{"id":71922,"date":"2026-06-16T20:00:00","date_gmt":"2026-06-16T17:00:00","guid":{"rendered":"https:\/\/economic.karpat.in.ua\/?p=71922"},"modified":"2026-06-16T16:39:56","modified_gmt":"2026-06-16T13:39:56","slug":"a-h%c3%a1bor%c3%ba-ellen%c3%a9re-visszat%c3%a9rt-a-k%c3%bclf%c3%b6ldi-t%c5%91ke-ukrajn%c3%a1ba","status":"publish","type":"post","link":"https:\/\/economic.karpat.in.ua\/?p=71922&lang=hu","title":{"rendered":"A h\u00e1bor\u00fa ellen\u00e9re visszat\u00e9rt a k\u00fclf\u00f6ldi t\u0151ke Ukrajn\u00e1ba"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Ukrajna imm\u00e1r n\u00e9gy \u00e9ve h\u00e1bor\u00faban \u00e1ll Oroszorsz\u00e1ggal, ezen id\u0151 alatt sz\u00e1mos v\u00e1ltoz\u00e1s indult a k\u00fclf\u00f6ldi t\u0151kebefektet\u00e9sek ter\u00fclet\u00e9n is. A 2022-es visszaes\u00e9st k\u00f6vet\u0151en viszonylag gyorsan mag\u00e1hoz t\u00e9rt a piac, a be\u00e1raml\u00f3 k\u00fclf\u00f6ldi t\u0151ke jelent\u0151s r\u00e9sze koncentr\u00e1l\u00f3dik tov\u00e1bbra is a feldolgoz\u00f3ipari \u00e1gazatokba, mindazon\u00e1ltal megn\u0151tt az \u00e9rdekl\u0151d\u00e9s az energetikai, p\u00e9nz\u00fcgyi \u00e9s v\u00e9delmi szektorok ir\u00e1ny\u00e1ba is.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az Ukrajn\u00e1ba \u00e1raml\u00f3 k\u00fclf\u00f6ldi t\u0151ke 2022 el\u0151tt er\u0151s ciklikuss\u00e1got mutatott. Mindez szoros \u00f6sszef\u00fcgg\u00e9st jelez az orsz\u00e1g belpolitikai v\u00e1ltoz\u00e1saival, annak stabilit\u00e1s\u00e1val, a vil\u00e1ggazdas\u00e1gi v\u00e1ls\u00e1gokkal, tov\u00e1bb\u00e1 a 2014-es kr\u00edmi esem\u00e9nyekkel is \u2013 ismerteti tanulm\u00e1ny\u00e1ban az Oeconomus Gazdas\u00e1gkutat\u00f3 Alap\u00edtv\u00e1ny.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/economic.karpat.in.ua\/wp-content\/uploads\/2026\/06\/patriot-zelenszkij-1024x576.jpg\" alt=\"\" class=\"wp-image-71923\" srcset=\"https:\/\/economic.karpat.in.ua\/wp-content\/uploads\/2026\/06\/patriot-zelenszkij-1024x576.jpg 1024w, https:\/\/economic.karpat.in.ua\/wp-content\/uploads\/2026\/06\/patriot-zelenszkij-300x169.jpg 300w, https:\/\/economic.karpat.in.ua\/wp-content\/uploads\/2026\/06\/patriot-zelenszkij-768x432.jpg 768w, https:\/\/economic.karpat.in.ua\/wp-content\/uploads\/2026\/06\/patriot-zelenszkij.jpg 1347w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">A 2010 \u00e9s 2013 k\u00f6z\u00f6tti \u00e9vekben stabil \u00e9s dinamikus n\u00f6veked\u00e9s figyelhet\u0151 meg a be\u00e1raml\u00f3 k\u00fclf\u00f6ldi k\u00f6zvetlent\u0151ke-befektet\u00e9s (FDI) tekintet\u00e9ben, n\u00e9gy \u00e9v alatt \u00f6sszesen 26 602 milli\u00f3 USD \u00e9rt\u00e9kben \u00e9rkezett az orsz\u00e1gba k\u00fclf\u00f6ldi t\u0151kebefektet\u00e9s (UNCTAD, 2026). A 2010 \u00e9s 2013 k\u00f6z\u00f6tti FDI-\u00e1raml\u00e1s jelent\u0151s r\u00e9sze az eur\u00f3pai uni\u00f3s orsz\u00e1gokb\u00f3l \u00e9rkezett Ukrajn\u00e1ba. Ezt a n\u00f6veked\u00e9st t\u00f6rte meg a 2014-es kr\u00edmi esem\u00e9nyek sorozata, majd az ebb\u0151l kialakul\u00f3 h\u00e1bor\u00fa; 2014 \u00e9s 2016 k\u00f6z\u00f6tt t\u0151kekivon\u00e1s \u00e9s jelent\u0151s m\u00e9rt\u00e9k\u0171 cs\u00f6kken\u00e9s jellemezte az ukr\u00e1n FDI piacot, az \u00fajabb n\u00f6veked\u00e9s 2016-t\u00f3l indulhatott meg, amikorra a harcok is valamelyest al\u00e1bbhagytak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A prosper\u00e1l\u00f3 id\u0151szaknak el\u0151bb a 2020-as koronav\u00edrus-j\u00e1rv\u00e1ny miatt kialakul\u00f3 gazdas\u00e1gi visszaes\u00e9s, majd a 2022-es h\u00e1bor\u00fa kit\u00f6r\u00e9se vetett v\u00e9get.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A h\u00e1bor\u00fa hat\u00e1s\u00e1ra az FDI-alap\u00fa \u00faj befektet\u00e9sek lelassultak Ukrajn\u00e1ban, a legt\u00f6bb esetben nem tiszt\u00e1n \u00faj projektek, hanem a m\u00e1r megl\u00e9v\u0151k\u00f6z kapcsol\u00f3d\u00f3, a j\u00f6vedelmek \u00fajrabefektet\u00e9se \u00fatj\u00e1n l\u00e9trej\u00f6v\u0151k alakultak. Ezek a programok els\u0151sorban a h\u00e1bor\u00fas \u00e9s \u00fajj\u00e1\u00e9p\u00edt\u00e9si logik\u00e1ra \u00e9p\u00fcltek, amelyekn\u00e9l a hangs\u00faly a rekonstrukci\u00f3, az energia, a telekommunik\u00e1ci\u00f3, a v\u00e9delem \u00e9s a kritikus infrastrukt\u00fara ir\u00e1ny\u00e1ban tol\u00f3dott el.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A legakt\u00edvabbnak tekinthet\u0151 befektet\u00e9si ter\u00fclet 2024-2025 sor\u00e1n Ukrajn\u00e1ban az energetikai szektor lett. A h\u00e1bor\u00fa sor\u00e1n, a kor\u00e1bban m\u00e1r t\u00e1rgyalt okok hat\u00e1s\u00e1ra a gazdas\u00e1g egyik k\u00f6zponti FDI-c\u00e9lpontja lett az \u00e1gazat. Az FDI f\u0151k\u00e9nt a meg\u00fajul\u00f3 energi\u00e1ban, a h\u00e1l\u00f3zat \u00fajj\u00e1\u00e9p\u00edt\u00e9sben, \u00e9s a decentraliz\u00e1lt energiatermel\u00e9sben jelenik meg. A h\u00e1bor\u00fa 2022-es kit\u00f6r\u00e9se \u00f3ta a legnagyobb energiapiaci beruh\u00e1z\u00e1st egy ukr\u00e1n mag\u00e1nv\u00e1llalat, a DTEK val\u00f3s\u00edtotta meg nemzetk\u00f6zi finansz\u00edroz\u00e1ssal. A projekt sor\u00e1n 470 milli\u00f3 USD \u00e9rt\u00e9kben telep\u00edtettek sz\u00e9ler\u0151m\u0171veket a Fekete-tenger partvid\u00e9k\u00e9re (Reuters, 2025). Ahogyan enn\u00e9l a projektn\u00e9l is, \u00fagy m\u00e1s esetekben is fel\u00e9rt\u00e9kel\u0151dik a nemzetk\u00f6zi p\u00e9nz\u00fcgyi int\u00e9zm\u00e9nyi rendszer szerepe a hitelny\u00fajt\u00e1sn\u00e1l.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Szint\u00e9n n\u0151tt 2024-re az ipari parkok sz\u00e1ma is Ukrajn\u00e1ban. A sz\u00e1z regisztr\u00e1lt ipari park jelent\u0151s r\u00e9sz\u00e9t k\u00fclf\u00f6ldi befektet\u0151i \u00e9rdekek alapj\u00e1n m\u0171k\u00f6dtetik. A f\u0151 \u00e1gazatok k\u00f6z\u00f6tt tal\u00e1ljuk a k\u00f6nny\u0171ipart, az \u00e9lelmiszer-feldolgoz\u00e1st, az aut\u00f3ipari besz\u00e1ll\u00edt\u00e1st, valamint a logisztik\u00e1t is (Digital State UA, 2025).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00d6sszess\u00e9g\u00e9ben az elm\u00falt k\u00e9t \u00e9v tekintet\u00e9ben az FDI nagy r\u00e9sze a m\u00e1r megl\u00e9v\u0151 c\u00e9gek \u00fajrabefektet\u00e9sek\u00e9nt \u00e9rkezett az orsz\u00e1gba.<\/p>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><strong><a href=\"https:\/\/magyarnemzet.hu\/gazdasag\/2026\/06\/a-haboru-ellenere-visszatert-a-kulfoldi-toke-ukrajnaba?utm_medium=referral&amp;utm_source=hirado.hu\" target=\"_blank\" rel=\"noreferrer noopener\">(magyarnemzet.hu)<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ukrajna imm\u00e1r n\u00e9gy \u00e9ve h\u00e1bor\u00faban \u00e1ll Oroszorsz\u00e1ggal, ezen id\u0151 alatt sz\u00e1mos v\u00e1ltoz\u00e1s indult a k\u00fclf\u00f6ldi t\u0151kebefektet\u00e9sek ter\u00fclet\u00e9n is. A 2022-es visszaes\u00e9st k\u00f6vet\u0151en viszonylag gyorsan mag\u00e1hoz t\u00e9rt a piac, a be\u00e1raml\u00f3 k\u00fclf\u00f6ldi t\u0151ke jelent\u0151s r\u00e9sze koncentr\u00e1l\u00f3dik tov\u00e1bbra is a feldolgoz\u00f3ipari \u00e1gazatokba, mindazon\u00e1ltal megn\u0151tt az \u00e9rdekl\u0151d\u00e9s az energetikai, p\u00e9nz\u00fcgyi \u00e9s v\u00e9delmi szektorok ir\u00e1ny\u00e1ba is.<\/p>\n","protected":false},"author":12,"featured_media":71923,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41,33854,11,33],"tags":[803,120],"class_list":["post-71922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cikkek","category-war-hu","category-kiemelt-tema","category-ukrajna","tag-befektetes","tag-ukrajna-hu"],"_links":{"self":[{"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/posts\/71922","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=71922"}],"version-history":[{"count":1,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/posts\/71922\/revisions"}],"predecessor-version":[{"id":71924,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/posts\/71922\/revisions\/71924"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/media\/71923"}],"wp:attachment":[{"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=71922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=71922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=71922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}