Ukraine Looks to a European Future as it Marks 20 Years of Independence
KIEV, Ukraine, August 23, 2011 /PRNewswire/ --
Tomorrow marks a pivotal turning point in Ukraine's history, as its nation gears up to celebrate 20 years of independence from Soviet rule. Ukraine's remarkable rise, from a Soviet state to a burgeoning and diversified economy, is underlined by figures which predict an optimistic future for the East-European country.
Since Ukraine's President, Viktor Yanukovych was sworn into office a year and a half ago, a steady tide of economic reform measures have transformed the country into a progressive market economy. This has been seen by the global community as a shift towards increased integration with the European Union, which President Yanukovych hopes to achieve through shared economic, democratic and social values.
"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 reform measures are examples of the ways in which we are breaking from our Soviet inheritance in the direction of modernisation and continued growth, finally putting many facets of our economy on par with EU standards."
Ukraine has presented impressive economic indicators over the last 12 months. Ukraine's GDP jumped from 4.2% in 2010, to 5.3% in the first quarter of 2011, while foreign direct investment increased by 35% in 2010. Meanwhile, rating agency Fitch last month raised its outlook for Ukraine's sovereign credit rating to "positive" from "stable," citing government progress in reducing the budget deficit. On another positive note, rival rating agency Moody's has expressed that Ukraine's decision to restrict foreign-currency lending is "credit positive" for the country's banking system.
"We are working on a number of important issues, including the removal of administrative barriers and the streamlining of crucial infrastructure, to ensure that Ukraine is accessible for investors and our West-European neighbours," added President Yanukovych.
SOURCE Ministry of Foreign Affairs of Ukraine
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