Law of Ukraine “On Industrial Parks” and respective changes to the Tax Code (Law No. 2330-IX) and the Customs Code (Law No. 2331-IX) provide for the system of state incentives for investment parks. The following incentives are available for initiators of the creation of industrial parks, their management companies and participants:
exemption from income tax for 10 years, subject to reinvestment in the development of the investment project;
exemption from VAT on the import of new equipment for own use;
the possibility of granting benefits for real estate taxation on the territory of industrial parks by decision of the local authority;
exemption from import duty taxation of new equipment imported by participants of industrial parks for their own use.
The Ministry of Economy has developed respective by-laws for full launch of the system of state incentives for industrial parks.
For those who intend to take advantage of incentives for industrial parks, we suggest that you read the explanatory guide prepared by the UkraineInvest team.
The guide contains all necessary information about available incentives, requirements for industrial parks, procedures for inclusion in the register of industrial parks, selection of a management company, etc. It is updated considering amendments to the current legislation.
Last year citizens of 78 countries launched business in Ukraine. Most often, companies were registered by citizens of the following countries:
– Turkey – 201 business entities
– Poland – 90 business entities
– the United States – 89 business entities
Almost half of new foreign companies (542) are located in Kyiv. Other popular regions are Lviv Region (137 companies) and Odesa Region (122 companies).
In addition, the registered companies include those having ties to well-known Ukrainian financial & industrial groups, such as Ombry Electrical Energy Co. Limited – a company owned by a citizen of Greece but being the Liovochkin family group member. Also, AP Bioenergy Complex is owned by citizens of the US and Austria but is related to AVEC concern (Feldman’s group).
First and foremost, project financing or syndicated loans, where several banks work together, will be in demand.
Dmytro Tsapenko, Deputy Chairman of the Board, Head of Ukrsibbank Corporate Business Department, expressed such an opinion in an interview for the annual rating of 25 Leading Banks of Ukraine.
The top manager explained, “Reconstruction will require for involvement of companies from various sectors: construction, building material production, metalworking, etc. These companies use a standard set of loan products: working capital financing, trade, medium-term financing, etc.”.
However, in the future large projects will require long-term financing, such as project financing or syndicated loans, where several banks will cooperate.
Mr. Tsapenko adds, “Now we already have requests for projects being on the verge of project financing and regular financing for large corporate clients. The Ukrainian banking sector has excess liquidity both in UAH and in foreign currency. Therefore, the problem lies in the willingness of banks to take risks”.
To mitigate such risks, banks use distribution programs from international financial organizations, primarily the EBRD. The banker explained, “This allows us to grant loans in favor of clients and projects for which we would not be ready to take risks on our own”.
The call for project proposals for the third stage of Ukraine Recovery Program finished: communities filed 543 applications, as reported by the Ministry of Community and Territorial Development (source: Ukrinform).
It notes, “235 communities have applied for the program with the support of the European Investment Bank, while the aggregate amount of projects made up 19.27 billion UAH”.
However, over 50% of submitted applications deal with the replacement of communal networks in communities. Another third are healthcare projects. There were also 20 proposals for housing projects for internally displaced Ukrainians.
Most of the project proposals were received from Lviv, Odesa, Kyiv, Cherkasy, Poltava, and Dnipro regions.
As reported, after the deadline the applications will be assessed by regional military administrations and a rating list will be compiled.
The projects will be implemented via the DREAM reconstruction management ecosystem which automates project selection and monitoring.
As reported, the call for applications for the third stage of the Ukraine Recovery Program started in early January. The program budget makes up 100 million EUR.
The €200 million Emergency Credit Facility for Recovery of Ukraine and The €340 million Recovery Program are two framework loan agreements between the EIB and Ukraine signed in 2014 and 2020 respectively. Both agreements are aimed to enable local governments to rebuild social infrastructure and to improve the living conditions of internally displaced persons (IDPs) and their host communities. Reconstruction projects are fully managed by local governments.
The post-war recovery of Ukraine is a huge challenge. Still, it also opens up new opportunities for European companies and investors and can become a trigger for the growth of the entire European economy.
Andriy Sybiga, the Minister of Foreign Affairs of Ukraine, expressed such an opinion at the panel discussion on EU enlargement at the World Economic Forum in Davos, as reported by Ukrinform correspondent.
The Ukrainian official said, “Another aspect I would like to raise is the restoration of Ukraine. This is likely to be the project of the century. I think it will also be a trigger for the European economy. It will open up new opportunities for the European economy and European companies. Now we are talking about incurred losses amounting to ca. 600 billion (USD – ed.), just at this stage. We face huge challenges, but we have also huge opportunities. If we combine our efforts, we will make this part of the world much safer”.
Martha Kos, the European Commissioner for Enlargement, who also took part in the panel discussion, emphasized the importance of strengthening democracy and the rule of law in order to attract investors to invest both in the recovery of Ukraine and the economic development of the whole of Europe.
She noted, “Solidarity and the rule of law are very crucial in this geopolitical situation. We always start conversations with the rule of law. Its observance will attract investors and will mean that they will not go all over the world, which also carries certain risks today, but will be closer to Europe. Therefore, development of the rule of law will also be important for the economies of our countries”.
As reported, the World Economic Forum is taking place in Davos with the leading world politicians and representatives of the business community involved. The delegates are discussing the most vital issues of global development and ways to solve them.
In a recent statement, former U.S. President Donald Trump identified Ukraine—specifically Odessa—as a prime location for real estate development
From hotel ventures to large-scale construction, Trump believes that Ukraine presents lucrative opportunities for investors looking to expand their portfolios in emerging markets.
Odessa in the Spotlight
During an autumn conversation with Ukrainian President Volodymyr Zelensky, Trump mentioned Odessa as a standout city for hotel investments, according to a report by the Wall Street Journal. Trump’s endorsement underscores the city’s strategic position as a port hub on the Black Sea, which could attract growing numbers of tourists and business travelers in the coming years.
Gaza Strip: A Potential “Middle Eastern Riviera”?
Interestingly, Trump also suggested a real estate development idea to Israeli Prime Minister Benjamin Netanyahu: building hotels in the Gaza Strip. According to members of Trump’s team, the vision includes transforming Gaza into a “Middle Eastern Riviera,” offering enhanced opportunities and financial prospects for local Palestinians.
US Envoy Steve Witkoff stated that Trump aims for transparency with the Palestinians, highlighting that improving living conditions and economic prospects in the region aligns with broader peace efforts. Witkoff noted that Gaza could become uninhabitable in the next 10–15 years without significant investment and infrastructure improvements.
What This Means for Investors
Emerging Markets: Both Odessa and the Gaza Strip represent frontiers for hospitality and real estate development. Despite political complexities, early involvement may yield high returns.
Strategic Port Locations: Odessa’s status as a key Black Sea port could drive tourism and commerce, making it a magnet for international investors.
Political Will and Support: Trump’s vocal support, as well as backing from political leaders in the region, signals potential momentum for infrastructure upgrades and policy incentives.
Key Takeaways
Odessa: Trump highlights it as a prime opportunity for hotel investments in Ukraine.
Gaza Strip: Long-term vision to develop hotels, turning it into a “Middle Eastern Riviera” for improved economic growth and living standards.
Investor Outlook: While political and security factors remain crucial to consider, these regions may offer significant long-term potential for the real estate sector.
For those looking to diversify their portfolio and venture into new real estate markets, both Odessa and the Gaza Strip could become high-reward investments—if approached with careful due diligence and an eye on geopolitical developments.
To support the implementation of the Ukraine Investment Framework (UIF), the optimal use of the available funds for priority projects and the participation of EU 1 companies, the European Commission is launching a Call for Expressions of Interest from EU/EEA-based businesses to invest in Ukraine in line with EU strategic areas of interest and policy priorities.
The objective of this first Call for Expressions of Interest is to enter into dialogue with EU/EEA private companies on concrete investment opportunities and related constraints in Ukraine. Based on assessment criteria, subsequent contact with partner Financial Institutions may be facilitated for potential financial cooperation. This dialogue is aimed at building a pipeline of transformative private investments in Ukraine.
This first Call invites EU/EEA-based companies to submit project proposals for new investments into Ukraine’s real economy. Participation in this Call does not constitute any form of partnership, joint venture, or other legal relationship between the Participant and the European Commission. It does not constitute any guarantee of financial support neither from the European Commission nor any partner Financial Institutions. The publication of this Call for Expressions of Interest also does not commit the EU to finance the project investment proposal.
All project proposals presented to the European Commission will be assessed based on the criteria outlined in this Call and will be treated equally, ensuring a fair and transparent assessment process. All information submitted as part of the project proposal will be treated confidentially and used solely for the purposes of evaluating the proposals in accordance with the criteria specified in this Call.
The priority areas of the Call will be based on the Ukraine Plan and Strategic Orientations of the UIF, outlining key real economy sectors requiring Foreign Direct Investment (FDI) including:
Energy: Develop distributed sustainable energy solutions, including renewable energy projects and modernisation of existing energy infrastructure.
Critical Raw Materials: Invest in processing key minerals and resources needed for high-tech industries and renewable energy technologies.
Processing industry and manufacturing: Revitalise and modernise manufacturing sector to boost industrial output and competitiveness.
Construction materials: Support reconstruction and invest in construction material industry, design bureau, construction companies, supervisors, from housing to public buildings.
Information technology and digital transformation: Strengthen digital infrastructure and technology to foster innovation and cross-sector efficiency.
Transport and export logistics: Rebuild and modernise transport, logistics, and public infrastructure to support connectivity.
Eligibility Criteria
To ensure a structured and transparent assessment, the following criteria will be used for evaluating the eligibility of project proposals:
Geographic Area: Ukraine (investment taking place on the territory of Ukraine).
Private Sector: Eligible Participants to the Call shall be private enterprises, joint venture or consortium of companies, possessing a valid VAT registration number and Transparency registration number. Entities listed in the Early Detection and Exclusion System (EDES) 2 data base are excluded from this Call for Expressions of Interest. If the project is conducted by a consortium, the consortium leader must be based in the EU or EEA.
Nationality of Private Entity: EU/EEA-based businesses (companies possessing their real legal seat / legal incorporation in one of the EU Member States /EEA countries). For the avoidance of doubt, ‘real legal seat’ must be understood as the place where its managing board and central administration, or its principal place of business, are located.
Alignment with Policy Priorities: Projects should focus on Ukraine’s real economy sectors and align with the priority areas outlined in the Ukraine Plan, which includes energy, critical raw material, manufacturing, digital and transport, among others.
Minimum Investment Size: Projects must meet a specified minimum investment threshold, including a total size of the investment project at EUR 50 million and an own equity participation by the project promoter at 10% of the total value of the investment project.
Assessment Criteria
The following strategic, impact and financial criteria will be used to assess the project investment proposal:
Strategic Criteria
Alignment with EU policy objectives and priority areas for investments in Ukraine.
Ownership of the company in view to support EU open strategic autonomy.
Compliance with EU standards and adherence to the Do No Significant Harm Principle.
Impact Criteria
Impact of the project proposal on supporting EU strategic interests, including socio- economic development and green transition, taking into account risk assessment and mitigation measures.
Replicability and scalability of the project proposal.
Innovative features of the project proposal.
Capacity of the Participant to mobilise private capital to finance the proposed investment (relevant experience in the specified sector, and particularly in Ukraine, will be regarded as an advantage).
Market assessment and how the project proposal addresses market failures.
Financial Criteria
Financial viability, including financial needs and investment plans reflecting the scale and scope of the project.
Maturity of the proposal.
Investment capacity: Participants must demonstrate that they can finance through equity at least 10% of the total cost of the project.
2. Submission of Projects
Interested companies are invited to submit their project proposals through the designated EU expressions of interest form through the EU Survey link below. Each proposal should include the following documents:
EU Transparency Register number and VAT.
A two-page project fiche to be uploaded by Participants in the EU Survey, detailing the key elements of the project, including the scope, objectives, timeline, investment size, impact and expected outcomes, innovation aspects, maturity of the project, risk assessment and mitigation measures, financial structure of the project proposal, alignment with EU priorities.
A document presenting the governance and detailing the ownership structure of the company, indicating the nationality of shareholders holding more than 10% (and of its consortium members, if any).
Any other relevant documents to ease the assessment of the project.
The Declaration on honour on exclusion criteria and selection criteria enclosed in the EU Survey.
Proposals, all correspondence, and documents related to this Call exchanged between Participants and DG NEAR must be written in English.
Supporting documents and printed literature furnished by the Participants may be in another official language of the EU, in which case accompanied with a legally valid translation into English.
3. Timeline
The Call has been announced at the EU-Ukraine Investment Conference on 13-14 November in Warsaw, Poland. The submission portal for this first Call for Expressions of Interest is open until 1st March 2025 00:00 – Brussels time.
Eligible Participants will receive feedback on the policy alignment of their proposal within 60 working days following the Call’s closing date. The European Commission will provide information about the outcome of the assessment process and may subsequently facilitate contact with partner Financial Institutions. Participants may submit requests for clarification regarding this Call for Expressions of Interest by 31st of January 2024. DG
NEAR has no obligation to provide clarification on questions received after this date. Requests for clarification should be submitted in writing to:
Please ensure to refer to this Call in the subject of your request. Clarifications will be published on this EU Survey at the latest 10 days before the deadline for applications. The survey will be updated regularly, and it is the company’s responsibility to check for updates and modifications during this period.
Participants will be notified of the outcome of this assessment by e-mail. The notification will be sent to the e-mail address provided in the EU survey. It is the Participant’s responsibility to provide a valid e-mail address and to check it regularly.
4. Disclaimer
We recall that all documents in the possession of the Commission may be subject of a request for access to documents3. However, it is established practice to always consult the author document regarding the possibility of an eventual disclosure. DG NEAR may refuse to provide access to the submitted information, the disclosure of which would undermine the protection of commercial interests of the company, including intellectual property.
We encourage Participants to clearly mark and explain which information they consider confidential. Please note that general statements claiming confidentiality for the entire proposal or substantial parts of it will not be considered. The EU reserves the right to make its own assessment of the confidential nature of any information contained in the proposal, always after consultation with its author.
Personal data will be processed in accordance with the applicable data protection rules and the Privacy Statement, which is available in the EU Survey.
5. Ethics clauses and code of conduct
Participants must not be affected by any conflict of interest and must have no equivalent relation in that respect with other Participants or parties involved in the project. Participants and their personnel must comply with human rights as well as environmental legislation and core labour standards. Participants shall comply with all applicable laws and regulations and codes relating to anti-bribery and anti-corruption.
Important notification: Considering the high level of interest and the needs in Ukraine, SECO has decided to increase the total contribution of this call for proposals to up to CHF 100 million (from CHF 50 million).
In June, 2024, the Federal Council decided to better involve the Swiss private sector in Ukraine’s recovery and reconstruction. Based on their expertise, Swiss companies can make an important contribution to Ukraine’s reconstruction process. Within the framework of the Call for Proposals, Switzerland supports projects from Swiss companies with a legal entity in Ukraine, aligned with the needs of Ukraine linked to recovery and reconstruction.
The new total contribution for this call is up to CHF 100 million. Individual financial contributions for selected projects still range from CHF 1 million to CHF 15 million. All the detailed information on the process, timelines, selection criteria, etc. can be found in the «Documents» below.
The «Main Document Call for Proposal Ukraine – Version 2» has been uploaded under the «Documents» section on 17.03.2025, replacing the original version published on 30.01.2025. The changes in this Version 2 exclusively relate to the increase in the budget and its implications, particularly the adaptation of deadlines and dates.
All changes made within this «Main Document Call for Proposal Ukraine – Version 2» compared to the «Main Document Call for Proposal Ukraine» uploaded on 30.01.2025 are marked in red color. All eligibility and award criteria (Annex 1) and other Annexes listed on the website under the section «Documents» remain unchanged during the re-submission period.
As the deadline for submitting applications under the Call for Proposals has been re-opened from 17.03.2025 to 31.03.2025 (23:59 CET), Eligible companies that have not participated during the first submission period can submit their project proposals.
Resubmissionis not required: The already submitted proposal will remain valid and will be evaluated based on the original version if no updated submission is made before the new deadline.
Please note: Applicants who have already submitted an application have the possibility to make modifications and/or additions. In this case, the changed and/or new passages shall be marked in yellow within the document, and newly uploaded documents within already submitted applications shall have a filename starting with «NEW».
Only new/modified documents need to be re-uploaded. The original documents that were replaced by the new documents are thus no longer considered in the evaluation. It is the full responsibility of the applicant that the modifications are clearly recognizable in yellow. If this is not the case, the original version uploaded between 30.01.2025 – 28.02.2025 will be taken into consideration for evaluation.
To submit new/modified documents, you have to create a new account within the profile environment on the website.
If you wish to withdraw an application, please do so in writing a letter and uploading it within the profile environment.
The Call for Proposals is re-opened from 17 of March until 31 of March (23:59 CET) to submit projects. Submissions received after the deadline will not be considered.
Please note: SECO will not answer questions individually during the application process. Questions and answers to the Call for Proposals were published anonymously and publicly on this Webpage under the section «Documents» on 14 of February 2025.
During the re-submission period, questions can be formulated through the contact form from 17.03.2025 – 20.03.2025 (23:59 CET). Answers will be published by 25.03.2025 under the section «Documents» on the website. Questions which have been answered during the first Q&A-session will not be answered again (see document “Q&A Call for Proposals SECO 14.02.2025”). Questions not submitted through the contact form will not be answered.
As of December 31, 2024, Russia’s invasion of Ukraine continues to have profound physical, socioeconomic, and environmental impacts, which will be felt for generations. This fourth Rapid Damage and Needs Assessment (RDNA4) – undertaken jointly by the World Bank Group, the Government of Ukraine, the European Commission, and the United Nations, with support from other partners—takes stock of almost three years of the ongoing invasion, estimating damage.
Official version of document (may contain signatures, etc)
Ukraine’s construction industry has been significantly impacted over recent years for many reasons; the conflict with Russia, the Covid-19 pandemic, material shortages, price increases, and other political and economic global developments. However, with the latest press reports indicating potential peace developments in Ukraine, the focus has swiftly shifted back to the prospects of reconstructing the region.
In earlier ‘Rebuilding Ukraine Series’ was considered the potential approach and core issues connected to rebuilding Ukraine, including around procurement; core contract conditions; funding; insurance; and investment opportunities. This update examines Ukraine’s post-war construction opportunities, potential funding sources, and strategies for contractors and consultants involved in rebuilding efforts.
The scale of construction opportunities in Ukraine
The ongoing conflict in Ukraine has resulted in extensive damage to the country’s infrastructure, housing, and essential services. As the war continued, the need for future reconstruction became increasingly apparent and urgent.
According to UN News and a joint Rapid Damage and Needs Assessment (RDNA3) released by the Ukraine Government, European Commission, World Bank Group, and United Nations (UN), the total estimated cost of rebuilding Ukraine over the next decade, as of 31 December 2023, was calculated to be $486 billion. It is possible that this projected cost has since increased, given the previous year’s estimate was $411 billion (equivalent to €383 billion), and likely further exacerbated by inflationary issues.
The reconstruction of Ukraine presents real opportunities for businesses to secure contracts involving complex and prominent projects. Likely areas of future focus or project types may include:
Transport and infrastructure reconstruction: restoring critical infrastructure like roads and bridges which are essential to the country’s transport links, recovery and economic activity.
Housing projects: large-scale residential developments may be planned to accommodate displaced people and rebuild communities. A significant amount of housing stock has been destroyed or damaged due to the conflict and will need replacement. The housing and utilities sector accounts for 20% of the overall estimated reconstruction costs identified in the RDNA3. Reports indicate state support for household programs in the region this year, and regional banks have considered providing interest-free loans.
Commercial and industrial rebuilding: there are opportunities in restoring manufacturing facilities, warehouses, and commercial hubs, as well as reviving activity and economic recovery. In terms of location, some new construction activities have continued in the Kyiv and Lviv regions, which have accessible local transport routes and larger populations.
Energy: the destruction of the Kakhovka Dam and hydropower plant in 2023 was reported to have significantly harmed the environment, and worsened access to housing, food, and water[1]. The emphasis will be placed on opportunities related to general energy infrastructure, including power plants, cables and grids, as well as energy security, resilience, and access. In November 2024, Ukraine announced plans for the development of over 800MW of wind generation facilities during 2025. These types of initiatives are expected to contribute significantly to other reconstruction efforts.
Green recovery and sustainable construction: there may be a greater focus on environmentally sustainable and resilient building practices, energy-efficient projects, and the integration of green technologies to future-proof the country and align with broader climate goals.
Debris clearance and management, and demolition: a significant amount of costs have been estimated for actioning this across all sectors.
Whilst these types of projects and activities offer major opportunities for construction, engineering, and infrastructure businesses, they also pose potential challenges (as we will cover in future updates).
Opportunities for domestic and international construction companies
International partners, such as the World Bank, European Commission and UN, will be integral to supporting Ukraine’s future reconstruction efforts. These organisations offer support, financial assistance, technical expertise, and policy guidance to facilitate a systematic and effective recovery. The Ukrainian Government may also aim to attract private investments to expedite reconstruction efforts and advance the nation’s integration into the European Union (EU).
Government funding and incentives
At the Ukraine Reconstruction Conference held in London in June 2023, over 400 global companies committed to supporting the rebuilding of the country. Similar conferences have been held in Switzerland, Italy, France, Germany, and Poland. Additionally, there have been reports of the EU, UK, and US pledging significant financial contributions.
In November 2024, the EU launched a Call for Expression of Interest (Call) to mobilise private EU business to invest in critical areas to support Ukraine’s recovery and reconstruction[2]. This followed the European Commission’s earlier endorsement and communications from September 2024[3]. EU businesses, including consortia or joint ventures, involving EU and Ukrainian companies, were invited to submit their proposals by 1 March 2025. The proposals will be reviewed and matched with appropriate investment projects funded by the Ukraine Investment Framework, which is part of the EU’s €50 billion Ukraine Facility. This initiative aims to promote business partnerships and EU private sector involvement in Ukraine’s recovery and reconstruction, while also supporting Ukraine’s further integration into the EU Single Market.
The six priority areas outlined in the Call align with the Ukraine Plan and the Strategic Orientations of the Ukraine Investment Framework[4] (identifying key economic sectors requiring Foreign Direct Investment to facilitate Ukraine’s socio-economic recovery), including:
Construction materials: supporting reconstruction activities by investing in the construction material industry, construction supervisors, and construction companies.
Information technology and digital transformation: enhancing and strengthening technology and digital infrastructure to increase innovation and growth across a range of sectors.
Energy: the development of sustainable energy solutions, encompassing renewable energy initiatives and the modernisation of existing energy infrastructure.
Critical Raw Materials: focusing on investment and processing minerals and resources, including those required for high-tech industries and renewable energy technologies.
Processing industry and manufacturing: updating the manufacturing sector and boosting competitiveness.
Transport and export logistics: replacing and upgrading public infrastructure, transport, and logistics to support connectivity and mobility.
We plan to cover more about the Call, together with the eligibility criteria and other points to note in a forthcoming article in this series. We anticipate that there may be other initiatives or incentives for Ukrainian and foreign construction and engineering businesses to participate in the reconstruction process. Based on other post-conflict reconstruction efforts, examples of incentives could also extend to possible grants, tax breaks, etc.
Potential funding and players
UK
Earlier press reports suggest that UK funding will be made available to Ukraine. In 2024, the Department for Business and Trade released updated guidance on initiatives to boost UK-Ukraine trade, improve market conditions, and support Ukraine’s critical and long-term reconstruction[5]. By way of a similar example, construction industry press has previously highlighted the potential opportunities available to UK organisations in international recovery efforts, such as from the Iraq reconstruction budget in 2008. Reports at that time had indicated that British engineering expertise, particularly in the areas of energy, infrastructure, and public works, was highly sought in the region affected by conflict.
It is a frequent practice for the UK Government/public sector to conduct public procurement processes for the appointment of construction and engineering works, as well as other services and goods. If the UK Government is providing funding, it is likely that numerous Tier 1 and Tier 2 contractors and consultants will have a significant interest in these projects, particularly due to their familiarity with procurement procedures and their experience in post-conflict reconstruction efforts.
Whilst there will be opportunities for businesses to undertake and execute projects benefitting Ukraine and its citizens, such opportunities and contracts will entail certain risks. Additional concerns regarding future UK involvement may also link to the broader political, economic, and regulatory environment and approach to long-term commitment. Nevertheless, given that many larger UK contractors and consultancy firms already have a history of supporting post-conflict recovery efforts over several decades, including in Afghanistan, Iraq, and parts of Africa, they are particularly well-suited to contribute effectively to Ukraine.
Poland
Regarding local supply chain expertise and resources, there may be an increased demand for Polish contractors and consultants. Poland is anticipated to play a significant role in Ukraine’s reconstruction, particularly following the UN’s announcement of the establishment of a UN Office for Project Services, a special UN agency for reconstruction issues. It is presently unclear whether such businesses will act predominantly as main contractors, subcontractors/trade contractors or subconsultants, although the approach to procuring contracts and available funding or resources will inevitably influence this.
It is also notable that “Rebuild Ukraine,” an international exhibition and conference, has been scheduled for November 2025 in Warsaw[6].
US
Donald Trump has been reported to have actively engaged in recent discussions aimed at ending the conflict in Ukraine. We understand from press reports that he has held conversations with both Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy. Trump has conveyed optimism about the potential for resolving the conflict, suggesting that there is a possibility of achieving peace. Consequently, Trump’s recent involvement may accelerate the need for such reconstruction efforts and influence interest within the US to secure related contracts in Ukraine. There are some major global contractors and consultants with headquarters in North America and presence in Europe who might benefit from this approach.
Other funding sources?
During the conflict, political leaders and organisations appear to have proposed that reconstruction and recovery efforts should also be financed through the imposition of sanctions and the confiscation of frozen Russian assets. The extent to whether such funding is feasible and the contribution this would provide in practice is yet to be confirmed.
Other considerations
In our next update we will consider the potential risks and challenges contractors/subcontractors and consultants should have in mind when tendering or negotiating future contracts for projects in Ukraine. We will also touch on how the future of construction law may evolve as a result of the efforts to rebuild.
Concluding thoughts
The urgent and extensive rebuilding efforts in Ukraine will inevitably present businesses in the construction, engineering, and infrastructure sectors with unique and significant opportunities to secure lucrative contracts on high-profile projects. It is crucial for businesses to be aware of the opportunities available, as well as the associated risks and impact of legal and regulatory frameworks.
