Country Guide - Ukraine
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09 May 2023
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Ukraine, situated in Eastern Europe, is the continent's largest country entirely within its borders, spanning approximately 603,500 square kilometres. With a population of around 44 million, Ukraine boasts cultural diversity among its various ethnic groups. It shares its borders with Belarus to the north, Russia to the east and northeast, Poland, Slovakia, Hungary, Romania to the west, and Moldova to the southwest. Additionally, Ukraine has a southern coastline along the Black Sea.

Ukraine is undergoing comprehensive reforms across various sectors, including business, finance, education, healthcare, law, and government. As the country works towards achieving its EU status, it is poised to enhance business opportunities and expand its market integration. With candidate-state status granted by the EU, Ukraine has already completed 63% of its market-integration agreements. Additionally, the country has introduced the National Recovery Plan (NRP), aiming to rebuild the damages caused by the Russian war and drive sustainable economic growth. The NRP targets an impressive accumulated investment of over USD 750 billion and aims for at least 7% annual GDP growth by 2032.

Ukraine's economy has been challenging, mainly due to the ongoing war with Russia, significantly impacting its economic stability. Despite these adversities, Ukraine remains resilient, striving to regain its economic strength amidst the war. Ukraine has garnered significant support from the European and international community, with over USD 1 trillion pledged in investments and aid. As Ukraine continues to implement the necessary reforms for EU integration, it further amplifies the potential for business expansion and growth opportunities.

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