Polish companies are not retreating from Ukraine despite the ongoing war. On the contrary, they are increasingly pursuing new investments, acquisitions, and business expansion. According to KUKE data, in the first half of this year alone, the institution insured assets worth approximately 400 million euros on the Ukrainian market.
Over the past six months, we have insured assets worth about 400 million euros. Our exposure related to securing investments against war risk currently stands at around half a billion euros – said Katarzyna Kowalska, Vice President of KUKE, during the Rzeczpospolita Economic Forum.
Although Russia continues its attacks on Ukraine and the risk of doing business beyond the eastern border remains high, Polish businesses are increasingly viewing this market through the lens of opportunity rather than just threats.
Diversification as a key survival strategy
KUKE has been supporting trade with Ukraine since the beginning of the war by insuring receivables and trade credit for Polish exporters. As Katarzyna Kowalska emphasizes, the vast majority of companies present on the Ukrainian market before the war have remained there to this day.
– Virtually all of our clients who were active on the Ukrainian market before 2022 remain active there today – she pointed out.
However, it is not only trade transactions but also investments by Polish companies in Ukraine that are playing an increasingly important role. In recent months, interest in instruments that protect assets against war risk has grown significantly. This is a result of both persistent uncertainty and the experiences of businesses that have felt the effects of Russian aggression.
– This situation has caused a significant increase in interest in war risk asset insurance – the KUKE vice president emphasized.
In her view, geopolitical uncertainty does not discourage Polish entrepreneurs from foreign expansion. On the contrary, it pushes them to seek new markets and greater diversification of their activities. This is particularly important when the Polish economy remains strongly linked to the German market, and many companies feel the effects of the slowdown at their western neighbor.
– Geographic diversification is now one of the most important elements of building business resilience. If something goes wrong in one market, the company should be able to quickly shift its activity to other directions – she assessed.
New horizons: USA, Middle East, Africa
As she admitted, KUKE itself adopted a similar strategy several years ago. The institution was previously heavily involved in the markets of Russia, Belarus, and Ukraine, so it began building a presence in new directions even before the full-scale war broke out.
– Within less than a year, we developed activity in the Middle East and Africa markets, which meant that events after 2022 did not destabilize our business – she said.
The most important directions for Polish business expansion remain the Middle East and Africa. Increasingly, however, the United States is also appearing on the radar.
– The USA is becoming not only a trade destination but also an investment destination for Polish enterprises – Kowalska indicated.
Interestingly, the uncertainty related to the policies of Donald Trump’s administration has not weakened interest in this market. Instead, it has led companies to more frequently use instruments to hedge political risk.
– Once the American market was practically not perceived as a market with elevated political risk. Today, entrepreneurs increasingly want to protect themselves against the unpredictability of political decisions – she noted.
Central Asia on the radar
Central Asia, including Kazakhstan and Uzbekistan, is also appearing more frequently on business radar screens. For now, however, interest remains mainly analytical.
– We hear more and more about this direction, but we do not yet see a translation into real investment or trade activity. That could change in the coming months or years – the KUKE vice president assessed.
– We ended 2025 with nearly an 18% increase in corporate insolvencies – she said.
In her opinion, the most difficult period may, however, be behind companies. Many prolonged restructurings have already ended in bankruptcies, and entrepreneurs now face a choice: hoard capital for uncertain times or launch investments and expansion into new markets.
– I am a proponent of planning geographic expansion as quickly as possible. This is now one of the best ways to reduce business risk – she concluded.
Źródło: wnp.pl, Fot. wnp.pl
