the solution, bring it to market, and build the company in the long run.”
According to the speaker, it is the development potential and adaptability of the team that are crucial factors when making an investment decision.
The session focused on the investment attractiveness of various segments of the defense industry. Artem Moroz, Deputy Head of Partnerships at Brave1, said that the ecosystem already unites more than 1500 companies and has funded more than 3600 projects worth UAH 2.2 billion. According to him, business support through grants has helped to form a new wave of technological entrepreneurship in the defense sector.
Among the current initiatives is the launch of a digital platform in April that allows the military to directly order proven developments without lengthy procedures. The speaker emphasized that today’s key challenge is not just the creation of new solutions, but the massive introduction of innovations at the front. Brave1 is already supporting the development of interceptor drones, laser and microwave weapons, robotic systems, and swarm drones.
He also highlighted the successes in the maritime sector: “Magura and Sea Baby drones are transforming from disposable strike weapons into full-fledged combat platforms capable of reconnaissance and air cover. Now we can control not only the sea but also the sky above it.
Yevhen Zhebko, co-founder of TELETACTICA, a Ukrainian developer of communication systems for drones, spoke about the difficulties of launching a technology project in the defense sector, choosing a strategic focus, and risks for investors. According to him, the team began preparing for a full-scale invasion in 2021 – long before the company was officially registered – responding to signals from the military and realizing the need for technological reinforcement.
TELETACTICA specializes in creating electronic warfare-resistant data transmission systems, one of the key components of effective UAV use. “We are building not just a product, but an infrastructure solution that should become part of a sustainable digital defense ecosystem,” emphasized Mr. Yevhen, noting the importance of support from the Brave1 platform.
The speaker also drew attention to the new requirements for startups from investors: nowadays, he said, it is not enough to have an idea – you need to demonstrate proven demand, a clear business model and real contracts. For companies that work in the field of component solutions rather than end products, it is critical to prove their short- and long-term value. The “cost” of attracting one customer can reach $50,000, which is the kind of investment needed to integrate technology into the defense system.
Deborah Fairlamb shared her vision of the formation of a new defense technology market in Ukraine. In her opinion, even after the war is over, the threat from Russia will remain, and thus the need for innovative security solutions will remain. That is why Ukraine will continue to develop its own defense tech ecosystem, and this development will not be limited to the national framework. Now, thanks to the consolidation of efforts, in particular through the Brave1 platform, a holistic market is being formed, which practically did not exist two years ago. According to the expert, countries such as the Baltic states and Northern Europe are already closely monitoring Ukrainian technologies and may become the first buyers.
Regarding the valuation of companies, the speaker noted that in the absence of an established market, this process is complex and requires a creative approach. At the same time, there are already examples of successful defense startups in the world – Anduril, Palantir, Shield AI – that have reached a billion-dollar capitalization. This proves that the growth potential for Ukrainian companies that can scale their products globally is real and high.
Energy and infrastructure projects
The moderator of the fifth session, Oleksiy Feliv, Managing Partner at INTEGRITES, started the discussion by emphasizing the practical focus of the meeting. According to him, the session is devoted to energy not as an area of exclusively national security, but primarily as an investment object.
In his speech, Oleksii Brekht, Acting CEO of NPC Ukrenergo, spoke in detail about the launch and results of special auctions for the distribution of off-taker obligations for balancing capacities. According to him, this initiative was a response to the significant shortage of balancing capacities after massive rocket attacks last spring, which significantly damaged both the generation and transmission infrastructure.
For several months, Ukrenergo has been consulting with ministries, the regulator and international financial institutions to establish a transparent procurement mechanism. This resulted in four successful auction sessions that covered 99 MW of frequency regulation needs and more than 70% of the restoration reserve needs. As a result, the company has saved billions of hryvnias and reduced the cost of the relevant services by more than 30%.
According to the speaker, the first facility has already been built – a 20 MW electricity storage facility, which demonstrates the real results of the new model of attracting investment in infrastructure.
Nadiia Stechyshina, Investment Director of BGV Group Management, shared the company’s experience in attracting investments in the energy sector. According to her, BGV, known as an active player in the natural resources sector, has recently expanded its portfolio, particularly in the energy and infrastructure sectors. In 2024, the company began to consider renewable energy projects, in particular in the segment of solar generation with storage systems, as well as wind power, which, according to BGV Group Management, is the most promising for long-term investment.
The company has also implemented a cogeneration project launched in the summer of 2024. It demonstrates high profitability (IRR 30-35%) and allows not only to generate electricity but also to provide efficient heat supply. Ms. Nadiia noted that if the investor manages to establish cooperation with the district heating company, this project format can be particularly profitable.
The company is cautious about choosing renewable energy investments within Ukraine, given the current unpredictability of the market, uncertainty about consumption, and the prospect of restoring the destroyed infrastructure. In this context, wind energy projects in certain regions with local power shortages seem to be the most appropriate.
In response to a question from moderator Oleksiy Feliv about the key challenges in implementing wind power projects in Ukraine, Oleksandr Podprugin, Regional Manager at Notus Energy, outlined the main barriers facing the sector. According to him, Ukraine currently has more than 4 GW of ready-to-construct wind projects located throughout the country. Some of them were even put into operation during the full-scale war, which indicates the technical feasibility of such initiatives.
In addition, he noted that interest in financing Ukrainian projects from international financial institutions is growing – in particular, development banks from different jurisdictions. However, despite the availability of both projects and potential funding, there is still no effective “bridge” between these two elements that would connect ideas with real investments.
One of the key problems, in his opinion, is the lack of developed mechanisms for financing infrastructure projects – from the way deals are structured to risk mitigation tools that are critical for large-scale investment in wartime.
In his speech, Maksym Pyshnyi, Managing Director of ELECTRICKA UKRAINE, shared his experience of participating in auctions for the construction of shunting capacities and highlighted the prospects for private investment in the nuclear energy sector. The company won two tenders and expects to deliver the first 10 megawatt batteries in the near future.
Turning to the topic of nuclear power, the speaker emphasized that although it is perceived as a basic generation in Ukraine, new approaches are already being formed in the world, particularly in the United States. For example, the New York State power grid operator has classified small modular reactors (SMRs) as dispatchable emission-free sources, along with battery storage systems and hydrogen. By 2040, it is planned that such sources will cover 20% of the state’s needs – about 120 gigawatts.
Maksym Pyshnyi paid special attention to the experience of Poland, which has no history of nuclear power plant operation but is currently actively developing this industry. On the one hand, the Polish state is financing the construction of a large AR1000 reactor, and on the other hand, private capital is already investing in the deployment of small reactors. In particular, the powerful OSGE chemical group plans to build 26-28 SMRs, for which seven sites have already been selected, and construction is expected to start next year. According to the expert, this is an example of how private investors are entering the small nuclear generation sector, which is one of the most promising areas of coal power replacement in the world.
Oleksandr Hryban, Director of Sustainable Development and Non-Financial Reporting Department at Ukrnafta, outlined the company’s strategy for the development of the energy sector. The focus is on gas generation, which Ukrnafta considers to be a key element of the energy transition in Ukraine. The company is working on launching modern gas piston and gas turbine plants using exhaust gas heat, in particular, the creation of the first combined cycle power plant in Ukraine. These projects have already received more than €200 million in international funding, including grants and loans, and new agreements worth tens of millions of euros are expected.
Hryban emphasized the economic efficiency of gas-fired generation: in cogeneration mode, its profitability can exceed 40% IRR. The high maneuverability of such stations, which can be launched in 10 minutes, allows them to respond quickly to fluctuations in demand. And built-in thermal accumulators – hot water tanks – help to optimize costs and maintain the stability of heat supply.
Despite the plans to develop renewable energy (200 MW of solar and wind), these projects have been temporarily put on hold. According to Mr. Oleksandr, today it is state-owned companies like Ukrnafta that should be the engine of change, as they are able to attract large amounts of concessional and grant funding that are not available to most private players.
The Investment Forum has become a platform for an honest dialogue between business, government, and institutional partners, where they discussed not only the prospects but also practical ways to implement key projects in the areas of defense, energy, and national reconstruction.
