MYRONIVKA, UKRAINE – JULY 29: A stork flies above a wheat field as a combine harvester of TVK Seed agricultural company harvests wheat on July 29, 2022 not far from Myronivka, Ukraine. Commodity exports from Ukraine, one of the world’s largest producers of wheat, corn and vegetable-oil, have been stalled since the Russian invasion on February 24 affected important port infrastructures. (Photo by Alexey Furman/Getty Images)
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Ukraine’s post-war economic story will not initially be written by startups or fintech. It will be written in fields, furnaces, mines, pipelines, and ports (and drone production).
That is because the sectors that once anchored the country’s export economy, agriculture, metallurgy, and mining, still provide the clearest path from wartime survival to sustained growth. Together, before the full-scale invasion, they accounted for roughly 20% of GDP and close to half of merchandise exports. Today, these sectors are damaged, undercapitalized, and operationally constrained.
However, they also retain deep structural advantages: Ukraine has some of the world’s most fertile farmland; vast ore deposits, including iron, manganese, titanium, graphite, and uranium; and proximity to European markets. Last but certainly not least, it will have an enormous domestic reconstruction market.
The central question for investors and policymakers is not whether Ukraine has assets. It does. The question is whether security, infrastructure, governance, and finance can be aligned fast enough to turn those assets into productive capital.
The Return of Ukrainian Grain?
Agriculture offers the clearest illustration of both Ukrainian resilience and its lost potential. The country’s farmers have adapted remarkably well under fire, rerouting exports, altering crop mixes, and keeping production alive despite extraordinary constraints. Even so, output remains 20.6% below prewar levels. The reasons are painful: mined fields, destroyed silos and irrigation systems, labor shortages caused by displacement and military necessity, and fragile export corridors. The Food and Agriculture Organization’s emergency work helps stabilize the sector, but its budget is measured in tens of millions of dollars. The real reconstruction price tag is in the tens of billions.
Across reconstruction assessments, a broad consensus is converging. Restoring agriculture to baseline functioning appears to require approximately $55 billion. Decontaminating and rehabilitating damaged farmland alone have been estimated at around $23.4 billion, and that figure is already widely seen as outdated. Factor in logistics, irrigation, machinery replacement, and working capital, and the bill rises sharply. Add a serious, well-past-due modernization push, processing capacity, storage, precision farming, EU-standard systems, and total capital needs plausibly rise to $90-100 billion.
That sounds prohibitive. But the upside can be equally large. Before the war, agriculture contributed to Ukrainian GDP and was a pillar of the global food supply chain. If land is cleared, logistics rebuilt, and technology upgraded, Ukraine could recover that share within five to seven years and potentially exceed its pre-war output. In other words, this is not simply a rehabilitation story. It can become a productivity story.
Mining And Ukraine’s Future
Metals and mining tell a harsher story in the short term but perhaps an even more strategic one over the medium term. In 2021, metallurgy contributed just over 12% of GDP. Then came the destruction and occupation of Mariupol’s industrial base, including Azovstal and the Ilyich steel works, which together wiped out almost 40% of Ukraine’s steel smelting capacity. Steel output has fallen by two-thirds.
Yet even here, the long-run logic remains intact. This is why the United States signed minerals deal with Ukraine. The country still possesses some of Europe’s largest reserves and a substantial industrial legacy. Europe, meanwhile, is rearming, electrifying, and trying to reduce dependence on Russian and Chinese supply chains. That creates an alignment of geology, geography, and timing.
The problem is that mines and mills cannot run on strategic logic alone. They run on electricity, transport, and trust. Ukraine currently operates with only about one-third of its prewar electricity capacity. The country’s roads, substations, rail corridors, and ports have all been damaged. Much of the geological data investors rely on is 30 to 60 years old and dates back to Soviet-era surveys. Financing is tight, with Ukrainian corporations facing a debt wall of roughly $3 billion in 2026, while broader financing needs for 2025–2028 exceed $150 billion.
This is why the metals story is not just about rebuilding blast furnaces. It is about building the system around them. The World Bank has recently noted that rehabilitating Ukraine’s mining sector is expected to require multi-billion-dollar investment in equipment, modernization, and infrastructure, potentially reaching the low tens of billions when combined with processing, power, and transport needs. If those constraints are addressed, metallurgy could plausibly return to pre-war levels within a few years, becoming more efficient than the old Soviet-era infrastructure ever was. Domestic reconstruction alone, bridges, housing, industrial facilities, and transport networks would provide a powerful initial source of demand before export markets are fully regained.
There is also a broader resources story that deserves more attention. The U.S.-Ukraine strategic minerals agreement aims to develop Ukraine’s critical minerals sector through American investment, technology transfer, and long-term supply partnerships. Its scope extends beyond mining itself to include exploration, extraction, processing infrastructure, and stronger bilateral economic ties designed to reduce Western dependence on Chinese-controlled supply chains. However, if hostilities persist, private investment will remain constrained because mining projects require stable operating conditions and confidence that assets won’t be threatened by the war. But again, potential is not production.
The most sensible near-term opportunities are therefore not necessarily giant greenfield projects. They are the faster, lower-risk opportunities: brownfield mine rehabilitation, tailings reprocessing, modular power systems, logistics terminals, scrap recovery, and downstream processing. One particularly interesting case is the estimated 300,000–400,000 tons of uranium tailings that may contain recoverable specialty metals. These are not romantic frontier projects. They are practical entry points.
Systemic corruption remains an obstacle to investment and must be addressed before tens of billions of dollars in reconstruction funding pour in. “Mindichgate” (Operation Midas) is the biggest scandal yet. Zelensky confidant Tymur Mindich allegedly orchestrated ~$100M in kickbacks from state energy giant Energoatom, with the proceeds laundered in part through luxury villas near Kyiv. The scheme ensnared former ministers, Defense Minister Umerov, and Prime Minister Sviridenko. In May 2026, ex-chief of staff Andriy Yermak was formally charged with money laundering tied to the same villa project. Leaked transcripts reference “Vova” — Zelensky’s nickname — though he is not under investigation.
Ukraine’s anti-corruption bodies (NABU/SAPO) proved their independence by pursuing the powerful, a positive signal. But corruption penetrating state energy and defense procurement means wartime contracts carry high political risk. Post-war reconstruction investment looks safer, contingent on EU-mandated reforms being fully implemented.
A Practical Reconstruction Plan
Reconstruction will not be easy. First, Ukraine’s next economic phase must be built around investment competitiveness, not aid dependence. That means one-stop permitting, faster digital approvals, stronger land-title protections, court reform, predictable taxation, and OECD-style governance in state-linked enterprises. Investors will accept risk; they will not accept unnecessary opacity.
Second, energy is the master variable. Without a more resilient grid, there is no serious agricultural processing revival, no metals resurgence, no mining scale-up, and no meaningful natural gas expansion. Rebuilding generation, substations, and transmission is therefore not a side issue to the resources story. It is the foundation of it.
Third, Ukraine should prioritize value-added production over raw extraction. Countries that export ore capture little of the upside. Countries that process, refine, and fabricate capture jobs, skills, tax revenue, and geo-economic leverage. For Ukraine, the real prize is not merely digging things out of the ground. It is moving up the industrial chain—in steel, titanium, graphite, fertilizer inputs, food processing, and potentially gas-linked industry.
Fourth, Europe and international financial institutions need to think less like donors and more like market-makers. Long-term offtake agreements, political-risk insurance, blended finance, and corridor investments in rail, ports, and storage could do more to unlock private capital than another round of declaratory support. The EBRD, the World Bank Group, the EU, and bilateral development agencies all have a role here.
Fifth, private investors should properly sequence their ambitions. The first wave is likely to be enabling infrastructure, working capital, storage, logistics, modular energy, brownfield industrial assets, and selected processing projects. The largest greenfield mining bets will come later, once security and infrastructure improve.
If this sequencing is done well, the combined impact could be substantial. Agriculture and metals together could again account for approximately 20% of GDP, 40–50% of goods exports, and anchor tens of billions of dollars in reconstruction-related investment. Before the war, agriculture and mining/metals together contributed roughly one-fifth of the country’s GDP and a large share of its exports. Over time, recovery in these sectors could restore much of that role, while critical minerals and gas may gain importance through integration with European supply chains. In the end, Ukraine’s economic future may hinge on a deceptively simple distinction: whether reconstruction is treated as a humanitarian expense or as an investable industrial transformation.
If it is treated merely as aid, recovery will be slower, more fragile, and more dependent. If it is treated as a disciplined effort to combine security guarantees, infrastructure renewal, governance reform, and private capital, then Ukraine’s farms, mills, mines, and energy system could become more than symbols of resilience. They could become wellsprings of European growth and strategic fortitude.
Ukraine has the soil. It has the ore. It has the location. What it needs now is the machinery of confidence: leadership, peace, power, rules, finance, and time.
This article was adapted from the author’s presentation to the US-Ukraine Business Forum “The Way Back from War – Promoting Ukraine’s Industrial Sectors with the Greatest Potential for Swift Success,” supported by American Foreign Policy Council, Center for US-Ukrainian Relations, Washington Times, New York, April 2026.