OREANDA-NEWS. August 29, 2008. In the first half of 2008, turnover between Ukraine and Russia grew by 32.6 percent to USD 18 billion against the same period of 2007, Economics Minister Bohdan Danylyshyn told a meeting with heads of subcommittees of the Ukrainian part of the Committee on Economic Cooperation of the Ukrainian-Russian Intergovernmental Commission.

The Minister noted that the Russian Federation is the largest trade partner of Ukraine, since its share in the Ukrainian export makes up 24.1 percent, and import - 24.2 percent. "The analysis carried out over recent 10 years testifies to the fact that these are the largest indexes of bilateral trade between Ukraine and Russia", he said.

According to B. Danylyshyn, within the designated period export of Ukrainian goods grew by 33.5 percent and made up about USD 8 billion, and import grew by 32 percent, having made up USD 10,260 billion. In total, he informed, in the structure of the Ukrainian-Russian turnover 43 percent falls on energy carriers, 19.7 percent - machine building products and 13.5 percent - metallurgical industry.

In addition, the minister noted that over half of the year the volume of Russian investments in Ukraine increased by 1.27 fold. "Volumes of investments in Ukraine from Russia amounted to USD 1,461 billion in Q1 2008 as of the beginning of the period, and USD 1,844.8 billion as of the end of the period. The number of Russian enterprises carrying out investments in Ukraine is 2,131", B. Danylyshyn said. He noted that presently a special attention is paid to an issue of investment cooperation between Ukraine and Russia.

At the same time, the minister informed, volume of investments from Ukraine to Russia at the beginning of Q1 2008 was USD 148.6 million, USD 105.4 million at the end of the period. And the number of Ukrainian enterprises carrying out investment activities in Russia is only 77. "In other words, we have a potential for cooperation in this direction", B. Danylyshyn summed up.