Polish companies continue investing — but complain about Ukraine’s investment climate

Polish businesses are continuing to increase investment in Ukraine despite the war, particularly in food, energy, finance, infrastructure and manufacturing. Mind highlighted Maspex’s acquisition of 80% of Carpathian Mineral Waters for more than $30 million, ZEN.com’s purchase of PINbank and planned investment of almost UAH1 billion, Unimot’s roughly €60 million energy project in the Lviv region and further activity by Cersanit, Barlinek and Unibep. The less positive message is equally important: Polish companies increasingly report opaque tenders, bureaucracy, discriminatory procurement conditions and lengthy border procedures. For foreign investors, the story is both a confidence signal and a warning about execution risk.