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Ukraine at a glance:

Capital: Kiev;

Official language: Ukrainian;

Territory: 603.7 thousand sq. km;

Population: 48.5 million people;

Currency: Ukrainian Hrivna (UAH);

Washed by: the Black Sea and the Sea of Azov;

Neighbor countries: Russian Federation, Belarus, Poland, Slovakia, Hungary, Romania and Moldova.

Ukraine is one of the biggest countries of Europe, and also the geographical center of Europe is located in the Ukrainian Carpathians.

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, Belorussians, 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 (chornozem). 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 turn 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.

Ukraine’s agribusiness proposes wide spectrum of products, grown on the unique Ukrainian chornozem.

In 2005 the social market economy model became the reality in Ukraine. Macroeconomic results of 2006 indicate the macroeconomic stability in the country. The real GDP growth during January - September was 6.2%, in August – 7.1%, in September – 8.9%.

According to the State Committee of Statistics of Ukraine, the industrial production increased by 5.5% during January – September 2006, it was the highest in the machine building (11.9%), the food industry (7.1%), and the metallurgy (8.6%). The population’s incomes increased by 17.8% in 2006.

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.

According to the latest World Bank / International Financial Corporation report “Doing Business 2007: How to Reform” the business environment in Ukraine has improved in 2006. The conclusion reflects the results of the Ukrainian authorities’ efforts directed at the creation of a favorable legal environment for investments, diminution of the State’s interference into the business activities, efficient property rights protection, combating corruption and perfection of the national judicial system.

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.

Note: citizens of the United States of America, Canada, Japan, EU-states, Switzerland, Lichtenstein, Andorra, Vatican, Iceland, Monaco, Norway, and the republics of San Marino can enter Ukraine without a visa if their duration of stay does not exceed 90 days.

Sources:

State Statistics Committee of Ukraine http://www.ukrstat.gov.ua
Embassy of Ukraine in Canada http://www.ukremb.ca

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