Tomas Fiala, CEO and founder of Dragon Capital, at the company's office in Kyiv, Ukraine on June 15, 2026. (Elena Kalinichenko/The Kyiv Independent)As the Ukrainian business community prepares for its biggest annual event — the Ukraine Recovery Conference, this year taking place in Gdansk — foreign investment in the country is once again set to be a central topic.Russia’s full-scale invasion has brought unprecedented attention to Ukraine, not only because of the war, but also as the West, particularly Europe, has come to better understand the country and the role it can play in its economy.That attention, however, has not translated into significant foreign direct investment inflows.The problem predates the full-scale invasion and has only been compounded by security risks, with rule of law often cited as one of the main concerns deterring foreign investors from Ukraine, according to Tomas Fiala, CEO of Dragon Capital, one of Ukraine’s largest investment firms.Fiala is marking 30 years of doing business in Ukraine this year. Over those three decades, he has built his business through revolutions, two wars, and periods of political pressure that have at times extended to him personally.Despite the challenges, he says significant progress has been made in reforms and the broader business environment, with foreign investor interest increasing. While Fiala declined to comment on the specific deal, Dragon Capital recently reportedly sold stakes in seven of its companies to former Google CEO Eric Schmidt and his wife Wendy — a move described as "great news for Ukraine’s investment climate."Ahead of the conference, the Kyiv Independent sat down with Fiala to discuss foreign investment, staying out of politics, and what needs to happen for Ukraine to become a leading investment destination.This interview has been edited for length and clarity.The Kyiv Independent: Many investors express interest in Ukraine, yet relatively few are prepared to commit capital. Setting aside the security situation, what, in your view, is the biggest barrier preventing them from doing so?Tomas Fiala: Rule of law has been the main bottleneck — not just according to us, but according to annual surveys conducted by the European Business Association and Dragon Capital among international investors already active in Ukraine before the war.It's also one reason Ukraine attracted roughly four times less foreign direct investment than Poland over the past 30 years, despite having broadly similar starting conditions.The Kyiv Independent: What about the rule of law specifically holds them back? The judicial system, the courts?Tomas Fiala: The courts, yes, it's difficult to get a fair judgment in a Ukrainian court. Then there are law enforcement agencies that are used to pressure businesses, whether because someone has influenced them or because they are pursuing their own interests.