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GlobalData’s FDI Projects Database has tracked 22 cross-border greenfield projects, announced or opened, coming out of Ukraine in 2019 and 2020.

Among them, there is one expansion and the rest are new projects. The expansion saw Slovenia-based poultry producer Perutnina Ptuj, a subsidiary of Ukraine-based agricultural produce company Mironivsky Hliboproduct, announce that it was investing $2.3m in new production capacities in 2020 in its operations in Bosnia-Herzegovina, in a bid to boost its exports.

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Which countries does Ukrainian FDI typically go to?

The UK ranked as the top country for attracting greenfield foreign direct investment (FDI) projects from Ukraine in 2019 and 2020, with three projects. Germany and Bosnia-Herzegovina attracted two projects each. The rest was made up by projects in Azerbaijan, Belarus, Bulgaria, Canada, France, India, Lithuania, Moldova, Netherlands, Norway, Poland, Serbia, Singapore, Russia and the US.

The FDI project in Russia saw Ukraine-based energy company E.Connect Group open a representative office in Moscow in 2019 to help maximise the efficiency of supervision and management at the Rostovskaya and Zamchalovskaya mines.

Which sectors are involved in outbound Ukrainian FDI?

The sectors that attracted the highest number of Ukraine’s outward FDI projects in 2019 and 2020 include legal services and computer programming activities, followed by advertising, marketing, PR and communications.

More specifically, Ukraine was the source country for four projects in computer programming activities, with the destination countries being Bulgaria, Canada, the Netherlands and Poland.

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The UK attracted two legal services FDI projects from Ukrainian investors, while France and Singapore attracted one each.

When it comes to advertising, marketing, PR and communications, the destination countries were the US and the UK.

Ukraine was also the source FDI country for projects related to animal feeds in Lithuania, animal production in Serbia, application services in Azerbaijan, and software as a service, operating systems and apps in Belarus.

Ukrainian investors have also backed projects related to multimodal transportation in Moldova, oils and fats in India, and architectural and related technical activities in Norway.

There were two FDI projects in Germany, in the commercial buildings sector and in heating, ventilation, air conditioning and cooling equipment, and two more in Bosnia-Herzegovina, in meat products and water collection, treatment and supply.

Following the Russian invasion of Ukraine, the prospects for any Ukrainian FDI look dim. The same applies to inward FDI too, as a number of companies have halted their operations in the country. All eyes are on Ukraine right now, but a swift resolution to the conflict looks unlikely, meaning that FDI activity into or out of the country is going to be very low – or non-existent – for the foreseeable future.

More coverage of the Ukraine invasion from Investment Monitor: