- Big Real Estate Projects Announced for Kyiv
- SkyUp to Move from Sikorsky to Boryspil
- Geology Agency Doubles Oil + Gas Blocks For Auction
- Almost 1 Gigawatt of Wind Projects Underway
- Ukraine Exports Half a Billion Dollars Worth of Chicken Meat
- Ukraine to Top Russia This Year as Largest Black Sea Grain Exporter
- 90-Window is Open for Bids on Oil and Gas Blocks
- Worries Mount that ‘Green Auction’ Bill is Stuck in Rada
- Warehouse Rents to Keep Rising Until New Projects in 2020
- Cargo Hub at Uzhgorod Airport Would Straddle Slovak-Ukraine Border
- Kyiv Hotel Room Rates up 6%
- Chickens to Ghana, Eggs to Singapore – 85 New Ag. Markets
- Grain Exports to Grow by 23% This Year
- China Courts Motor Sich, Again
- Kyiv Office Rents to Rise Until New Buildings Open in 2020-2021
- “Dead Malls” to Appear in Kyiv?
- Cashless Payments With Cards up 55%
- Foreign Tourists: More by Plane, Fewer by Train
Israeli-Ukrainian City Capital Group plans to invest more than $50 million over the next four years to convert old industrial spaces in Kyiv into offices. “The office real estate market is coming to life,” Maria Kazantseva, a CCG board member, tells Interfax-Ukraine. “All experts predict an increase in the demand in this segment. IT companies are declaring a shortage of quality space.” Founded a decade ago by Israeli businessman Ofer Kerzner, CCG manages Platforma Art Factory, on the left bank, near Lisova metro station.
Degraded industrial land around the shipyard on Kyiv’s Rybalski peninsula will be transformed into a residential complex, a shopping center and offices, Sergey Tigipko, the new owner, tells Novoe Vremya magazine. “We are planning to start a large-scale construction project in the near future,” Tigipko says. “Most likely, it will be a residential area – with schools, kindergartens, commercial real estate. As for the 9-hectare site near the railway station, we are planning to build a large shopping and office center.” Adjacent to the Obolon commuter rail station, the peninsula also offers views of the Dnipro River. Tigipko promised to keep open the shipyard, a fabricator of assault boats for Ukraine’s Navy.
Kernel, one of the nation’s largest farming groups, saw its net profit jump 83% to $164 million in the last half of 2018, compared to the same period in 2017. In Kernel’s fiscal year, ending next June, the company plans to process 3.1 million tons of sunflower seeds and and export 6 million tons of grain. Concorde Capital’s Andriy Perederey writes that the results “were higher than our estimates due to due to stronger sunflower oil segment EBITDA and better results in silo storage and farming.”
SkyUp Airlines, preparing for a major expansion this spring, will move its base on March 31 from Kyiv Sikorsky to Kyiv Boryspil. The Ukrainian discount airline will join Ryanair at Boryspil’s newly reopened Terminal F. Evgeny Khaynatsky, the airline CEO, said Kyiv Sikorsky “works with our heavy aircraft at the limit of its capabilities.” SkyUp’s all-Boeing 737 fleet is double over the next five years to 12. Between April 24 and June 15, SkyUp plans to launch 17 new destinations, for scheduled and charter service.
Boryspil has two runways – one 3,500 meters long, and the other 4,000 meters. Sikorsky has one 2,310 meter long runway. Surrounded by apartment buildings in the Zhuliany neighborhood, the airport has no for expansion. Last fall, flydubai moved from Sikorsky to Boryspil. Wizz has talked with Boryspil officials about moving from Sikorsky.
Motor Sich, Ukraine’s all-Antonov airline, expands its flight network this spring. On March 15, it starts flights between Kyiv and Uzhgorod. On March 31, it increases to daily its flight frequencies between its Zaporizhia base and Minsk. On June 6, it starts flights between Zaporozhia and Burgas, Bulgaria’s Black Sea resort city. Ukraine’s fifth largest minority, 200,000 Bulgarians live in southern Ukraine, largely in Odesa and Zaporizhia. Bulgaria Air flies from Odesa to Sofia.
Concrete paving of Odesa’s 2,800-meter new runway restarts in two weeks, weather permitting, reports the contractor, Highway-South. Work should be completed by this fall. Replacement of the Soviet-era concrete block landing strip is a key condition for Ryanair, Wizz Air and other discount airlines to fly to Odesa.
To attract foreign investment into oil and gas exploration and production, the State Geology Service is doubling the number of blocks prepared for electronic auction by June. “More than 30 oil and gas sites” are to be auctioned, Oleg Kirilyuk, head of the service, told the Cabinet of Ministers on Wednesday. The current schedule for auctions is: March 6 — 10 fields; April 29 –7 fields. The Geology Service says these 17 sites have ‘projected resources’ of 92 billion cubic meters of gas and 16 million tons of oil.
The oil and gas auctions are designed to “attract the maximum quantity of not only Ukrainian companies but also foreign companies to the market,” said Ostap Semerak, Minister of Ecology and Natural Resources, the Ministry that controls the Geology Service. Ukrinform reports Semerak told the Cabinet of Ministers on Wednesday: “I am convinced that the Service will show a good result, because the new conditions are very liberal and comfortable. I want this to be a new impetus for the Ukrainian economy.
President Poroshenko pushed a button starting a GE wind turbine Wednesday, but did not publicly talk about the fate of the green energy auction bill in the Rada. “The new energy industry is one of the most important, primary issues for moving our state forward,” the President said. Hailing the Primorsk project by DTEK Renewables to build 52 towers with 3.8 MW turbines on Zaporizhia’s Azov coast, the President said: “It is through such projects that we turn Ukraine into a regional leader.” Back in Kyiv, 700 km to the north, analysts noted that the President did not use the press event to throw his weight in the Rada behind passage of the auctions bill, a step designed to unlock more wind and solar investment.
German commercial banks will loan €90 million for construction of the second phase of the Primorsk Wind Power Plant, Philipp Leckebusch, DTEK Renewables CEO, said at the inauguration. “This project is financed by two loans of German commercial banks for a total of EUR180 million,” he said. “This will be one of the largest commercial loans in Ukraine in recent years.” Expected to cost €300 million in total, the plant is to have the capacity to generate 200 MW.
Almost 900 MW in wind power projects are under construction in Ukraine today, says Andriy Konechenkov, chairman of the Ukrainian Wind Energy Association. Of these about 300 MW will be commissioned this year, he predicts. The projects are largely in southern Ukraine, along the coasts of the Black and Azov seas, where winds are the strongest. Last year, 68 MW of wind power capacity was commissioned.
If Ukraine does not move from Europe’s highest green tariffs to an auction system, consumers will pay $1.5 billion a year for renewable energy by 2021, warns Olha Buslavets, director of energy markets for the Ministry of Energy and Coal Industry. This sum is equal to what consumers paid last year for electricity generated by nuclear power plants, source of 56% Ukraine’s power, she said in a press statement on Wednesday.
DTEK Naftogaz, one of the nation’s largest private gas producers, plans to nearly double natural gas production to 3 billion cubic meters by 2024, Igor Shchurov, the company’s general director, said Wednesday at the Ukrainian Energy Forum in Kyiv. Praising regulatory changes and cuts in royalties, Shchurov said the company plans to double investment, to $110 million, and to increase drilling depths, possibly to below 7 km. Responsible for about one third of Ukraine’s privately produced gas, DTEK Naftogaz produced 1.65 billion cubic meters last year, the same amount as in 2017.
Ukraine exported half a billion dollars worth of chicken meat last year – four times the combined total of beef, pork and sausage exports. According to the Food Export Council, meat exports were: chicken — $507 million, 326,000 tons; beef – $125 million, 42,000 tons; pork — $3.7 million, 1,700 tons; and sausages – 439 tons , $1.3 million.
Ukraine is expected to displace Russia this year as the largest Black Sea grain exporter. Russia is to export 42 million tons this year, 20% below last year’s record 52.4 million tons. By contrast, Ukraine is to export 49 million tons in the year that ends in June. Kommersant reports from Moscow that Russian Agriculture Ministry officials are calling exporters asking them to slow sales. Concerned about meeting domestic demand, Rosselkhoznadzor, the state food safety agency, is in go slow mode. stretching quality checks at ports from one day to five days or more. Yulia Melano, a food safety agency representative, is quoted saying longer checks respond to quality complaints from Indonesia, Vietnam and African countries.
Ukraine’s central bank has completed a pilot project on a blockchain-based ‘e-hrynia.’ “We are not talking about cryptocurrency, we are talking about digital currency of the central bank,” says Alexander Yablunivsky, director of payment systems at the National Bank of Ukraine. Ruling out the e-hryvnia becoming a crypto currency, a central bank must have more control over its issued currency than crypto currency’s immutable ledgers offer.
This summer, a 2,000 square meter shopping and entertainment center will open 50 meters from the southern exit of Kyiv’s Central Rail Station, reports Informator news site. With about 100,000 people passing through the Southern Station a day, the exit area already has a KFC, a Papa John Pizza and a Puzzata Hata. According to Colliers International, the new center will offer stores and two restaurants with summer verandas on the roof. Ukrzaliznytsia is drawing up plans to privatize management of the commercial spaces inside the Central Station, which opened in 1932.
A 90-day clock has started running for energy companies to bid on nine oil and gas blocks put up for tender under 50-year production sharing agreements. By May 25, bids should be made to Ukraine’s Interagency Commission accompanied by a non-refundable bid fee of $11,100. Tenders require minimum commitments to invest $16-35 million during a five-year exploration period. The production sharing agreements also stipulate percentages of produced oil and gas to be handed over to the state.
Concern is mounting that ‘green energy’ auction bill is stuck in the Rada, threatening new investments in Ukraine’s booming renewable energy sector.
The law should be “be adopted before the elections — because otherwise we will lose at least six months,” Torsten Wöllert, energy director for the European Commission’s Ukraine Support Group, told the Ukrainian Energy Forum in Kyiv on Tuesday. As approved Dec. 20 on first reading, the bill provides for moving next Jan. 1 to competitive auctions for most solar and wind projects. Noting that Ukraine can benefit from the experiences of other European countries, Wöllert said: “I very much hope that Ukraine will have a very advanced law.”
The EBRD, the largest lender to Ukraine, will resume lending for solar and wind projects only after the Rada passes the ‘green energy’ auction bill, Olga Yeromina, EBRD Ukraine’s senior banker for electricity, said Tuesday at a Rada energy conference. As reported by ExPro Consulting, she said: “As soon as the law introducing the new renewable energy support system through the mechanism of auctions is adopted, we will be ready to actively start the preparation of new framework financing for the continued support of projects in the field of renewable energy.” She said the EBRD hopes the bill will be approved by the Rada and signed by President Poroshenko in coming weeks.
Deputies under the control of “energy oligarchs” are sabotaging the auction bill by submitting extraneous amendments and blocking Rada consideration, Yuriy Chyzhmar, a Radical Party deputy tells UNIAN. The news agency reports: “A number of People’s Deputies are blocking the approval and approval of amendments, so the fate of the bill being submitted to the session hall remains unknown.”
Auctions are designed to lower Ukraine’s ‘green tariffs’, among the world’s highest. Last year renewable power sources provided 2% of the nation’s electricity, but accounted for 8% of the nation’s power bill, according to Olga Buslavets, director of energy markets for the Energy and Coal Industry Ministry. Reviewing solar and wind projects under way, she predicted at a Kyiv round table that the nation’s installed renewable energy capacity will increase by 50% this year, to three gigawatts. In Ukraine’s electricity pie, nuclear supplies 53%, coal, gas and oil power plant supply 37%, and largely scale hydro dams – 7%.
Worldwide investments in renewable energy hit $332 billion last year, the fifth year in a row the figure was over $300 billion, reports Bloomberg. Solar energy investment dropped by 24%, to $131 billion. Technological improvements cut the average cost of installing 1MW of solar capacity by 12%. Investment in wind energy increased by 3% to $129 billion. Investment in biomass and waste-to-energy increased by 18% to $6.3 billion.
Bloomberg calculates that Ukraine attracted $2.4 billion in renewable projects last year. China remained the world leader investing $100 billion. But this was one third below 2017 due to a cut in the number of new solar projects. The US came in second, with $64 billion, 12% more than in 2017. In the EU, investment jumped by 27%, to $74.5 billion, largely due to five massive offshore wind projects and a big expansion of solar in Spain.
With office space tight and tourism rising, the Rada rejected a bill that would restrict the use of apartment buildings to private residences. While office vacancies have fallen to 5%, Kyiv has an estimated 70,000 unsold apartments. Similarly, the arrival this spring of discount airlines from Europe – Ernest, Ryanair and Wizz Air – demand for hostels and two-star lodgings are expected to increase sharply.
Warehouse vacancies fell to 2.8%, pushing rents up last year by 20-25% in dollar terms, Property Times reports in a lengthy analysis of the warehouse sector, largely in Kyiv. Rents are to increase more this year as only two projects, with a total of 31,000 square meters, are to be commissioned this year. In face of the space shortage, many companies are responding with ‘build to suit’ premises that do not go on the open market. Over the next three years, developers have announced projects totaling 190,000 square meters. But, Property Times reports, several developers are waiting to learn the outcome of the presidential elections before starting construction.
Uzhgorod will regain flights to Kyiv on March 15, Valerii Lunchenko, a Rada member from Zakarpattia, tells Mukachevo.net. Almost three year ago, Ukraine’s westernmost airport lost air service, leaving Kyiv-bound residents with a stark choice: 10 hours by car, or 12-14 hours by train. The 627 km flight will be the nation’s longest domestic flight, probably taking one hour.
Foreign investors propose expanding Uzhgorod airport into a Slovak-Ukrainian enterprise, with a free trade area and bonded warehouses for cargo on both sides of the international border, Eduard Maliar, infrastructure director of the Zakarpattia regional administration, writes on Facebook. To handle cargo planes from Asia, the runway would be extended 1,500 meters into Slovakia. After studying the airport, he writes, investors propose building “terminals both in Ukraine and Slovak territory that will serve both passenger and freight transport, including transportation of goods from China and South Korea to Europe.”
To better connect Slovakia and Zakarpattia, test passenger trains are to start in April on the standard gauge track between Košice, Slovakia’s second largest city, and Mukachevo, Zakapattia’s rail hub. With Slovakia’s ZSSK trains plying the 175 km route in four hours, service is start in June, in time for the summer tourism season. The new route “will make this region more attractive for tourists,” Arpád Érsek, Slovakia’s Transport and Regional Development Minister, said after meeting with his Ukrainian counterpart, Volodymyr Omelyan.
Reflecting pent up demand for this east-west connection, two Czech private rail companies, Leo Express and RegioJet, recently started bus service between Mukachevo and Košice, the eastern rail terminus for both rail companies. Separately, in December, Hungarian Railways and Ukrzaliznytsia launched daily direct Mukachevo-Budapest trains. They use standard gauge tracks first laid in Zakarpattia during the Austro-Hungarian empire.
The average daily price for a hotel room in Kyiv hit 89 euros last year, 6.3% increase over 2017, according to a report by STR Global, an American company that tracks hotel supply and demand. Kyiv’s occupancy rate inched up 3%, to 52.5% — well below the EU average of 72.4%.
A $500 million windfall in duty payments on illegally imported cars will help fund an election month bonus for the nation’s 10 million pensioners.
On Friday night, a 90-day window closed for 50% duty discounts on cars illegally imported from the EU. Instead of a forecast $37 million in duties, owners of 218,000 cars paid the hryvnia equivalent of half a billion dollars. The State Fiscal Service says the top paying areas were Kyiv and the four westernmost regions: Volyn, Lviv, Zakarpattia and Chernivtsi. Owners of cars in violation now have until May 23 to pay the full duty. After that, they face a $6,000 fine. The Finance Ministry suggests remaining violators drive their cars back to the EU, or sell them here for parts.
Chickens to Ghana, eggs to Singapore, milk to Macedonia, and sheep to the Emirates – these are some of the 85 new markets developed last year for Ukraine’s food exports. “Last year, our country expanded the geography of our products exports and the number of enterprises that received the right to export food of animal origin increased as well,” said Volodymyr Lapa, Head of Ukraine’s Food Safety and Consumer Protection agency. “This allowed to level the economic impact of the loss of the market of the Russian Federation and contributed to raising the level of Ukraine as reliable trading partner.” Last year, Ukraine’s food exports to the EU grew by 8.7% y-o-y to $6.3 billion.
Ukraine’s grain exports should be up 23% this marketing year over 2017-2018 levels, Elena Kovaleva, deputy minister of Agrarian Policy and Food, said Monday in Geneva at the annual meeting of the Rapid Response Forum of the Agricultural Marketing Information System. Encompassing producing and consuming countries of corn, rice, soybeans and wheat, the forum promotes policy coordination for a food crises. “Ukraine remains a stable, reliable partner and exporter of agricultural products,” Kovaleva said. Raising her ministry’s forecast by 4%, she said: “In this marketing year, we expect that grain exports from Ukraine will reach 49 million tons.”
Ukrainian wheat exporters could see an opening this year in Indonesia, the northern neighbor of Australia, reports UkrAgroConsult. During the last half of 2018, Australia, Indonesia’s traditional source, saw its wheat exports drop by 41% y-o-y. Due to a drought, Australia’s wheat harvest may be down 20% in the marketing year ending in June. The latest forecast is 17 million tons, the lowest in a decade.
Corteva Agriscience, the agricultural division of DowDuPont Inc., has achieved a 21% market share of Ukraine’s corn seed market and 16% of its sunflower seed market, says Serhiy Kharin, head of Corteva’s Eastern Europe division. He cited a survey of Ukrainian farmers conducted last year for the Kleffman Group, a Germany-based agricultural market research company. Over the last five years, Corteva has invested heavily in its Ukraine production complex , attaining full capacity in 2017: 500,000 corn seeds per year, and 250,000 sunflower seeds per year.
In a step toward food processing, Mover Mill LLC has opened a $4 million mill capable of producing 350 tons of flour, semolina or bran a day. The mill is located in the village of Kryvi Kolina, Cherkasy region, 250 km south of Kyiv. Despite the government’s push to add value to agricultural exports through processing, exports of Ukrainian flour were down 54% July-November, compared to the same period in 2017. According to UkrAgroConsult, Ukraine exported 94,300 tons of flour during that period, the lowest in five years.
“Individual entrepreneurs,” a low-tax status enjoyed by about 130,000 Ukrainian IT workers is threatened by a draft law prepared by the Social Policy ministry, according to a report by OpenDataBot. Since 2015, the number of IT ‘individual entrepreneurs’ increased by 45%. They generally pay a 5% income tax rate, a rate credited with cutting Ukraine’s IT brain drain to the EU. This year’s elections may decide the future of this low tax rate.
High speed internet should be provided across Ukraine, wherever there is electricity, President Poroshenko said in Lviv. Campaigning for a second, five-year term, he said: “The internet over the next five years should be everywhere where there is electricity. Broadband in every village…How will we train IT specialists if there is no internet in rural areas?” In Lviv, IT companies are growing so fast they recruit software engineers from Belarus and Moldova.
“Chinese investors” plan to work with Ukraine’s government in a $100 million plan to develop Motor Sich air engine factory and its design affiliate, Ivchenko-Progress, both in Zaporizhia, Delo.ua reports, citing Yuriy Brovchenko, deputy minister of Economic Development and Trade. Last September, citing national security concerns, the State Security Service, or SBU, blocked a $100 million bid by Beijing’s Skyrizon Aviation to take a controlling state in Motor Sich. In a move opposed by the US and Japan, China wants to learn how to make Motor Sich turbo fan engines for its own military helicopter, cargo and trainer aircraft. Anatoly Malysh, head of the Motor Sich Supervisory Board, later told Interfax-Ukraine that he does not know of any state investment plans.
Dragon Capital writes: “Confirmation of a budget to finance the company and a firm statement by a government official about joint investment with the Chinese could mean that legal pressure on Motor Sich from [Ukrainian] state authorities may ease soon.”
Kyiv office rents will rise for the next two years, until a “huge amount new [office] projects” open in 2020-2021, Ihor Zabolotsky, a commercial real estate analyst for Colliers International (Ukraine), said at Kyiv’s recent Open Mind conference. Making up for the post 2014 slump, developers plans to commission 406,000 square meters in 2020-2021 — about two thirds more than the pre-2013 annual rate of 140,000 square meters. With office vacancies hitting 5%, IT companies are driving almost half of the new space demand.
DTEK Academy has become a major tenant of Kyiv’s UNIT.City, occupying two floors, or 12,000 square meters, of the six story main building. DTEK moved six kilometers from their old office in the Eurasia Business Center on Zhilyanska Street to work with start ups and to focus training on innovation and digitalization. Max Yakover, CEO of UNIT.City, says the Academy plans a four fold increase of students nationwide, from 30,000 this year to 120,000 in the 2020s.
Real estate purchase transactions increased last year by 8% y-o-y, to 277,230, reports real estate portal domik.ua Drawing on statistics from public and private notaries, the news site reported that the two regions were: Kyiv – 35,000; and Dnipropetrovsk – 28,500.
Kyiv risks seeing “Dead Malls” this year, NAI Ukraine, the consulting company, writes in a new report on the city’s shopping mall scene. After 101,500 square meters in retail space opened last year, an additional 400,000 square meters are to open this year. NAI writes: “Such a large number of offers on the market may lead to the appearance of “Dead Malls” – empty, uninteresting for buyers and tenants of the mall. The concept that is common in America may appear in Kyiv due to the fact that such a large number of offers is not needed by the consumer.”
In a Kyiv poll, NAI found that more than half of respondents like to visit a mall every weekend. About 30% go to malls on weekdays. The average cost per visit is: food court — $5.20; restaurant – $22; jeans – $26; and shoes – $48. Mall goers are 54% women and 46% men.
Britain’s Marks & Spencer reopened in Kharkiv two weeks ago, returning to a market it abandoned during the 2014-2015 crisis. With the 500 square meter store in Kharkiv’s French Boulevard shopping center, the chain now has nine stores in Ukraine – five in Kyiv and one each in Dnipro, Kharkiv, Lviv and Odesa, and Lviv.
Cashless purchases using bank cards jumped by 55% last year, hitting $48 billion. The number of transactions rose by one third, to 3.1 billion, reports the National Bank of Ukraine. The portion of all non-cash transactions made with cards hit 45%. As Ukraine increasingly goes cashless, the number of point of sale terminals rose by 20% last year, hitting 279,000.
As contactless also becomes popular, the number of contactless cards jumped last year by 44%, to 4 million. Today almost 80% of point of sale terminals allow contactless transactions. Starting April 12, Mastercard increases the limit of contactless payments on cards without a PIN code to UAH 500, or $18.50, up from the current level of UAH100. Mastercard accounts for 70% of purchases by card in Ukraine.
Ukraine’s average monthly wage, as measured in dollars, has doubled in three years, to $380, Prime Minister Groysman said. The minimum wage, received by a minority of workers, has tripled, from $50 in 2016 to $150 today. He said: “The current size is not big, but we are moving forward.”
Less than one year after Beskidy railway tunnel opened, the tunnel through the Carpathians is carrying 60% of Ukraine’s exports to the EU, President Poroshenko said on a visit to Lviv. Opened in May, the double track, Lviv-Zakarpattia tunnel can carry 100 trains a day. Hailing “the Lviv locomotive,” he said that Lviv’s exports to the EU jumped by 22% last year. Last year, 79% of Lviv’s exports went to the EU, almost double the national average of 43%
Ukrainian loggers last year cut 22 million cubic meters, or about 1% of the national forest, reports Volodymyr Bondar, deputy head of Forest Resources Agency. Forest growth is about 1.5% a year, or 33 million cubic meters. The Agency controls 73% of Ukraine’s 10.4 million hectares, or 15.9% of the nation. Due to an Electronic Wood Accounting System, Bondar says that illegal logging has been reduced to 17,700 cubic meters.
Wood exports dropped 40% y-o-y to only 527,000 cubic meters, a tiny portion of the national cut. The EU is pressuring Ukraine to export more wood to feed its wood products industries. Ukraine restricts exports of raw logs in an attempt to rebuild the furniture and milling industries at home.
ProZorro, the electronic procurement system, has saved almost $2.8 billion since its introduction four years ago, reports the Economic Development and Trade Ministry. About 215,000 companies, 80% of them small businesses, have used the platform, the ministry reports Facebook. Mandatory for most government procurements since 2016, the system posts information on tenders and conducts competitive bidding sales. Foreign companies are eligible to participate.
Ukraine wants to sell to Egypt an upgrade of its anti-aircraft missile defense systems. Pavlo Bukin, head of UkrOboronProm, agreed at a defense show in Abu Dhabi, to provide “proposals for the modernization of anti-aircraft missile systems and other air defense systems used by the Egyptian Armed Forces.” Bukin met at IDEX 2019 with Hassan Ahmed Abdel-Mageed, director of Egypt’s Ministry of Military Production.
Tourists visiting Ukraine by plane – rather than train – jumped last year, according to the Border Service. As a result of this higher spending influx, tax money generated by tourism rose by 21% last year to $155 million, reports the Economic Development and Trade Ministry. EU growth champions were: Spain + 68%; Great Britain + 47%; Lithuania + 23%; Italy + 15%; Germany + 13%; and France + 9%. From the rest of the world, growth countries were: India + by 57%; China + 39%; Japan +38%; Israel + 22%; and the US +19%. Entries by citizens of border countries declined.
The original English version is from our partner UBN – Ukraine Business News. For more information and news archive, go to: www.ubn.news.