Ukraine Looks to a European Future as it Marks 20 Years of Independence

KYIV, August 23, 2011 -

Tomorrow marks a pivotal turning point in Ukraine‘s history - 20 years of independence from the Soviet rule. Ukraine‘s remarkable rise - from a Soviet state to a burgeoning and diversified economy - is highlighted by an optimistic European future.

Since the time when President of Ukraine Viktor Yanukovych was sworn into office a year and a half ago, a steady tide of economic reform measures began to transform the country into a progressive market economy.

The global community perceived this policy as a shift towards enhanced integration with the European Union, while President Yanukovych hopes to achieve this foreign policy goal of going the European way through shared economic, democratic and social values with the Union. “Ukraine’s future and stable economic growth trajectory depends on building ever closer ties with the EU,” said President Yanukovych. “The recent pension and land reforms are examples of the ways in which we [Ukraine - ed.] are breaking free from our Soviet heritage. We are moving in the direction of modernization and continued growth, finally putting many facets of our economy on par with the EU standards,” continued the high official.

Ukraine has shown impressive improvement of the economic situation in the country over the last 12 months. Its GDP jumped from 4.2% in 2010 to 5.3% in the first four months of 2011. Foreign direct investment to Ukraine increased by 35% in 2010. Meanwhile, the global rating agency Fitch Ratings raised Ukraine’s foreign credit rating from stable to positive last month, citing a significantly smaller budget deficit as one of the reasons for the revision of the rating. The competing rating agency Moody‘s stated that Ukraine’s decision to restrict foreign-currency lending is credit positive for the banking system of the country.

“We are working on a number of important issues, including the removal of administrative barriers and the streamlining the crucial infrastructure, to ensure that Ukraine is accessible for investors and our West-European neighbours,” stressed President Yanukovych.

For media inquiries, please contact Oleg Voloshyn, Ministry of Foreign Affairs: +380442381529, o.voloshyn at mfa.gov.ua