The Russian war of aggression has been shaking Ukraine since 2022 - with devastating consequences for the country and its people. Nevertheless, the government, businesses and civil society are working tirelessly to maintain the infrastructure and are already planning the reconstruction. Their drive: the vision of a modern Ukraine with a renewed infrastructure and a dynamic economy in the interests of the Ukrainian people. These are also the goals of our new KPMG initiative Ukraine Gateway.
Pooling strengths in the interests of Ukraine
The KPMG Ukraine Gateway Initiative connects companies, knowledge and resources in order to specifically promote investments and realise sustainable projects. But how should investing companies proceed and which sectors are in focus? Whether financing, regulation or the construction of new production facilities - we answer key questions and support you from strategy to implementation. To do this, we combine local market knowledge, procedural expertise and the many years of experience of our experts.
KPMG Insights & Solutions for transformation
- Transformation overview
- Private sector
- Public sector
- Key sectors
The reconstruction of Ukraine and its aspiration to join the EU following Russia's attack present the country with major challenges - and at the same time open up new prospects for investment and partnerships. On this page, we offer you an introduction to the current developments, potentials and challenges of Ukraine's economic transformation. Using concrete examples and comparisons with historical transformation processes, we show why it can be worth getting involved today.
Ukraine: Paths to stability - and an opportunity to invest
Since gaining EU candidate status in June 2022, Ukraine has been pushing ahead with far-reaching reforms: the focus is on strengthening the rule of law, reducing bureaucracy and opening up the economy. Despite ongoing challenges, the economy is growing - by over five per cent in 2023, supported by international aid and investments. Programmes such as the EU Investment Framework (€7.8 billion in guarantees) improve investment security and create opportunities for companies of all sizes.
Focus on transformations: What history shows
German reunification and the EU's eastward enlargement show how reforms and integration promote growth. Ukraine is following this pattern: market liberalisation, harmonisation with EU standards and international trust are increasing. The goal is a modern, internationally networked economy with stable partnerships.
Economic opportunities: Investing in Ukraine's future
Reconstruction is taking place in three phases: Damage repair, modernisation and innovation. In less affected regions, infrastructure is being repaired while long-term projects are being launched. The National Reconstruction Plan offers companies clear starting points - from construction to sustainable technologies.
Reconstruction and modernisation: new prospects for companies
Many parts of Ukraine's infrastructure - whether roads, energy supply or public buildings - have been damaged and need to be rebuilt. Companies can participate in projects that modernise transport systems, expand energy networks or develop new supply solutions. These projects contribute to economic development and at the same time help to stabilise the affected regions in the long term.
Challenges for investors: risks and solutions
In February 2025, the fourth Rapid Damage and Needs Assessment (RDNA4) put Ukraine's reconstruction and recovery costs at around 506 billion euros over the next ten years. Public funds alone are not enough to cover this sum. Some investors are hesitant due to corruption or bureaucratic hurdles. However, the Ukrainian government is focusing on greater legal certainty, less bureaucracy and the dismantling of oligarchic structures in order to overcome these obstacles. International institutions such as the European Bank for Reconstruction and Development are offering investment guarantees and insurance against war damage in order to minimise the risks.
Good to know: Ukraine is implementing reforms that are gradually adapting its markets to European standards. Progress is being made in the judicial and administrative areas in particular, which is strengthening the confidence of international investors and facilitating access to new markets. These developments are helping to secure long-term investments and increase the country's competitiveness.
A European market in transition: Why commitment pays off
The reconstruction of Ukraine represents a major challenge, but at the same time opens up long-term economic prospects. The modernisation of various sectors creates sustainable opportunities that companies can already take into account today. Historical examples such as German reunification or the eastward expansion of the EU show that reforms and targeted investments promote growth and stability. Investments in Ukraine also contribute to economic stability and reconstruction in the interests of the country and its population.
Industries of the future
Ukraine offers enormous potential in many areas.
- Industrial manufacturing
- Renewable energies
- Natural resources
- Pharmaceutical production
- Consumer goods and retail
- Agriculture
There are also other interesting business opportunities in areas such as IT outsourcing, shared service centres, cyber security, real estate and military technologies.
Your contact
The aim of KPMG in Germany and its partners is to promote German investment in Ukraine.
German investors need important market information, but also insights on subsidies, grants and investment guarantees to develop a more comprehensive understanding of the Ukrainian industrial manufacturing market. Independent and reliable company profiles are essential to identify potential mergers, acquisitions or joint ventures. Similarly, when deciding on new production sites in Ukraine, we want our greenfield approach to be the first choice. Investors always consult reliable market studies, but also need to consider a range of other relevant environmental, social and governance (ESG) issues in Ukraine that are in line with a sustainable growth strategy.
KPMG Business Navigators
Gain comprehensive and detailed insights into various industries and markets in Ukraine. The Business Navigators support companies in developing new business opportunities and strategic planning. Each Navigator contains in-depth market analyses, information on investment opportunities and much more. Contact our experts to find out more.
The Navigators for "Industrial Manufacturing" and "Energy" are currently available. Further Navigators are in preparation for the pharmaceutical, consumer, agricultural and natural resources sectors.
Our KPMG Solution Offering
In the pre-phase for investments in Ukraine, KPMG supports companies with comprehensive analyses of the market and competitive landscape as well as strategic positioning. A detailed market and ecosystem analysis helps them to identify opportunities and risks, while funding opportunities and financial incentives are evaluated. The choice of the right entry model - whether through mergers, acquisitions or start-ups - is accompanied by feasibility studies and risk analyses. In addition, targeted go-to-market strategies are developed to ensure a sustainable and economically viable market presence. This structured approach enables investors to make well-founded decisions and successfully organise their market entry.
In the planning phase, KPMG supports companies in the structured organisation and management of all relevant steps for investments in Germany and Ukraine. This includes the evaluation and selection of suitable locations, the application for and administration of state subsidies as well as legal and contractual advice. KPMG also offers support in corporate planning, financing and property consulting, including due diligence and construction management. A further focus is on labour law aspects, including immigration and cross-border employment. Through this holistic approach, KPMG ensures that investors are optimally prepared for market entry.
In the build phase (greenfield), KPMG provides companies with comprehensive support in setting up new locations and business structures. This includes the development of central processes such as procurement strategies, production planning, smart manufacturing and cybersecurity in production. KPMG also optimises sales channels, establishes key account management and efficiently designs logistics and after-sales services. Supporting processes such as HR strategy, financial and tax reporting, IT implementation and compliance aspects such as CBAM and transfer pricing management are also supported. With this holistic advice, KPMG ensures that investors can build up their greenfield projects sustainably and efficiently.
In the deal phase (brownfield), KPMG supports companies in mergers and acquisitions, mergers and joint ventures between German and Ukrainian partners. This includes a comprehensive due diligence review that assesses financial, legal, tax and ESG aspects and serves as a basis for contract negotiations. KPMG develops financial models, analyses investment risks and assists investors with financing, including state subsidies. In addition, KPMG provides tax and legal structuring, assists with purchase price allocation (pre-PPA) and ensures efficient contract drafting in compliance with antitrust regulations. With this expertise, KPMG helps to minimise market entry risks and facilitate successful integration into the Ukrainian market.
In the post-deal phase, KPMG supports companies in the integration and optimisation following a merger or acquisition. This includes the adjustment and allocation of the purchase price, post-merger integration and regular impairment tests to determine the value of the acquired company. KPMG also helps with the establishment of effective corporate governance structures, the adjustment of contracts and the distribution of management shares. Potential conflicts or legal disputes are resolved through preventative measures and, if necessary, through mediation or arbitration proceedings. In this way, KPMG ensures that the merger runs smoothly and is successful in the long term.
During the run phase, KPMG supports companies with ongoing audit, tax, consulting and legal services to ensure the long-term success of their business in Ukraine. This includes integrated audits, quality assurance and regulatory advice in the audit area as well as tax compliance, transfer pricing and indirect taxes. In consulting, KPMG offers optimisation solutions for supply chains, sales, HR and IT/digitalisation. In addition, KPMG provides legal advice to ensure secure and compliant business management. Through these recurring services, KPMG ensures that companies operate efficiently, minimise risks and meet regulatory requirements.
KPMG's project management office (PMO) supports companies throughout the entire investment project with a specialised German-Ukrainian team of lawyers, auditors and business consultants. It ensures a well-founded investment decision through detailed planning, transparent KPI and budget control as well as continuous risk management. The core tasks include project planning, feasibility assessment, portfolio management and change management to ensure efficient implementation. The PMO also handles the entire travel organisation, language and communication services as well as security solutions for investments in high-risk areas. This enables companies to concentrate fully on their business objectives.
Was das Rohstoffabkommen zwischen den USA und der Ukraine für europäische Investoren bedeutet
Flyer
Your contact
The European Union has already taken significant steps to support the country and strengthen its defence capabilities.
EU Commission President Ursula von der Leyen is planning to mobilise up to 800 billion euros to strengthen the European security architecture and provide Ukraine with comprehensive support at the same time.
Germany is also on Ukraine's side and has committed a total of almost 44 billion euros (as of February 2025) - a contribution that goes far beyond military support and encompasses numerous areas of civil society, infrastructure and the economy.
One key initiative is the "Ukraine Facility", which was launched by the European Union. It not only provides Ukraine with direct aid payments, but also creates long-term financing and investment opportunities to stabilise and develop the country in the long term.
Close cooperation between EU institutions, national governments, international donors and organisations such as the World Bank as well as targeted investments in the education sector will be crucial to successfully implementing the necessary measures.
Below you can find out more about the key players and initiatives in the reconstruction process - and what services KPMG offers in this context.
Key areas
Comprehensive support from KPMG
Your contacts
Mathias Oberndörfer
Managing Partner, Head of Public Sector & Law
KPMG AG Wirtschaftsprüfungsgesellschaft
Ukraine is developing into a dynamic business location. Information technology, outsourcing and shared service centres, real estate and military technologies in particular are driving growth and innovation. While IT and outsourcing are already established pillars of the economy, property investments and modern military technologies are becoming increasingly important - making Ukraine an attractive partner for Europe.
Your contact
More KPMG insights for you
Your contacts
You can find more information about our Ukraine experts here.
Dr. Tim Berger
Partner, Performance & Strategy, Enterprise Performance
KPMG AG Wirtschaftsprüfungsgesellschaft
Henning Witte
Partner, Consulting, Technology Transformation
KPMG AG Wirtschaftsprüfungsgesellschaft
Frank Hengelbrock
Partner, Advisory, Head of ESG Due Diligence in Deals
KPMG AG Wirtschaftsprüfungsgesellschaft
Dr. Heiko Hoffmann *
Partner Standortleiter München, Leiter Steuerstrafrecht
KPMG Law Rechtsanwaltsgesellschaft mbH
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
*In co-operation with KPMG Law Rechtsanwaltsgesellschaft mbH, the contact person offers you support. The legal services are provided by KPMG Law Rechtsanwaltsgesellschaft mbH.