Kyiv Business Intel

Foreign direct investment flows into Ukraine and Moldova have followed diverging paths since 2022. This analysis uses FDI project count data from the UN Conference on Trade and Development, UNCTAD's FDI database, and National Bank data from NBU and BNM to compare announced and completed investment projects across the two economies from 2020 through Q1 2026. ## Ukraine: pre-war versus wartime FDI Ukraine attracted an average of 220 announced greenfield FDI projects per year in 2020–2021, according to UNCTAD. This declined to 48 in 2022 following the full-scale invasion and has partially recovered to approximately 95 per year in 2024–2025. Reconstruction-linked investment — primarily from IFI programs rather than purely commercial FDI — adds a category not captured in traditional FDI statistics. ## Moldova: consistent acceleration Moldova recorded 34 announced greenfield FDI projects in 2020. By 2025, this figure had risen to 89 — a 162% increase. On a per-capita basis — adjusting for Moldova's 2.6 million population versus Ukraine's 43 million — Moldova's per-capita FDI project intensity in 2025 matched Ukraine's 2020–2021 pre-war level. This is a striking convergence that reflects both Moldova's EU accession momentum and the displacement effect of investment flows redirected from Ukraine due to conflict risk.