Xenophon Paper 2 pdf - ICBSS
Xenophon Paper 2 pdf - ICBSS
Xenophon Paper 2 pdf - ICBSS
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The development of transport links will boost trade in the BSEC region. BSEC countries<br />
account for 30% of Ukrainian exports and 36% of its imports. Ukraine’s largest trading<br />
partners within the BSEC are Russia, accounting for 18.5% of Ukrainian exports and for<br />
33% of its imports, and Turkey, with 5% and 1.5% respectively. 12<br />
Ukraine has also taken active part in the creation of high-tech communication infrastructure<br />
for the region. In this respect, the fibre-optical connection project of ITUR (Italy-Turkey-<br />
Ukraine-Russia) is very important and foresees a port to the Eurasian cable, which<br />
connects Western Europe to Japan and Korea.<br />
An underwater Black Sea fibre-optical communication system Varna – Odessa -<br />
Novorossiysk - Poti has started functioning. The system is integrated in the international<br />
telecommunication system of TEL (Tran European Lines), which connects European<br />
countries to Near/Middle East. Since 2006, Ukraine has been the country coordinator<br />
of the Working Group of the BSEC on Information and Communications Technologies.<br />
New Workings Groups on cultural and educational issues were recently established<br />
within the BSEC.<br />
Ukraine takes part in the BSEC investment activities. As one of the founders of the Black<br />
Sea Trade and Development Bank (BSTDB), Ukraine’s share of the Bank’s capital<br />
amounts to 13.5% of shares ($1 billion). 13 Ukraine transferred to the bank an authorised<br />
capital of near $150 million in different forms. At the same time, the BSTDB granted<br />
credit to Greek companies to build ships on the Ukrainian dockyards in Mykolaiv. Owing<br />
to the Bank, a corn terminal was built in the Odessa port as well as a gas-compressor<br />
station in the Odessa region. 14<br />
At the BSEC Summit in Sochi, in autumn 2006, Ukraine brought the participants’ attention<br />
to the potential of the Project Development Fund (PDF) created by the BSEC. The Fund<br />
is financed so far by voluntary contributions of member states and helps in the preparation<br />
of business projects which are at a pre-feasibility stage seeking partners or funding.<br />
12 Estimations provided by the author. For official data on Ukraine’s foreign trade see IMF, Direction of Trade<br />
Statistics, Washington. Also on Ukraine’s trade with the BSEC countries see Manoli, Panagiota (2005), ‘Limiting<br />
Integration: Transnational Exchanges and Demand in the BSEC Area’, Agora Without Frontiers, vol. 10, no. 4,<br />
Institute of International Economic Relations, Athens, March-May, pp. 268-291.<br />
13 Sokolenko, S.I. (1998), ‘Globalnyje rynki XXI stoletiya: Perspektivy Ukrainy’, [The global markets of XXI century:<br />
Prospects of Ukraine], Logos, p. 568.<br />
14 See ‘OCHES Mozge Suttyevo Posylyty Vplyv Na Processy Zgyttyedijalnosti Krain Regionu’ – vvazgaye<br />
koordynator uchasti krainy v OCHES Andriy Kononenko.) [Interview of Andriy Kononenko. ‘BSEC can strengthen<br />
essentially its influence on processes in the region’], Ukrinform, 23 January 2007, http://www.bsanna-news.ukrinform.<br />
ua/newsitem.php?id=0259&lang=ua - 23k.<br />
X E N O P H O N P A P E R no 2 149