Business Emirates # 12 (January - Februaty 2007) - page 93

National ReserveBank (Ukraine) is one
of Ukraineĺs top ten largest banks inUkraine
and is oneof themost serious investors into
Ukraineĺs economy. This fact played a key role at
themeetingof NRB-Ukraineĺs Chairmanof the
Boardwith theManagement of theNational
Bank of Dubai. Thatmeetingwas alsoorganized
byUkrainianTradeCenter ľ themaingoal of
those talkswas to set up contacts andbegin
cooperationwith such reputable and influential
financial structure as theNational Bank of Dubai.
Economic forum ôUkraineľUAECooperation
Spheresöprovedonce again that UTCwith its
close tieswithbusiness andgovernment circles
of the two countries is capableof organizing
events on the top level. Government support of
the forum, participationof Valentina Semenyuk
(theHeadof StateProperty Fundof Ukraine), and
ministers of CrimeanAutonomous Republic and
parliament deputies supported thehigh status of
theorganizer ľUkrainianTradeCenter.
It is probablynotworth saying indetails now
about all thework our staff performs inKyiv and
inDubai, virtually connectingentrepreneurs in
the two countries. Until recently, the relationships
betweenUkraine and Emirateswere limitedwith
tourism (Dubai has resorts that our compatriots
visitmost frequently) and trade in ferrousmetals
andproductsmadeof suchmetals (80-90%of
theentireUkrainianexport toUAE). The analysis
of trade relationships showed that noother
Ukrainianproductswere really representedon
this richestmarket.
However,metal is not everythingUkraine
canoffer to this rapidlydeveloping and actively
constructing country. Scientific and industrial
potential of Ukraine could satisfy even themost
demanding customers interested in construction
materials and structures, equipment for oil and
gas industry andoil andgas transport,machine
building and spareparts, instruments building
and automation, galvanic equipment and textile,
let alone ferrous andnon-ferrousmetallurgy
and chemical industry. In this case, prices
wouldbemuch lower than competitorsĺprices,
inparticular comparing to Europe andNorth
America. Theproblemwas that after theUkraineĺs
independence in1991, the countryhadother
concerns than self-promotionon international
markets. Now it looks like itĺs the time for the two
young countries ľUkraine andUAEľ tobegin
real cooperation in the sphereof trade.
According toour experts, whenUkrainian
business representatives enter theUAEmarket,
they areprimarily attractedby the absenceof
internal taxation, antidumping legislation, trade
quotas and thepresenceofminimum import
fees (5%) and free capital flow, availabilityof 15
freeeconomic zones (their annual commodity
turnover equals $15billion), serious demand
for innovative technologies anddependenceof
the Emirates on import supplies. By theway, in
order to satisfy the internal demand, UAE export
annually $35-40billionworthof different goods.
Moreover, South-east Asia andAfricabuy their
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