How should Ukraine rebuild after the war? Which sectors of the economy will drive growth? And what steps is the government already taking to attract private investment for reconstruction?

These critical questions are addressed in the latest episode of the Prospects for Peace in Ukraine miniseries, part of the Lawyering Peace series produced by the global pro bono law firm Public International Law and Policy Group (PILPG).

The guest of this episode is Mykola Stetsenko, President of the Ukrainian Bar Association and Managing Partner of the law firm AVELLUM. In a conversation with Dr. Paul Williams, Stetsenko shares his vision for the role of the private sector in Ukraine’s recovery and highlights key challenges and opportunities for investors.

Ukraine is already laying the groundwork for its reconstruction. The Ministry for Restoration has been established, along with various state agencies dedicated to rebuilding efforts. The DREAM digital platform aims to provide a transparent tool for project coordination and investor access. In addition, the Ukraine Development Fund, developed in partnership with BlackRock and J.P. Morgan, is in the planning stages, alongside the EU Ukraine Facility, which focuses on comprehensive reforms.

Stetsenko also highlighted six key formats for private sector involvement in the reconstruction process: public procurement, public-private partnerships (PPPs), natural resource extraction, privatization of state-owned enterprises, joint ventures with Ukrainian partners, and direct investments through private equity funds.

In his view, a successful transition to a new, sustainable economy will rely on supporting sectors with strong growth potential, including agriculture, metallurgy, IT (especially drone technology), defense, energy (both nuclear and renewable), and transport and logistics. Western Ukraine, in particular, is emerging as a critical logistics hub, playing a vital role in new supply chains.

Stetsenko emphasized that the war, despite its challenges, also presents a unique opportunity to rebuild not just what was destroyed, but something much better. This is why the principle of "build back better" is gaining traction in Ukraine, focusing on creating modern schools, hospitals, universities, and critical infrastructure.

Digital transformation is another strong selling point for investors. According to Stetsenko, Ukraine has dozens of open public registries, advanced digital interactions with citizens, and in many respects — particularly in the work of the Ministry of Digital Transformation — even outpaces some Western countries.

Another important signal for investors is the continued presence of major international businesses. Despite the full-scale war, companies like Citi, Coca-Cola, and Pepsi remain in Ukraine, continuing to invest and expand their operations. For Stetsenko, this is one of the clearest indicators that the market is functioning and that there is confidence in the business environment.

And finally, a positive outlook for the future: within a few years, Ukraine's legal framework is expected to be much closer to European standards, opening up even greater opportunities for foreign businesses.

Listen to the full episode here: