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The perception and value of Ukrainian-made goods are improving globally, not just domestically.

Brand Finance, a valuation and strategy consultancy headquartered in London, said Ukraine had one of the five top-performing nation brands in their 2016 Nation Brand report. The company releases an annual study of global perceptions of national brands.

While Ukraine is still relatively low in the general list, in 59th place among 100 nations, it was one of the biggest improvers in the last year, climbing nine positions.

Ukraine showed a 27 percent growth in 2016 in the value of its national brand, to $56 billion from $44 billion, according to the report, the fourth-highest jump among the nations surveyed.

“Still a long way to go and so much to do, but these numbers are encouraging,” said American Chamber of Commerce president Andy Hunder. “Country brand is pivotal to attracting new foreign direct investment.”

Ukraine, however, essentially only clawed back places it had lost over the last couple years because of Russia’s war against the Donbas and economic recesison, according to Robert Haigh, a marketing and communications director at Brand Finance. The growth reflects the relative stabilization of the situation.

“If the military situation can be further contained, then there is definitely scope for significant growth,” Haigh said. “Ukraine has huge economic potential and, like Poland, is large enough to be seen as a distinct entity by the wider world, unlike smaller Eastern European countries, which can struggle to differentiate themselves.”

Anna Polishko, a Brand Finance expert who carried out the analysis of Ukraine for the report, says the war contributed to improving Ukraine’s place by raising general awareness of the country.

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