After discussions with the Minister of Reconstruction of Ukraine Paul Kowal and with Polish entrepreneurs who want to participate in investments in the Ukrainian market, it is clear that there is no chemistry between them. Business has quite a few pretensions, questions and understatements.
Paweł Kowal, in a conversation with Onet, points out that there is no executive authority in the sense of ministers in government. He explains that he is more of a coordinator, an advisor than a decision-maker. "It is besides organised in another European countries," he explains.
What does it look like from an entrepreneur's perspective? An crucial example. In February 2025 a gathering was held in Lviv, attended by many presidents of large Polish companies, including representatives of Mostostal, as well as average entrepreneurs curious in investment and improvement in Ukraine. It was to be opened by Minister Paweł Kowal, a typical of the government for reconstruction of Ukraine. Just before the start of the hopeful conference, it turned out that the politician would not make it personally. He was expected to welcome participants online, but it didn't happen either.
The organizers of the sweet-bitter gag comment with words that “we already know everything about the reconstruction of Ukraine”. Most of the area is laughing.
There was 1 subject in the bullet holes.
No financial mechanisms that could aid Polish companies enter the Ukrainian market. We don't truly know anything. Despite loud announcements, at the minute there are no instruments to support Polish investments. Only in April were selected operators, but you can receive credit if you have an order from Ukrainian side. In turn, it will not give specified a guarantee, due to the fact that there is no backing and here we close for this minute – says Rafał Tomala, president of the Foundation for the improvement of Regions and a businessman who has been operating in Ukraine for many years.
– As far as theoretical logging is concerned, they are and Poland is heading in the right direction, but the problem is that in order to know whether these mechanisms will work, it would should be done in practice. I am among those who are rather skeptical about rebuilding Ukraine, due to the fact that the most crucial thing is to guarantee the physical and business safety of investors. Sometimes we hear opinions that we are already late, which concerns me, of course, as a man who would like to participate in the reconstruction of Ukraine – says Jarosław Popiołek, president of the Our Warsaw Foundation and entrepreneur from the construction industry. His company was contractors of, among others, 2 strands of Warsaw metro, Polish highways and many another celebrated investments in our country.
– I believe that until these 2 conditions are met, any discussion about reconstruction and applicable participation in this process of Polish entrepreneurs is irrelevant. So if these mechanisms are good, it is very hard to tell, due to the fact that so far I have not had the chance to test them and I do not know anyone from Polish entrepreneurs who would have specified an chance – he adds.
Karol Kubica, manager of the abroad Trade Office in Kiev, Polish Investment and Trade Agency (PAIiIZ) explains that specified instruments are slow appearing. – Polish entrepreneurs can, for example, insure their contacts even from war risks through KUKE (Corporacy of export credit insurance). It is worth adding that the Ukrainian government besides has mechanisms to refund the demolition of war, and any entrepreneur who invests here and becomes a de facto Ukrainian entity will be able to usage them on the same rights as others – he points out.
– In addition, late a fund of PLN 250 million was developed in the Ministry of Funds and household Policy, says Karol Kubica. The assumptions of this mechanics state, among others, that the amount of the debt to the entrepreneur may be up to PLN 10 million, the repayment period is between 10 and 12 years, and the interest rate from 1 to 2 percent depending on the kind of investment. The programme is scheduled to launch in May and be financed by Bank Gospodarstwa Krajowego (BGK),” he stresses.
– Indeed, so far there has been no specified possibility. There were grants, tenders for e.g. acquisition of ambulances, equipment for schools in which Polish business could participate. Now tenders for the Ukrainian marketplace are steadily increasing, he adds.
– In consequence to the instrument from BGK under Ukraine Facility, I thought we would receive at least 1,000 projects at once. There's been a couple 100 for now. We are inactive looking for good ideas, and I powerfully appeal for them,” says Paweł Kowal. "It cannot be said that there is no interest, but it is not as large as we would expect, proceeding various media comments on the improbable opportunities associated with the reconstruction of Ukraine," says the minister.
What about those willing to rebuild Ukraine?
His erstwhile media statements besides indicated that Polish business has not so far shown itself best in the field of reconstruction of Ukraine, due to the fact that there was simply not much interest from Polish entrepreneurs.
– Paweł Kowal said these words 2 days after the gathering in Lviv – says 1 of the businessmen, who is active in the export and import of goods from Ukraine and Ukraine. He doesn't want us to give his data.
– There were at least 40 people in the hall at the PAIH office at the time, many did not get to the conference due to the fact that they ran out of seats. There was no minister Paul Kowal himself, which in the eyes of businessmen did not look good, he admits. The same is said by another entrepreneurs.
– It's not the first time. It is frequently the case that the minister comes in for 10-15 minutes and in a minute he runs for the next conference. It is seldom possible to talk to him – we hear in the crucibles.
– He usually comes in, takes pictures, takes a fewer selfies and disappears. Later we read on the net that this is happening, and we do not see real actions at all – everyone we talk to repeats it.
In the opinion of many of the heads of large Polish companies, the current typical of the government for reconstruction simply has no thought in which direction Poland could go in this regard, there is no good, competent squad or finance for extended activities.
– I have the impression that he puts more emphasis on himself than on squad and our or Polish interests. If that's the case, it means he's a weak manager, and this is about management, not just politics. Just due to the fact that individual has contacts, it doesn't mean that they can usage them decently – he evaluates another 1 of our listeners.
– Nobody wants to go to a local imagination in Ukraine due to the fact that they are very risky – said Minister Kowal in the media. – The problem is that entrepreneurs were, only there was no typical of the government, who stayed in Warsaw that day and attended another conference with the Polish-Ukrainian Chamber of Economics, which is always there – says the same businessman who had previously asked for anonymity.
– In Ukraine, there was a chance to meet with authorities, local governments and businessmen who have a real impact on future investments, besides with Poles, who, despite the war, went to Lviv with the hope of discussions and information from the minister. Shortly afterwards, Paweł Kowal went to Italy, where a conference on reconstruction of Ukraine was held. On his social media we see photos and accounts from Milan from early March 2025. However, we do not find out what was set out there, but only that another gathering was planned during this visit. This time in Rzeszów in July 2025 – added Polish entrepreneur.
– It's kind of a sensational tone, but it's worth knowing that all period I start with tea with all the heads of business organizations. all month. You will not find another authoritative in Poland who would do that – Paweł Kowal defends himself.
– Together with experts, we explain the financial instruments we introduce for Polish companies at a given time, I inform who I met with abroad partners, invitation business to participate in these meetings. all period there is besides a gathering with 1 of the industries that would like to participate in reconstruction. It might be worth informing everyone even more, but if the directors of e.g. the Polish-Ukrainian Chamber of Commerce or the head of the global Association of Polish Entrepreneurs in Ukraine know this, I besides hope that this information gets further thanks to them – the Minister adds.
Chaos and no vision? The race is already on
This is not the end of the protest to organize reconstruction of Ukraine with the participation of Poland. Entrepreneurs with whom we talked besides claim that possibly the biggest defect on the side of Warsaw is the deficiency of imagination and plan.
– Let us remember that under the motto of reconstruction of Ukraine there are many different projects. It's not just the location of the road or the building. This is besides health, education, the digital sector. This would be better called "a return to normal", says Ewa Zakowicz, president of 1 of the large companies with Polish capital operating in the Ukrainian financial market.
– The specificity of the Ukrainian marketplace cannot be known coming here erstwhile in a while and for respective days. You gotta benefit from the experience of those who have been on the scene for years or make a squad that will deal with specified matters all day. Unfortunately, it's uncommon for us entrepreneurs who work here to ask anything. And we know that we are strong in IT, we can aid rebuild roads, schools. but it's not gonna be done with conferences and debates. The Japanese, for example, are truly here and have a large team. And they know what they want. They drive from town to town, from village to village and talk. They ask what is needed and then wonder how they could participate. We have a immense plus in that we're close. We can deliver building materials. But it takes specialists, not debates. For now, alternatively of a plan, we have chaos and deficiency of communication – he thinks.
– We besides have a reconstruction squad for Ukraine, but it is in Warsaw – says Minister Kowal.
– Everyone took a model. We besides have a permanent local government squad with which we regularly discuss plans. Poland is not in a worse situation. You could say that South Korea did something different, but just a fewer days ago, we were talking to the Koreans. They're all waiting for the war to end and putting together joint projects for the future. I besides had conversations with the Americans. They say straight that where the war does not end, they will not put dollars in Ukraine, due to the fact that no supervisory board will let specified bravado, nor will any bank give credit burdened with specified hazard and without safety guarantees. Additional guarantees will so be required, but they will be. I just came from Brussels from a gathering with the French and Italians. Together we are planning an investment fund with the participation of our banks – explains the Polish typical for reconstruction of Ukraine.
“The desire alone is not enough,” says Rafał Tomala, president of the Foundation for the improvement of Regions. – I now have dozens of projects with which we can enter the Ukrainian market. Gas production, biogas plants, wind investments, energy. But we're crashing into bureaucratic barriers. Polish business very much wants to act, it is competitive, but there is no support from the authorities. He is the king of reasoning that Polish companies can just let go and manage themselves. And remember, there are many limitations that we cannot jump, even though there is no money flow. You can't just transfer from Ukraine to abroad. France gives its entrepreneurs who want to enter the prosthesis market, for example, a debt of EUR 50 million. It besides helps to sign a contract with Ukrainian university and immediately flood half the marketplace for the next 15-20 years. We're out in front due to the fact that we don't have access to capital," explains Tomala.
So far, Polish business in Ukraine is not comfortable – we hear in conversations. – Most companies that have been operating on the Ukrainian marketplace for 20-30 years are tiny entrepreneurs, with respective exceptions. And these small ones feel like fish in the water in Ukraine. In cloudy water – describes Jarosław Popiołek, president of Our Warsaw Foundation and entrepreneur from the construction industry.
– If, on the another hand, we are looking at this “business through large B” which is associated with “rebuilding by large O”, then it is not here. Not due to the fact that it feels unstable due to the situation of war, but due to the deficiency of business safety and due to the chaos that does not foster development," he says.
However, the businessman besides notes that Polish companies are sceptical about investing in Ukraine. “For many, taking specified a hazard is besides big, and the native marketplace is so unchangeable and attractive that they believe that it is better to participate in Polish tenders than to buy a cat in a bag,” he adds.
Rafał Tomala in turn assesses, as another interviewors believe, that in any of Poland's activities there are no specifics.
– Recently, an thought came up, most likely completely unproven, that Polish water supply companies would invest in Ukrainian waterworks. Anyone who knows a small bit about this business knows that our companies are mostly operator companies, not investment companies. They know about everyday work, not about another markets. How would urban companies, e.g. from Wrocław, or from Poznań, operate abroad? Even the charter most likely does not let them to do so, let alone send people to Ukraine. But since the thought was coming from above, the discussion continued, and time was wasted on something that was completely ineffective from the beginning," says Tomal.
– There is no solid business plan and no imagination for the future. It is besides sad that the cognition and contacts developed e.g. by Polish charities, which have a very good reputation in Ukraine and could help. However, there is no desire for specified cooperation at the top – he says.
Paul Kowal points to 3 main aspects
Marcin Obara / PAPPaweł Kowal
However, Paweł Kowal argues that the plan is. – We presently have 3 defined profiles that others do not have, due to the fact that Poland lies in a unique place. Firstly, this is simply a question of our function in logistics and in supporting reconstruction from our country. We've been working hard on this in the past fewer weeks. This is all transit, forwarding, communications, border crossings. We are in a unique position as Ukraine's closest neighbour. For companies curious in specified activities there is already a peculiar debt fund.
The second pillar is exports. The improvement of Polish-Ukrainian trade is the key to tiny investments that will follow. Today, 1/3 of EU exports to Ukraine are exports from Poland. Imagine how many jobs in Poland are based on this sale. We besides have an thought for joint production and export, but this is inactive a poorly developed branch. There is simply a regulation that if people are afraid to invest, they invest in export, they are supported in different ways, due to the fact that it is followed by technologies and then by smaller and larger investments. It helps break the fear of investors. It's a kind of economical chain. We are working on these solutions together with the Minister of improvement and Technology Krzysztof Paszyk, as well as with PAIH – the Minister points out.
"The 3rd pillar is investment. We are talking about over 3,000 Polish companies, which are already in Ukraine, have their people. We want to benefit from this experience. The European Commission is besides expanding opportunities in this area, for example through export insurance. Therefore, there are more and more instruments, but the main criterion will inactive be the completion of the war,” explains Paweł Kowal.
The leaders are France, Lithuania and foundations. Poland behind?
Karol Kubica of PAIH besides argues that his institution has a imagination of Poland's participation in reconstruction of Ukraine. According to him, the Polish Investment and Trade Agency has besides identified strengths of Polish business and current request in Ukraine.
– We have quite a few companies that are looking for possible customers and customers for their goods and services. Starting with machinery, agricultural equipment, food industry, medicine and pharmacy, there are questions about rehabilitation. Polish entrepreneurs are coming to Ukraine, we have just completed a large mission of the energy sector, but our companies from the construction, transport and medical sectors are besides curious – he mentions.
– Our PAIH offices in Kiev and Lviv and Polish diplomatic missions are inactive at the disposal of Polish business – he adds.
Currently France is the leader among countries that are already active in the reconstruction of Ukraine. Paris seeks to participate in future investments in wellness care, energy, water, education, transport. On the authoritative website dedicated to reconstruction of Ukraine (dream.gov.ua) we can find analyses of investments of individual countries. For its entrepreneurs, France has so far allocated 10 billion hryvnia, nearly 250 million dollars. This is more than the European Commission and the European Bank for Reconstruction and improvement combined. Lithuania (about $14.5 million), Denmark (11.5 million), Switzerland and Germany (about $6-7 million) besides invested a lot.
Little money has been allocated to the U.S. government to rebuild Ukraine. At this point, Americans are backing many reconstruction projects through various charities. For example, the Howard Buffett Foundation invested nearly $3 million in Ukraine, mainly in the education sector. In Bucza, which was mostly rebuilt by Buffett, there is even a monument and street of his name, which he restored to life. The same 1 from which drastic pictures all around the planet ran in April 2022. Another American businessman from the construction manufacture and benefactor Dell Loy Hansen has already built respective towns, among others, close Kiev, where completely independent infrastructure, schools, shops and workplaces are created.
Hansen FoundationInside 1 of the homes, equipped by the American charity Hansen Foundation
An interesting example of how to organise cooperation between governments is Japan's approach, which is besides doing well at this phase of reconstruction of Ukraine, despite the fact that Tokyo and Kiev in a consecutive line divides over 8,000 km. – Japan global Cooperation Agency has been operating in Kiev for any time. It is simply a peculiar government agency that is tasked with contacting local governments, business and Ukrainian authorities, researching the marketplace and working out agreements in fields that are curious in the government in Tokyo – explains Ewa Zakowicz.
– late the nipponese gave Ukraine peculiar miners. Six in total. That's how they build good relationships. They aid and are about to invest in sectors where they are strong and have something to offer. They build medical centers for veterans, and in return they get cognition gained by Ukrainian physicians, improve prosthesis of legs, hands. It's a giant cognition that you get in return for help. It's a fair price – he explains.
As the expert and economist add, the approach is different, e.g. Germany, which enter almost exclusively into typically business projects. They build solar farms, among others. Germany has specified a good situation that the government has taken care to safe their investment, for example in the event of war damage. The German government is the guarantor, and in case of bombing, it will return the money to the company. Therefore, the hazard becomes smaller and the desire to make in Ukraine is greater – says Zakowicz.
More than Poland is already investing in Ukraine Estonia, the Czech Republic, the Netherlands, Luxembourg, as well as Portugal. From Warsaw to Ukraine, PLN 940 thousand, or little than $250,000, has been transferred to Ukraine as part of the reconstruction project.
– The problem with specified data as we see on this kind of Ukrainian platforms is that they do not truly image the real situation – says Jarosław Popiołek.
– There are many projects that have either just begun and have not yet been completed, or it is simply a certain action taken by philanthropists specified as Mr Buffet or Mr Hansen. Each of us, if we had specified money at our disposal and the chance to place a monument, assurance that his individual would be remembered forever, and yet the possible that in the future this would bring him financial benefits, would surely not hesitate to do so. But they're inactive ad hoc, not systemic. There is no sustainable organisation of action here. For example, the construction sector in which I rotate needs at least a few, a dozen, or even a fewer decades to settle in, research the market, check plots, risks. Business is not a wishful activity, and for the minute we inactive have a want performance in my feeling – added the president of Our Warsaw Foundation and the entrepreneur from the construction industry.
In fact, Poland does not look so weak over the years. Especially if you analyse pre-war data. PAIH data show that since 2009 the value of abroad investments in Ukraine has reached $779.9 million, and in 2023 we took eighth place among the countries most investing in Ukraine. We spent the most on the processing industry, financial activities and insurance, as well as wholesale and retail trade.
photograph Office of the president of UkraineThe wife of the Ukrainian president Olena Zelenska and philanthropist Howard Buffett inaugurated the construction of a kitchen mill in Bucza. The second plant will be built in the Kharkiv territory
Vasily Bodnar: Ukraine is waiting for Polish business
The Polish media space and the network are besides frequently filled with speculations, that it is Ukraine that makes it difficult, or even reluctant to Polish investments, favouring other, richer countries.
Recently, Polish media commented on the speech of the Ukrainian ambassador to Poland Vasil Bodnar about our country's future participation in reconstruction. On radio, RMF FM Bondar said that “French troops will enter Dnipra or Lviv due to the fact that they will be deployed there. Later, they will be followed by business and will begin to participate in the reconstruction of Ukraine. Where will Polish business be?’
Among another criticisms, the erstwhile Prime Minister Leszek Miller, who has been celebrated for his anti-Ukrainian attitude for any time. He stated that the ambassador's words were insolent and suggested that it was Kiev's blackmail against Warsaw about Poland's opposition to sending our troops to Ukraine.
– Of course, my words were misunderstood. This is simply a sovereign decision of Poland, whether it wants to participate in 1 way or another in actions of another countries, e.g. supporting logistics, but this does not affect our business relations. The problem right now is that small is happening. And I will not say that it is not actual that more could besides happen on our side, but due to the fact that I am an ambassador, it is not right for me to talk this way about my own country – he points out in an interview with Onet Vasil Bodnar, the Ukrainian ambassador to Poland.
– The fact is, however, that another European countries already manage certain areas of reconstruction of Ukraine, the local authorities are starting to work with their counterparts. The visibility of Poland would be very appropriate here, due to the fact that it may turn out in the future that competition is greater than today. late there was a large delegation from Turkey in Kiev. Entrepreneurs arrived and with them 2 ministers of agriculture and the economy. presently Turkey has 300 companies installed in Ukraine. Therefore, I very much respect the work of Minister Paweł Kowal and I urge him to organise specified business missions as well. We could usage more government activity. It is good for Polish companies that they already have the first mechanisms to facilitate their operation – he adds.
– Ambassador Bodnar is an outstanding and committed diplomat, we will shortly give him further ideas – says Paweł Kowal. "We will launch consultations on strategical sectors of cooperation with Ukraine in the context of reconstruction. We want to find where, for example, state companies could enter. This subject has any potential. We are presently waiting for details. We are based on statements by president Zelenski that Poland was the first to help, so it will besides be the first to rebuild. president Zelenski has confirmed these statements many times, says Kowal.
According to Karol Kubica, there is no reason to believe that the Ukrainian side blocks Poland in any way. As He explains in his conversation with Onet, they are rumors. “We know the problems of the Ukrainian construction sector, which presently lacks hands to work. quite a few men are either already in the military, or they're afraid they're gonna go there, so they'd alternatively not work. I think we will find a compromise in this situation, due to the fact that on the another hand we are besides aware that Polish companies will not be willing to send workers to Ukraine, so without the workforce from here it will be hard to deal with investments – explains PAIH director.
– There is absolutely no blockade or resentment on the part of Ukraine towards Polish investments – adds Vasily Bodnar, although the atmosphere is besides crucial in specified discussions.
– The first decisions related to the commemoration of the victims of Volyn are already being made, and I hope that in this area our relations and atmosphere will improve," he emphasised.
“The cards are not yet handed out,” says Ewa Zakowicz. – But this is the time erstwhile we gotta choose as a country, in which we are unrivalled and come with a ready idea, not waiting for a call from Ukraine, due to the fact that specified a telephone will simply not be – admits the entrepreneur.
Paweł Kowal argues that there are, in addition to the talks that are spoken out, any that are little public.
“For example, we have sectoral meetings with any industries. In Ukraine, our aviation business very much wants to operate. Polish Airlines and Polish Air Navigation Agency participate in planning these activities. We would like PPA to participate in this fresh beginning of the Ukrainian sky, in training. We are discussing the function of LOT, Poland's participation in designing fresh airports and about re-entering the marketplace not on worse conditions than before the war. specified declarations have already been made publicly, and reconstruction cases have been the subject of fresh Tusk-Zeleński talks and consultations with Minister Pašik, among others. There will besides be Polish-Turkish consultations as part of reconstruction of Ukraine, which are to be a joint venture.
Dreams of Odessa ports
Recently, Minister of State at the Ministry of Agriculture Michał Kołodziejczak said in a tv interview that Poland should buy or lease a port in Odessa and thus strengthen its position and competitiveness and increase the export capacity of our and European grain to global markets. According to Kołodziejczak, Poland should besides be able to usage half a million hectares of agricultural land in Ukraine. Are these ideas right about being?
– It's an absolute abstraction for the moment. Ports to buy don't grow like pears on trees. So the question is, where have we been so far? 1 specified port was sold in December. No 1 participated in the auction from Poland and the marketplace price was bought by the Ukrainian businessman. We have nitrogen fertilizer problems. This kind of plant is presently selling. And where are we? erstwhile it comes to the acquisition of agricultural land, there is besides an thought totally disconnected from reality, due to the fact that anyone who knows Ukrainian law knows that no foreigner can buy agricultural land. Only land can be bought under construction and with another restrictions," explains Ewa Zakowicz. “For this, factories sale at the price of 20-30% market, but besides the Polish side does not participate in these transactions,” adds the expert.
Hansen Foundationalready built Hansen Village close Kiev
How much can you make to rebuild Ukraine?
On the 1 hand, it cannot be said that the full planet has already moved on to rebuild Ukraine, as Paweł Kowal admits, but on the another hand, it can be seen that the states are already looking at their function in future processes, as is seen from the examples of Japan and France discussed by us, as well as from the example of the inactive unsigned economical agreement by Ukraine, the alleged agreement on minerals with America.
Among the provisions of this agreement is besides a point concerning ensuring that American companies are given precedence in these investments and possible privatisation.
“In spite of any claims in the Polish public space that Poland should not take part in the reconstruction of Ukraine, due to the fact that we have already helped it much, entrepreneurs know that this kind of chance does not come often, and this is simply a very beneficial minute for the business of a given country, which in the future will profit from the companies introduced on the Ukrainian marketplace and it does not have much to do with charity,” says Ewa Zakowicz.
– Of course, the widely understood reconstruction is besides a aid for Ukraine to return to normality, but for the business sector it is simply a large chance for improvement – says Karol Kubica.
“Poland has invested in, for example, a series of civilian protection schools. another countries are doing the same for the time being. They aid and at the same time test the marketplace gently. But is this truly an investment and reconstruction of Ukraine? I don't think so, says Paweł Kowal.
– Of course, it is inactive not a clean business, and a form of improvement aid, bringing hope that 1 day these firefighters will buy e.g. equipment from Poland and our guards will cooperate more closely, besides sharing experiences. Similarly, Polish cities invested in the centre of support for veterans in Lviv. It makes sense and we're doing it and it's not enough, but I'm talking about investments in the sense of a factory, a road. The Polish company is finishing construction of a large incineration plant in Lviv. This investment was supported during the crisis. Thanks to the kindness of Mr.Lwów, it will be a monument to Polish-Ukrainian cooperation with the participation of European money. – explains the Polish Minister for Reconstruction of Ukraine.
The current budget for reconstruction of Ukraine, which can be checked on the dream.gov.ua website is 902 billion hryvnia, i.e. around 21 billion 846 million $440 thousand. At this point 182 projects with a full value of 6 billion 171 million dollars are being implemented. The full amount that will be needed to rebuild the country after the war for this minute is estimated at over 800 billion dollars. If the harm continues, the amount will increase.
