Finnish business in Ukraine: expansion of major companies and market entry of 200 new SMEs

Finnish businesses view the Ukrainian market as promising for expansion and new investments, while also promoting sustainable growth principles and aligning the business environment with EU standards. The most attractive sectors for investors include IT and digitalisation, green transition and energy, advanced construction technologies, and the food and processing industries. These topics were discussed during a meeting between top executives of leading Finnish companies and Ukraine’s First Deputy Minister of Economy, Oleksii Sobolev.

All participating companies are already active in Ukraine and are keen to expand their operations, invest further, and contribute to the country’s recovery. They are seeking constructive dialogue with the Ukrainian Government to align priorities, secure potential state support, and invest in new and existing projects as efficiently as possible.

Among them:

• Nokia, which has operated in Ukraine for 30 years and has supported critical networks during the invasion, including in hospitals and schools. The company plans to establish a defence innovation hub in Ukraine in collaboration with local defence firms. It is also interested in expanding digitalisation projects and deploying 5G networks, with a focus on EU standards compliance.
• KONE, specialising in urban infrastructure and modernisation, has been active in Ukraine since 1991. It sees significant potential in Ukraine’s reconstruction, particularly in critical infrastructure, housing, railways, and urban development. KONE aims to support construction modernisation to meet European standards and improve accessibility in high-rise buildings.
• Wärtsilä, with experience in 108 countries, specialises in energy equipment and modular power plants. It offers assistance to the Ukrainian Government in energy efficiency and decarbonisation initiatives, leveraging its expertise to prioritise commercially viable projects that ensure effective “green” recovery.
• Sweco, one of Europe’s largest engineering firms, has been working in Ukraine since 1990, focusing on green transition initiatives. It is involved in projects for energy-efficient housing for internally displaced persons, industrial park revitalisation, and water purification. Sweco offers consultancy services for long-term, environmentally sustainable infrastructure planning in line with EU standards.
• Hesburger has invested EUR 6 million in a frozen burger production facility in Boryspil and operates a network of restaurants in Ukraine. It is considering opening ten new restaurants in western Ukraine and is interested in exporting livestock products to the EU.

“We are grateful to Finnish companies already operating in Ukraine and those viewing our market as promising for long-term investments and projects. Ukraine’s integration into the European Union is now a matter of national security. The more European businesses operate in Ukraine today, the better it is for all of us. We are open to dialogue and ready to provide the necessary support to investors. The Government has effective investment support tools, and we are closely cooperating with the European Commission to introduce new mechanisms needed by the market,” said Oleksii Sobolev.

Finland has a National Plan for Reconstruction of Ukraine, focusing on financing and consultancy services for Finnish companies, including market research, partner sourcing, export financing, and investments. The discussions also involved representatives from the East Office of Finnish Industries, a community of Finnish business leaders that provides information, coordinates, and supports companies in Ukraine and their collaboration with local businesses, as well as the Confederation of Finnish Industries, Finland’s largest employers’ organisation.

The Ministry of Economy proposed that Finnish associations join initiatives to raise awareness among businesses and potential investors about investment opportunities across various sectors, as well as available tools and support programmes. These include workshops and business matching to facilitate partnerships and business connections.

According to Confederation representatives, a business development federation with offices in Kyiv and Helsinki is being established. Over the next two years, it aims to help more than 200 Finnish SMEs enter the Ukrainian market, investing in the economy and offering new business solutions. Together with Ukrainian partners, Finnish counterparts are ready to develop effective tools to support these companies efficiently.