Umeå University's logo

When a region is at war or in a conflict, that region gains a lot of attention worldwide. The attention levels drop drastically when the region or country proceeds out of the conflict. Regions that enter post-conflict eras are more forgotten, especially from a business perspective. On the other hand, scholars have recently elaborated on emerging markets, as opportunities and risks have been analyzed and discussed frequently in the literature. The comparability between specific emerging markets and post-conflict countries and regions is apparent, with numerous similarities. However, the difference in literature that upholds opportunities and risks in post-conflict states is substantially scarce in research on emerging markets. Therefore, this study sets out to fill this gap and generate data that enhances business in post-conflict settings. This study aims to understand better the opportunities and risks associated with conducting business in post-conflict countries and to foster valuable knowledge for global companies when internationalizing. The researchers chose a qualitative study approach to fulfill the purpose at hand. After gathering data from the literature, four respondents were selected for deep and insightful interviews. All four respondents had significant roles as executives or managers in global companies and shared their experiences of operating within post-conflict states. Four countries affected by different conflicts were chosen based on the respondents' working experience. The respondents had various roles in their companies' operations in Russia, Ukraine, Bulgaria, and Vietnam. This multiple-case study collected empirical data from these countries and respondents and conducted a thematic data analysis. We examined and presented those based on two main themes: opportunities and risks. As the data was analyzed, it concluded that the opportunities mentioned in the literature are apparent across various post-conflict countries. The post-conflict areas studied revealed opportunities such as workforce opportunities, natural resource opportunities, social stability opportunities, funding from organizations, and new customers. All opportunities associated with post-conflict business environments derived from the empirical data could be categorized under the above subheadings. The literature and empirical findings showed distinctive interconnections. The literature derived political risk, corruption risk, institutional risk, abuse of human rights, and reoccurring conflict as significant risks. The research and data concluded the same results, corresponding to the respondents' experiences. Outlying data such as Sanctions and Currency risk were found. However, they were parallel to the opportunities categorical endeavor, and they could be structured under the significant risks listed previously.