Indeed, the negative development in the data is caused by a few specific reasons. The data are strongly driven by one large individual investment by the German subsidiary of a global steel corporation with Indian majority shareholders. This shows that bilateral FDI statistics should be interpreted cautiously. In addition, the valuation method employed for this investment plays a key role. In sum, one should not come to rash conclusions on the relations between the Ukrainian and German economies based solely on Ukrainian FDI data.