Business Opportunities Ukraine

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Business opportunities in Ukraine

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Ukraine, a country in Eastern Europe, borders Russia to the east, Belarus to the north, Poland, Slovakia and Hungary to the west, Romania and Moldova to the southwest, and the Black Sea and Sea of Azov to the south. The capital of Ukraine is an ancient city of Kiev.

Business and Economy

With rich farmlands, a well-developed industrial base, and highly trained labour force; Ukraine has the potential to become a major European economy. Starting from the year 2000 the country’s economic growth has averaged 7.4% per year, reaching 12.1% in 2004, declined sharply to 2.6% in 2005, but recovered to 5% in 2006. But still there is a real need for market reforms, as the economy remains burdened by excessive government regulation, corruption, and lack of law enforcement.

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Industry and international trade

It can be said that Ukraine’s economy is based on the agriculture sector, as it contributes almost 10% to the GDP of the country. Ukraine is the 5th largest exporter of cereals in the world. Besides, Ukraine is rich in mineral resources (iron, magnesium, and coal). The Ukrainian manufacturing sector is dominated by heavy industries like iron and steel (30% of the industrial production), coal mining, chemical, mechanical, and shipbuilding. Airplanes, turbines, metallurgical equipment, diesel locomotives, and tractors are manufactured here.

Ukraine encourages foreign trade and investment; among its most important import partners are Russia, Germany, and Turkmenistan. One-third of Ukraine's exports go to Europe, while as nearly one-fourth goes to Russia and the ex-Soviet countries. The country mainly imports mineral fuels, nuclear reactors and boilers, machinery, vehicles, electric & electronic equipment, and plastics.