Most AmCham Ukraine Enterprises Expect No Ceasefire in 2025

In total, 70% of the American Chamber of Commerce (AmCham) companies in Ukraine do not expect a ceasefire or significant de-escalation of Russiaʼs full-scale war in 2025, although 53% of respondents plan to continue business as usual this year, a July survey by the AmCham shows. 

AmCham Ukraine is a business association, founded in 1992, representing over 600 members, including American, international, and major Ukrainian businesses. Its survey “Doing Business in Wartime Ukraine. July 2025” gathered responses from 122 top executives. 

According to the survey, 37% of businesses expect to expand by investing or launching new products and services. Only 2% are looking at acquiring other businesses. 

More than 50% of the 600 members of the AmCham in Ukraine have suffered direct damage to their offices, factories, and infrastructure during the war.

Most companies do not expect changes in the overall business climate – 53% foresee no shift, 29% expect conditions to worsen, 16% anticipate some improvement, and 2% predict significant recovery.

Security remains the top issue for businesses in Ukraine, with 83% of enterprises reporting employee safety and general security as the main concern and 66% pointing to the challenge of retaining military-aged workers. Over half highlighted employee health and mental well-being, the survey shows.

According to the survey, Russian missile attacks on critical infrastructure are a major concern for 50% of companies. Attracting and keeping top talent remains a problem for 43%.

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Hungarian Prime Minister Péter Magyar announced that Hungary and Ukraine have reached a “comprehensive agreement” to broaden language, cultural, educational and political rights for roughly 100,000 ethnic Hungarians in Ukraine’s Zakarpattia region, following several weeks of expert-level talks. Kyiv has pledged to write the agreed measures into Ukrainian law, reflecting them in the EU accession action plan. Budapest indicated it would support opening the first negotiating cluster for Ukraine.

Respondents also named the main steps they expect from the Ukrainian government. These include demining and strengthening national defense (68%), enforcing the rule of law and completing real judicial reform (53%), and ensuring stable tax policies (44%).

Despite ongoing risks, Ukraine still attracts investor interest with 64% of those surveyed seeing long-term potential linked to postwar recovery, especially through the newly formed US-Ukraine Reconstruction Investment Fund. 

Ukraine and the United States have completed the necessary procedures to establish the American-Ukrainian Investment Fund, Ukraineʼs Ministry of Economy reported on May 23. 

Of the surveyed, 59% noted the country’s strong cost-to-talent ratio. The EU accession process and the size of the domestic market appealed to 55%.

Ukraine’s agricultural leadership and defense sector strength were also listed among the country’s competitive advantages, cited by 53% and 45% of respondents, respectively.

Still, significant barriers remain. The biggest are legal and tendering uncertainty (60%), insecurity at reconstruction sites (58%), and lack of transparency around projects (51%). Other issues include gaps in skilled labor (38%) and insurance or financing limitations (30%).