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Ukraine — the Opportunity

Ukraine gained independence in 1991 after the break-up of the former Soviet Union. It is the second largest country in Europe after Russia, and has a population of 46.8 million.

Ukraine offers good long-term opportunities for UK exporters and investors. According to Ukrainian statistics, Great Britain is the country's fourth largest investor in Ukraine (after Germany, Cyprus and Austria). Key sectors with British involvement include oil and gas, construction and property management, consultancy, investment banking, insurance, tobacco, vegetable oil and pharmaceuticals.

There are opportunities for construction and property companies, clothing, textile and food-processing companies, consumer goods distributors and oil and gas companies. In addition, the agricultural sector needs fertilisers, genetically improved stock, machinery, fuel and modern management techniques.

There are opportunities in coal, waste utilisation, mineral and oil exploration, telecommunications, tourism and consumer goods sectors, as well as for management consultants, accountancy firms and lawyers and in all kinds of technical assistance projects.

Foreign Investment and Trade

According to official Ukrainian statistics, the growth of foreign direct investment in 2005 hit a record high of $7.328bn, which is 4.7 times more than in 2004. By the end of 2005 the overall total foreign investment totalled $16.375 billion. In the first half of 2006 foreign direct investment grew by $1.698bn.

As of 1 July 2006, according to the Ukrainian Statistics Committee, the share of FDI to Ukraine from the UK was $1.435bn The most attractive sectors for foreign investment were financial sector, metallurgy, wholesale trade and services, food processing industry, construction and real estate.

UK-Ukraine Trade

In 2005 British exports to Ukraine increased by 25.5% against 2004 and totalled £279.8m. British imports from Ukraine were £93m over the same period. In January-June 2006 British exports to Ukraine reached £175m, which is a 49% increase year on year. British imports from Ukraine over the same period totalled £61m, which is 16% increase year on year.

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Useful links

• The British Embassy in Ukraine
• British Ukrainian Society
• Oxford University Ukrainian Society
• British Club in Russia
• The Chamber of Commerce in Ukraine
• The Times
• The Telegraph
• The Guardian
• The Sun
• The Economist