Economic Overview & Business Opportunities
Ukraine is a sovereign state in Eastern Europe, bordered by countries like Russia, Poland, Slovakia, Hungary, Romania, and the Black Sea, respectively. Located strategically at the crossroads of European, Russian and Asian markets, Ukraine is a huge market with a population of 46 million and it’s always been considered as another gateway to other markets nearby. Ukraine joined the WTO in 2008 and became a member of the Energy Community in 2011.
The economy of Ukraine can be classified as a developed economy according to the overall level of industrial and agricultural output. Historically, Ukraine is well-known for its agricultural production. Sugar beets, wheat, meat, and dairy products are among its main agricultural products. The main industries in Ukraine are metalworks, machine building, construction, chemicals, food, and light industry. Also, Ukraine is a major producer of steel and iron in the region. Other than the fast-growing industries in the country, natural resource is one of the key contributors to Ukrainian economic growth.
Generally, Ukraine has a well-established and good transportation system. For example, the Ukrainian railroad network has played its role in connecting major cities with industrial enterprises. Waterways and port cities, such as the Dnepr River, the Black Sea and the Azov Sea, are playing important roles in shipping. As of now, Ukraine is gaining its momentum to open up for more business. The political situation is slowly getting stabilized and this has benefited the economic growth in the long run. Despite the difficult political and economic climate, Ukraine continues to provide opportunities in a wider range of sectors.
Strengths of the Ukraine market at a glance:
- Well-educated workforce
- Low labour costs
- Rich in natural resources
- Well-developed facilities and transportation services
Ukraine is an emerging market providing expanding businesses with strategic location. Though there are challenges for foreign investors to do business in Ukraine, there are many other advantages that make Ukraine a worthwhile option.
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Dipl.-Kfm. Sven Henniger
Dr. Thomas Winkelmann