AN INCREASE OF 10.3% IN BULGARIAN FOREIGN TRADE WITH UKRAINE FOR Q1 2010 WAS ANNOUNCED AT A ROUNDTABLE ORGANIZED BY WOLF THEISS AND THE EMBASSY OF UKRAINE
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Sofia, 15 July 2010 – The law firm Wolf Theiss and the Embassy of Ukraine in Bulgaria organized a roundtable on the topic Your Successful Business in Ukraine involving business and Bulgarian government representatives. The roundtable gathered Bulgarian investors and their current and potential Ukrainian partners aiming to exchange knowledge and experience on how to develop future strategies, instruments and techniques for attaining a favorable business climate. During the forum, the ambassador of Ukraine in Bulgaria, H.E. Victor Kalnik, presented an overview of the fields of privatization, as well as the most attractive sectors in terms of investment. Privatizations are expected in energy, the chemical industry, and telecommunications. The attractive sectors in terms of private investment are: agriculture, retail, pharmaceuticals, telecommunications, and tourism. “Investment relations between Bulgaria and Ukraine continue to be strong and there is a significant amount of stable trade between the two countries. We are pleased to be advising several Bulgarian companies on their long-term investments and joint ventures on the second largest market in CIS”, commented Mr. Richard Clegg, Managing Partner of the Wolf Theiss office in Sofia. During the roundtable, Olexandr Khomenko of Wolf Theiss Ukraine summarized the main taxes and laws in Ukraine related to international investments, preferences, and free economic zones. He outlined the simplicity of the Ukrainian legal system and the positive preconditions for successful business development of the Ukrainian market. The discussion about the challenges and success of Bulgarian investors in Ukraine was attended by Bulgarian government representatives. Nadezhda Belelieva, ex-trade representative of Bulgaria in Ukraine and Secretary of the Intergovernmental Commission for Economic Cooperation underlined that Ukraine is a main trading partner of Bulgaria. During the period 2003 to 2008, there was a constantly increasing trend in mutual trade. In 2008, total trade reached its peak of USD 3.15 billion. In 2009, mutual trade suddenly dropped and decreased by 58% due to the global economic crisis. In Q1 2010, Bulgaria's foreign trade with Ukraine increased by 10.3%. From January until March 2010, imports from Ukraine decreased by 41% compared to the same period last year, reaching USD 166 million. In the meantime, exports increased by 28% and reached USD 27 million. Download Press Release > |
