Ruslan Shostak, President of the TERWIN Corporation, founder and co-owner of EVA and VARUS, and founder of WINHUB, took part in the panel discussion 'Growth Ecosystem: How Ukrainian Companies Build Scale Without Borders' at the Lviv Invest Forum, speaking about investments during wartime, promising sectors, and the readiness of Ukrainian business to manage risks.

03.09.2026

One of the key topics of discussion was investing in Ukraine during the full-scale war. According to Ruslan Shostak, it is telling that Ukrainian entrepreneurs today are no longer asking whether it is worth investing in the country, but rather which specific areas to choose.

"I was genuinely touched by a sincere question from business owners: 'Where is the best place to invest money in Ukraine today?' At the very same time, Russia is bombing our enterprises. In recent times, warehouses of EVA, VARUS, and KOLO have been destroyed or severely damaged. Businesses are losing assets worth hundreds of millions of hryvnias. We build — they try to destroy. Yet people ask me not 'is it worth investing in Ukraine?', but 'where to invest?'. And that is a fundamental difference," noted Ruslan Shostak.

In his opinion, today in Ukraine there are practically no sectors that are off-limits for entry. It is merely a question of entry cost, investment horizon, and willingness to work with risk.

"Hard times breed truly great people. A successful entrepreneur is distinguished by the ability to accept risks — this is precisely what forms the new generation of Ukrainian business leaders today. And the answer to the question 'where to invest?' is actually quite simple. Energy. Manufacturing. Processing. Technology. Human capital. Healthcare. Infrastructure. These are unequivocally promising avenues. Not to mention defense tech and the entire defense technology sector. You shouldn't be afraid. You need to calculate the risks — and act. Because right now it is being decided who will become the new leaders of the Ukrainian economy for the next 10–20 years," shared Ruslan Shostak, President of TERWIN Corporation.

According to Ruslan Shostak, the willingness of entrepreneurs to keep investing despite wartime risks is an important indicator of the potential of the Ukrainian economy.

"As long as people in Ukraine are asking 'where to invest?' rather than 'how to get out of here?', this economy has a future," the businessman concluded.

The panel discussion was also attended by EFI Group founder Igor Liski and Kyiv School of Economics President Tymofiy Mylovanov. The conversation was moderated by Professor Anatolii Dligach, founder of Advanter Group and the international business community Board.

Lviv Invest Forum is an annual investment platform that brings together top investment experts, the most promising investment projects, and investors seeking new opportunities, partnerships, and avenues for capital allocation.