EastCham’s business survey: Construction and the energy sector interest Finnish companies in the reconstruction of Ukraine
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The companies also highlighted waste and water management, agriculture, as well as planning and consulting.
PRESS RELEASE / FREE FOR PUBLICATION ON 24 MAY 2023 AT 9 A.M.
According to EastCham Finland’s recent business survey, Finnish companies who wish to be involved in the reconstruction of Ukraine are most interested in construction and the energy sector. Out of the survey respondents, 20 per cent said that their company is interested in housing construction, 20 per cent in the energy sector, and over 17 per cent in office and commercial construction.
Other popular sectors also included water and waste management, planning and consulting, as well as agriculture, each of which 16 per cent of the respondents were interested in. Telecommunications, IT and digitalisation, education and healthcare received the fewest mentions.
“The reconstruction of Ukraine clearly interests Finnish companies. Based on the answers, the companies want to specifically reconstruct together with Ukrainians, taking into account the country’s needs and wishes. However, Ukraine is a new market for many companies, which is why the need for information and support is emphasised. Finnish companies are also well aware of the operating environment’s challenges,” says Jaana Rekolainen, CEO of EastCham Finland.
Support is needed in the mapping of needs and funding
In preparing for the reconstruction, 60 per cent of the respondents said that they require information about Ukraine’s needs. 54 per cent of the respondents want information about financing, and 51 per cent about the country’s business environment.
According to the open answers, the respondents’ biggest reconstruction-related challenges have to do with financing, safety, corruption and finding local partners. The companies consider it to be important that the funding granted for reconstruction projects is used for what it is intended for.
Nine per cent of the respondents did not feel that they need support in preparing for the reconstruction.
Ukraine is a new market for many companies
Ukraine is a new market for most of the respondents. Out of all the respondents, 65 per cent currently have no exports, imports or local business operations in Ukraine, and 49 per cent had no exports, imports or local business operations in the country before 2022. The respondents did not have production in Ukraine before or after 2022.
Out of all the respondents, 44 per cent had exports to Ukraine before 2022, and 26 per cent currently have exports to Ukraine.
Survey background
EastCham is currently preparing for the reconstruction of Ukraine, together with companies, business organisations and ministries. The survey investigated the views and needs of companies in preparing for the reconstruction.
A total of 80 business executives responded to the survey, 77 of whom said that their company was interested in the reconstruction of Ukraine. Half of the respondents represent the industrial goods sector, and 76 per cent represent SMEs. The survey, which was aimed at business executives, was conducted as an online survey between 2–14 May 2023. The respondent companies are member and customer companies of EastCham Finland.
Further information and interview requests
Satu Niemelä, Communications and Marketing Director, +358 40 359 1582, satu.niemela(at)eastcham.fi
EastCham Finland
EastCham Finland is an expert organisation. As part of the Team Finland network, EastCham provides internationalisation services for all Finnish companies. EastCham identifies economic signals and supports the business operations of Finnish companies in the markets of Central Asia and South Caucasus. EastCham is also preparing for the reconstruction of Ukraine together with companies. In addition, it provides sanctions consulting.