How can the health resort industry be transformed into investment-attractive projects and attract private capital for its modernization?
These issues were the focus of the panel discussion “Investing in Recovery: Assets, Grants, PPPs and Private Capital”, held as part of the Forum RECOVERY 360 — an event that brought together experts in Kyiv on 10 September 2026 to discuss the transformation of sanatorium and health resort facilities, wellness centres and long-term recovery infrastructure.
The panel was moderated by Yaroslav Romanchuk, Attorney-at-Law and Managing Partner of EUCONLAW Group.
A key focus of the discussion was how to attract capital for the modernisation of the health resort industry and create conditions in which investors, the state, asset owners and local communities share a common interest in the development of a project.
At the beginning of the discussion, Yaroslav Romanchuk outlined the perspective of an investor. “What matters is not only how promising the asset itself is, but also whether the project is more attractive than other investment alternatives, who will be responsible for its implementation, how risks will be allocated, and how the investor will be able to exit the project,” he noted.
The participants also discussed the typical concerns of both sides. Investors seek protection against hidden liabilities, dilution of their stake and the inability to exit a project. Asset owners, in turn, are concerned about losing control over an asset and about the value created over many years being underestimated. Therefore, transparent rules, legal safeguards, a clear allocation of risks and a well-defined partnership model are no less important than the asset itself.
The panel examined practical mechanisms for attracting investment into the sector, including state-owned and trade union-owned assets, private capital, public-private partnerships, international financing and other investment instruments.
Representatives of the public sector emphasized the importance of health resort infrastructure for Ukraine’s healthcare system and the restoration of its human capital. In particular, they discussed government programs to support investment, as well as opportunities for investor support and protection through UkraineInvest.
Public-private partnerships were a key part of the discussion. Updates to PPP legislation open up new opportunities for attracting private capital to state assets while preserving the state’s ownership rights.
Particular attention was given to the Resort Kuyalnik (Clinical sanatorium them. Pirogov) as a pilot project in the health resort sector. Its development could demonstrate in practice Its development could demonstrate in practice how to combine state and labor union assets, private capital, and other financing instruments to modernize health resort infrastructure.
At the same time, the project could serve as a model for scaling similar approaches to other assets in the sector, provided that economic efficiency, investment attraction and the social function of sanatorium and health resort facilities are balanced.
Representatives of the financial sector noted that local and foreign investors have different expectations: Ukrainian investors are more focused on the ability to control the business, whereas foreign investors primarily require clear rules, investment protection, and a predictable environment.
The discussion also addressed veteran rehabilitation and international financing. The large number of veterans and the growing need for long-term recovery are creating significant demand for modern rehabilitation and wellness facilities. At the same time, one of the key challenges remains the search for effective financing mechanisms that will make it possible to align reconstruction needs with the opportunities offered by international financing and private capital.
In conclusion, the speakers emphasised that the health resort industry has significant potential. However, unlocking this potential requires more than valuable assets or natural resources. It requires well-prepared investment projects, a clear economic model, a fair allocation of risks, effective investor protection and strategic partnerships between the state, asset owners and private capital.
The extent to which these conditions are established today will determine whether Ukraine’s health resort infrastructure can become an integral part of the country’s economic recovery and a new avenue for attracting investment into Ukraine.
Panel Participants: Dmytro Natalukha, Head of the State Property Fund of Ukraine; Oleksandr Melnychenko, Deputy Director of UkraineInvest; Pavlo Pozyhun, Healthcare Expert, European Investment Bank|JASPERS; Serhii Pozniak, Founder of FinStream and Cronvest, Chairman of the Association of Veteran Entrepreneurs; Ragim Babaiev, Head of the Resort Kuyalnik (Clinical sanatorium them. Pirogov); Mykhailo Hranchak, Managing Director, LV Capital; Vasyl Andreiev, Deputy Chairman of the Federation of Trade Unions of Ukraine.
