Almost 40% of German Companies Plan to Expand Business in Ukraine Despite the War

According to the German-Ukrainian Business Outlook 2026 study, 38% of German companies intend to expand their activities in Ukraine or begin operating in the country. Another 63% expect to increase investments after the war ends. At the same time, 80% of respondents assess their current activities in Ukraine as satisfactory, good or excellent.

Nearly half of companies, or 49%, expect the business situation in Ukraine to improve over the next 12 months. The survey also shows that 47% of companies plan to increase the number of employees in Ukraine over the next year. Another 43% intend to increase investments.

Among the priority areas for investment, businesses named technology and innovation, human capital development, infrastructure projects, and sustainable-development initiatives.

After the end of the war, 23% of German companies plan to significantly increase investments within six months. Another 40% expect to increase investments moderately.

Respondents identified Ukraine’s main business advantages as market potential, cited by 54%, and the availability of qualified specialists, cited by 50%. Companies also pointed to Ukraine’s high level of digitalization and IT infrastructure, named by 30% of respondents.

Other advantages include favorable geographic location and opportunities linked to the future reconstruction of the country, each cited by 28%.

The survey covered 102 German companies operating in Ukraine or maintaining business ties with the Ukrainian market.

The results show that despite wartime risks, German businesses continue to view Ukraine as a promising market with strong human capital, digital capacity and long-term reconstruction potential.

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