7/29/2019 Volyn region attracts investors
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Volyn region attracts investors
Volyn had received over 6 billion USD of domestic and foreign
investments for the last 3.5 years, according to Borys Klimchuk,
Chairman of Volyn Regional StateAdministration, who at a meeting in
Lutsk reported to President Viktor Yanukovych about the first
successful steps in implementing the president's economic andsocial
reforms.The leading sector of the Volyn regional economy is the
agrarian industry sectorwhich accounts for nearly half of
investments into the region. The agriculture ofthe Volyn region
also contributes greatly to development of domestic meat and dairy
production along with grain and sugar beets.Boris Klimchuk thanked
the heads of the region leading enterprises for their efficient
work. "Because of your effort and desire to be successful, the
region has demonstrated 104.2% growth in the industry and 104% - in
agricultural productionfor the first eight months of this year. We
demonstrated the highest rate of wages growth in Ukraine, low
inflation rate, and hence and the most dynamic growthof real income
across all Ukrainian regions," he said.The head of the Volyn
municipality emphasized several unique companies that stand out
against the general economic background. They include the Lutsk
Bearing Plant, the monopolist in production of tapered and needle
bearings. and Elektrotermometriia, which produces 80% of all
domestic meters.Construction sector om Volyn region has also shown
dynamic development, accounting for roughly a third (34%) out of
3.2 billion USD of capital investment into theregion's economy.
Re-investment by enterprises and organizations remains one of
the top sources ofcapital, accounting for 46% of total investment
in the region. Funds re-invested by enterprises comprised nearly
24% of total investments, 13% of local and government budgets and
7% of foreign investment.Some 3,700 small businesses and about
29,000 individual businesses registered inthe Volyn region account
for 9.2% of the total regional output and about 20% ofbudget
revenues to the local budget.During his meeting with Yanukovych,
Klimchuk also highlighted the main areas ofplanned future economic
activity, inclduing the development of transport infrastructure and
cross-border cooperation with Poland.The EU plans to allocate 6.5
million Euros for reconstruction of the border checkpoint "Ustilug
Zosin," which will allow passenger traffic to triple. According
tothe EU program, the Volyn region has already received 25 million
Euros for 34 i
nfrastructure projects that will help expand cooperation with
Poland.Volyn region exports products to Germany (35.4%), Russia
(19.2%), and Poland (10.6%). The main export products of the region
are electrical equipment (26.4%) andagricultural products (16%)
Offset: Volyn has received over 6 billion USD of domestic and
foreign investmentfor the last 3.5 years
