Friday, September 01, 2006

BVI loosing momentum in Ukraine

When talking about foreign investments into Ukraine's economy, the fact that the British Virgin Islands got the 8th place over the first six months of 2006 should by no means be ignored.

In this period of time, investments to the Ukrainian economy essentially increased. In accordance with the State Statistics Committee, the growth of foreign direct investments in first 6 months of 2006 has reached 1.698 billion USD.

As of July 1, 2006, the total amount of foreign investments into Ukraine's economy reached 18.383 billion USD.

About 85% of FDI came from just 10 countries. The biggest investments are from Germany – 495.2 million USD. Germany is followed by the second biggest investor – Cyprus – with 433.6 million USD. The list of biggest investors includes also France with 361.6 million USD, Great Britain with 272.9 million USD, the Netherlands with 270.4 million USD, Russia with 101.5 million USD, Austria with 85.6 million USD. The British Virgin Islands have invested 56.5 million USD. Poland and Hungary conclude the list of Ukraine's top investors with 26.6 and 24.7 million USD.

It is worth drawing attention to the fact that last year the British Virgin Islands were the 4th to invest in Ukraine's economy and its total investments exceeded 700 million USD. As far as Cyprus has been excluded from the Ukraine's “blacklist” of offshore zones while the BVI has been left there, recent BVI investments into the country have decreased while Cyprus is on an enormous increase – well, partially, on BVI's account.

It seems that the team of Mr. Robert Mathavious should include Ukraine in its list of the countries where the BVI jurisdiction is actively promoted, so that the British Virgin Islands would return their position with its other investment companies in Ukraine.

Besides the BVI, the Ukrainian offshore blacklist includes the Bahamas, Belize, Gibraltar, Dominican Republic, Marshall Islands, Jersey, the Isle of Man, the Island of Nevis, the Seychelles, St. Vincent and the Grenadines and the Turks & Caicos Islands. However, classical offshore countries – Panama and Mauritius are not blacklisted.

No comments: