With an estimated population of 44.6 million and with easy access to Eastern Europe, Russia and Asia, Ukraine offers a growing market for UK business.
As the largest country wholly in Europe strategically located on EU borders, Ukraine offers long-term opportunities in a broad range of sectors, many of which involve co-operation with Ukrainian companies and authorities and requiring Western financial investment. In addition it is a convenient start-up location for the CIS.
Opportunities in Ukraine
Ukraine offers long-term opportunities in a broad range of sectors, many of which involve cooperation with Ukrainian companies and authorities and requiring Western financial investment. Particular areas of opportunity include:
- Infrastructure (Ports & Airports)
- Advanced Engineering (Airspace and energy)
- Financial Services
- Fast-moving consumer goods
- Rehabilitation of heavy industry
Ukraine has significant economic potential as a result of its well educated labour force, large domestic market and access to a variety of resources including some of Europe's best agricultural land, significant coal and some oil and gas reserves and a strategic location connecting Europe, Russia and Asian markets.
The EU accounts for about 30% of Ukraine's trade, while CIS countries account for about 40%. Ukraine has a major ferrous metal industry, producing cast iron, steel and steel pipe and its chemical industry produces coke, mineral fertilisers and sulphuric acid. World demand for steel and chemicals, which make up about 40% of Ukraine's exports, dropped sharply in the second half of 2008.
Manufactured goods include airplanes, turbines, metallurgical equipment, diesel locomotives and tractors. Ukraine is also a major producer of grain, sunflower seeds and sugar beet. It has a broad industrial base, including much of the former USSR's space and rocket industry.
Ukraine is a member of the European Bank for Reconstruction and Development (EBRD) and joined the World Trade Organisation (WTO) in May 2008.
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