Constant risk management has become the norm for doing business in Ukraine during the war. However, typical problems, such as the unpredictability of regulatory policy, also remain on the agenda. Yulia Borshch, Head of "Legal Policy" and "Intellectual Property" at the American Chamber of Commerce, in an interview with UNN, spoke about what currently concerns businesses in Ukraine and whether it is possible to establish a dialogue with government agencies to resolve these issues.
How have the expectations of American and international investors changed over the past year, considering the war and internal processes in the country?
In communication with headquarters, companies are increasingly broadcasting forward-looking messages: 38% – invest now and scale operations, 25% – join the reconstruction of Ukraine to gain a first-mover advantage, 18% – stay and cautiously support activities in Ukraine.
At the same time, over the past year, investor expectations have become more pragmatic and structured. Investors continue to show interest in Ukraine and recognize its strategic potential, but today they are much more focused on the quality of institutional changes.
According to a survey recently conducted by the American Chamber of Commerce, after the rule of law, businesses expect enhanced national security and defense, as well as active demining of territories (47%), which is a basic prerequisite for business recovery and expansion. The predictability and stability of tax legislation (44%) are also important, as regulatory stability builds trust in the state as a partner.
In addition, businesses expect accelerated reforms within the framework of European integration and harmonization with European standards (38%), which is seen as a guarantee of the irreversibility of reforms. Separately, businesses emphasize the need for a clear and transparent procedure for employee reservation (24%), without which it is difficult to plan activities in the medium term.
What are the key business climate problems in Ukraine that most concern member companies of the American Chamber of Commerce today?
Companies are most concerned about the safety and protection of employees (79%), as well as Russian missile attacks on critical infrastructure and business assets (63%), which directly affect business continuity. The reservation of conscripted employees (61%) remains an important challenge, as this issue is directly related to retaining key teams.
At the same time, member companies of the American Chamber of Commerce continue to demonstrate high resilience and commitment to Ukraine: 90% of companies are fully operational, despite the full-scale war.
Do you see solutions to the problems outlined by business representatives now?
Companies clearly signal: for significant business support in 2026, ensuring the rule of law, fighting corruption, and implementing real and effective judicial reform (86%) must be a priority. This is the foundation for long-term stability and investment.
Do systemic barriers for foreign businesses in Ukraine remain, and what are they?
Again, among the systemic barriers is the issue of the rule of law. The rule of law, real and effective judicial reform, and fair justice are a key priority for transparent business and are among the top ten key priorities for Ukraine's economic recovery, identified by the American Chamber of Commerce.
We are convinced that the stability and predictability of the rule of law are crucial prerequisites for building investor confidence and attracting significant long-term capital to Ukraine.
In your opinion, how predictable is regulatory policy in Ukraine today for large international businesses?
The predictability of regulatory and tax policy is one of the key factors for large international businesses, especially in wartime conditions. It is fundamentally important for companies to have stable, transparent, and understandable rules of the game that are applied consistently, fairly, and equally effectively for all market participants, especially in the context of combating the shadow economy. It is the predictability of the regulatory environment and tax legislation that allows businesses to plan investments, operational activities, and long-term presence in Ukraine.
Businesses expect predictability at the legislative and regulatory levels. At the same time, in practice, investors and businesses face a number of systemic challenges, which necessitates effective mechanisms for protecting investor rights.
That is why the issue of protecting investor rights occupies a key place on the agenda of the American Chamber of Commerce, especially after the start of the full-scale invasion, when business continuity, economic stability, the creation of quality jobs, and the further development of Ukraine have effectively become matters of national security. In this context, the issue of preventing unjustified pressure from law enforcement agencies on businesses is of fundamental importance for building investor confidence.
As a result of systemic cooperation with the Prosecutor General's Office, which began in May 2020, the Chamber addressed the Office regarding 70 individual appeals from member companies, 46 of which concerned pressure on businesses, and 24 concerned situations where companies suffered and sought justice.
Is there a result of this interaction?
As of today, investor rights have been protected in 36 appeals, and significant progress has been achieved in 19 cases, which is the maximum level of support within the powers of the Prosecutor General's Office, including cases referred to court or to relevant authorized bodies. This cooperation demonstrates constructive development in the interaction between business and the law enforcement system and confirms that institutional dialogue can yield practical results.
We note the importance of the work of the Prosecutor General's Office in responding to business appeals, which contributes to supporting the protection of investor rights.
In our opinion, consistent and systemic interaction between government agencies and business associations, particularly the American Chamber of Commerce, is one of the prerequisites for improving the business climate and strengthening investor confidence in Ukraine. For our part, we are grateful to the Prosecutor General's Office for its support and openness to dialogue. At the same time, it is fundamentally important for us not only to maintain but also to strengthen this cooperation. We are convinced that the protection of investor rights is our common priority, and we are ready to make every effort to achieve tangible and sustainable results.
And in general, in your opinion, is the dialogue between the authorities and business sufficient?
The existence of such a constant dialogue is an important step forward. At the same time, in wartime conditions, for a significant improvement of the business climate, it is crucial not only to respond to individual problems but also to clearly concentrate on several systemic priorities that build trust and allow businesses to plan for the future.
By systemic priorities, do you mean the rule of law?
Yes, that's important, but it's not the only priority. As I said, 86% of American Chamber of Commerce member companies unequivocally identified ensuring the rule of law, fighting corruption, and implementing real and effective judicial reform as priorities. But there are other key business expectations, including strengthening national security and defense, demining territories, predictability of tax legislation, accelerating European integration reforms and harmonization of legislation, and implementing a transparent procedure for employee reservation.
What role do you see for public-private partnerships in Ukraine's post-war recovery?
One of the 10 priorities for Ukraine's economic recovery, developed by the Chamber, is the reconstruction and modernization of Ukraine's strategic infrastructure based on the best international experience with attracting financing. This, in turn, will allow the involvement of the private sector, contributing to the inflow of investments and economic growth.
And public-private partnership is one of the key mechanisms for attracting investments in the reconstruction of critical infrastructure, energy, transport, social infrastructure facilities, and other sectors where government, business, and international partners combine their efforts, using the best cooperation tools.
How has business generally adapted to working in conditions of unpredictability and war over these years?
The survey also shows that today in Ukraine, a "new normal" of doing business in wartime conditions is forming, based on continuous risk management and built-in resilience. Businesses have already adapted by focusing on employee safety and operational continuity, active partnerships with stakeholders, hybrid work models, shorter planning horizons, and a scenario-based approach to decision-making. But for rapid and effective economic recovery, the state must now focus on creating stable, transparent, and predictable rules of the game so that Ukraine does not lose the window of opportunity to attract long-term investments in the future.
The main message of the American Chamber of Commerce to the Ukrainian authorities remains unchanged: business is ready to work, invest, and be part of the country's recovery, but the rule of law and equal rules of the game are paramount for this.