Economy

Ukraine is a country with rich black soils (chernozem), a well-developed industry, highly-educated people, an efficient education system; it has a good potential to take a decent place in the European economy. In 2008 the economy of Ukraine was not in a very good shape, but beginning with the year of 2009 and till present time positive changes in the life of the country are quite obvious. The increase of GDP by 5% is a convincing proof.

The major aspect is that Ukraine has an intention to reform the economy in the next several years. The country continues to attract foreign capital and investments.

Ukraine has extended manufacturing capabilities, including a vast area of the former Soviet Union and aerospace engineering. The leading industries are iron and steel industry, cast iron and steel pipe production, and also chemical industry – manufacturing of coke, mineral fertilizers and sulfuric acid. Ukraine is proud to manufacture aircrafts, turbines, diesel locomotives, tractors. The demand for the output of metallurgical and chemical industries has increased considerably since 2009. Steel amounts to 40% of the export.

Ukraine is a bread-basket of Europe; extremely fertile black soils (chernozems) make it possible to get the most abundant harvest in Europe. Ukraine is a leader in growing grains corps.

An important aspect of foreign economic affairs is friendly relations with Russian Federation (RF), European Union (EU), with the countries of Asia and Northern America. The country cooperates with several financial institutions to get credit trenches which are aimed at facilitating the economic advancement.

And finally, Ukraine is rich in minerals: vast fertile soils, coal, iron ore, forests and other values of nature.

Agriculture: output – grain, sugar beets, sunflower seeds, beef, milk.

Industry: types – coal, electricity, ferrous- and non-ferrous metals, vehicles and transport equipment, chemicals, and food industry.

Trade: Export of goods and services, ferrous and non-ferrous metals, fuel and oil products, chemicals, machines and transport equipment. Import – power, chemicals, machines and equipment.

Jorge Zukoski

President

American Chamber of Commerce

“Ukraine’s leadership understands that the business community requires stability and predictability to commit investment into a market that has the potential of being a driving force in the heart of Europe. Energy and agriculture have impressive potential.”

Interesting facts:

Ukraine produces the largest aircrafts in the world.
Ukraine is the first world producers of oil.
Ukraine is the leader in the amount of autunite deposits.
Ukrainian black soils (chernozem) are the best in Ukraine.
Ukraine is a bread-basket of Europe. The major export is wheat, barley and other grain crops.