Ukraine economy open for business

Austrade media release

28 Nobember 2005

A delegation of Ukrainian business leaders in Sydney this week, keen to pursue exports from Australia, will throw light on strong economic news emerging from one of the region’s fastest-growing transition economies.

Austrade’s Moscow-based Senior Trade Commissioner Gregory Kulmov said Ukraine is open for business.

“Ukraine is a large market of more than 47 million people, with strong agricultural and mining sectors,” Mr Klumov said.

“Most importantly, as with many transition economies, there is a growing middle-class market for consumables,” he said.

Members of this week’s business delegation are interested in meeting Australian companies with capability in a diverse range of industries, including fireproofing and heat insulation materials, chemical equipments and materials, seed sorting equipment, opto-electronic components, materials and systems, components and materials for electric welding equipment.

Austrade’s Chief Economist, Tim Harcourt, said there are good reasons for Australian exporters to seek opportunities in Ukraine.

“Ukraine is a good example of how quickly an economy can gain from establishing market-based institutions, Mr Harcourt said.

“After a slow start, many transition economies have prospered since the fall of the Berlin Wall in 1989.

“According to the World Bank, over the past ten years the transition economies from the former Soviet bloc grew by an average 3.7 per cent per annum, compared to 2.7 per cent for the advanced economies – including the US, Japan and the EU.

“The Ukraine grew at 4.8 per cent, just ahead of Russia on 4.7 per cent, while other economies from the former Soviet Union are growing at 5.1 per cent,” he said.

WHEN: From 10am, Wednesday, 30 November
WHERE: Holiday Inn Potts Point, 203 Victoria Street, Potts Point
RSVP: Click here for more details, or contact Tatiana Doroshenko - Secretary, Embassy of Ukraine, on 02 6230 5789 or ukremb@bigpond.com

For more information about export opportunities in the Ukraine, visit the Austrade website or contact Natasha Smirnova at Austrade Moscow on +7 095 232 3284 or natasha.smirnova@austrade.gov.au.

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Media Contact

Gregory Klumov, Austrade
Tel: 0438941332

Simon Kelly, Austrade
Tel: 0414 062 730