Volyn region attracts investors Volyn had received over 6 billion USD of domestic and foreign investments for

th e last 3.5 years, according to Borys Klimchuk, Chairman of Volyn Regional State Administration, who at a meeting in Lutsk reported to President Viktor Yanukovyc h about the first successful steps in implementing the president's economic and social reforms. The leading sector of the Volyn regional economy is the agrarian industry sector which accounts for nearly half of investments into the region.The agriculture of the Volyn region also contributes greatly to development of domestic meat and d airy production along with grain and sugar beets. Boris Klimchuk thanked the heads of the region leading enterprises for their eff icient work."Because of your effort and desire to be successful, the region has d emonstrated 104.2% growth in the industry and 104% - in agricultural production for the first eight months of this year. We demonstrated the highest rate of wag es growth in Ukraine, low inflation rate, and hence and the most dynamic growth of real income across all Ukrainian regions," he said. The head of the Volyn municipality emphasized several unique companies that stan d out against the general economic background.They include the Lutsk Bearing Plan t, the monopolist in production of tapered and needle bearings. and Elektrotermo metriia, which produces 80% of all domestic meters. Construction sector om Volyn region has also shown dynamic development, accounti ng for roughly a third (34%) out of 3.2 billion USDof capital investment into the region's economy. Re-investment by enterprises and organizations remains one of the top sources of capital, accounting for 46% of total investment in the region. Funds re-investe d by enterprises comprised nearly 24% of total investments, 13% of local and gov ernment budgets and 7% of foreign investment. Some 3,700 small businesses and about 29,000 individual businesses registered in the Volyn region account for 9.2% of the total regional output and about 20% of budget revenues to the local budget. During his meeting with Yanukovych, Klimchuk also highlighted the main areas of planned future economic activity, inclduing the development of transport infrast ructure and cross-border cooperation with Poland. The EU plans to allocate 6.5 million Euros for reconstruction of the border chec kpoint "Ustilug Zosin," which will allow passenger traffic to triple.According to the EU program, the Volyn region has already received 25 million Euros for 34 i nfrastructure projects that will help expand cooperation with Poland. Volyn region exports products to Germany (35.4%), Russia (19.2%), and Poland (10 .6%).The main export products of the region are electrical equipment (26.4%) and agricultural products (16%) Offset: Volyn has received over 6 billion USD of domestic and foreign investment for the last 3.5 years