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Information on Ukraine

Capital: Kiev
Official language: Ukrainian
Territory: 603.7 thousand sq. km
Area: 48.5 million people
Currency: Ukrainian Hrivna (UAH)
Neighbour countries: Russian Federation, Belarus, Poland, Slovakia, Hungary, Romania and Moldova.

Ukraine, which now borders the EU, is one of the largest countries in Europe (pop. 47 million), and its great potential in many industries has yet to be fully realised. Since independence from the former Soviet Union, the pace of economic reform has been increasing.

Today, the economy is looking healthy: in the first quarter of this year, gross domestic product increased by almost 11% year on year.

Ukraine is made up of 24 oblasts and the Autonomous Republic of Crimea. Among 454 cities and towns of Ukraine (2006) the biggest are: Kiev (population 2.6 million), Kharkov (1.6 million), Dnepropetrovsk (1.1 million), Odessa (1.1 million), Donetsk (1.1 million), and Lvov (802 thousand). With the ethnic Ukrainians making up 80 percent of the population; the rest are Russians, Byelorussians, Rumanians, Tatars, Jews, Germans, Bulgarians and others; 126 ethnic groups in all.

71 percent of the land in Ukraine is arable, with 12 million hectares (30 million acres) having the fertile black soil. 5% of the world’s mineral resources are concentrated in Ukraine (coal; iron and manganese ores; uranium; graphite, and rock-salt).

In 2007 Ukrainian independence will be only 16 years old. However, today Ukraine is a dynamically developing country; one of the main donors of regional and world security; an active participant of peacekeeping operations and a respected member of the international community.

Changes in the European policy open new prospects for the partnership, deepening of the economic integration and collaboration. The prospect of achievement high level of an integration as well as a participation in the European Union’s domestic market and the possibility for Ukraine to take increasing part in the key aspects of European Union’s programs and policy.

Swiftly developing national economy, built on a basis of heavy and science-intensive industry is ready to the mutually advantageous cooperation and is the most beneficial field for the new foreign investments. The economy of the country includes such forms of industry: heavy machine building, ferrous and nonferrous metallurgies. Ukraine is also an important producer of electric power.

Ukrainian economy is based mostly on metallurgy (ca. 23 % of industrial production), food industry (18 %), machine industry (ca. 12 %) and mining (ca. 11 %). Receipts from exports of raw materials and low-processed metal products give about 70 % of budget income.

Ukraine's main trade partners (in 2006) in exports: Russia, Turkey, Italy, Germany; in imports - Russia, Turkmenistan, Germany.

The main foreign investors in Ukraine are: USA, Cyprus, United Kingdom, Holland and Russia.

Total value of foreign investment - about USD 6.7 billion (1st Jan 2006).

Structure of foreign investments in Ukraine by sectors: 49.8 % - food industry, metallurgy, chemical and petrochemical industry, 15 % - trade, 7.9 % - finance, 7.9 % - transport. Ukrainian economy has great potential, but requires big investments.

Ukraine’s macroeconomic performance was appreciated by international experts. In particular, Regular International Financial Corporation Mission, that visited Kiev in late July, acknowledged acceleration of economic growth in recent months.

At the end of August, “Standard & Poor’s” International Rating Agency acknowledged the better than expected macroeconomic performance of Ukraine to date and the improved political situation.

The legal procedures related to businesses were simplified substantially; in particular, by the end of 2006, the number of types of licenses was reduced from several hundred to 81. An efficient protection of foreign investors’ interests is also guaranteed by the bilateral investment agreements, which Ukraine has concluded with 70 countries.