European Championships Was An Offer For Ukraine
Ukraine was a constituent of the USSR, before it fell in 1991. Thus in 1991, Ukraine had gained its independence for the first time in its history. The transformation into a democratic country didn't come easy and Ukrainians had to struggle to establish a democracy with multiple parties. The Ukrainian democracy is not yet as established as other countries but they have been progressing towards this goal at a very high pace. Ukraine is ranked among the first ten countries in Europe in terms of foreign investment and it is very likely that it will maintain its place in the list of top ten countries.
There is such an abundant wealth of human resources that were wilting during the Soviet times are now the hottest attraction in Eastern Europe. Naturally, the Ukrainian economy has been bolstered by this sudden rise in tourism as well as foreign investors. This has made the government to come up with attractive offers that would help attract foreign investors from all over Europe. Due to this boom, at a point there existed an increase in demand that surpassed the supply, which proved a hurdle for the Ukrainian government.
This was highlighted in the months running up to the elections in 2007, and post elections the economy has been visibly stronger. There has been a massive increase in foreign banks in Ukraine with a number of very famous European Banks taking over Ukrainian Banks in billion dollar deals. The Ukrainian population especially the middle class has attracted a range of international brands such as Marks & Spencers, who were hesitant to start their market in Ukraine because of the poor economy.
The increase in the economy has ensured that the real estate industry has witnessed a 400% rise in the last three years alone. There are a number of sky scrapers that can be seen in Kiev due to the rise in the economy. This is because the economic rise has led to people from other parts of Ukraine migrating to the city with the hope of finding a job or even accommodation. This has led to a rapid development of the mountainous areas of Ukraine as well as the Crimean Peninsula which are the most attractive areas in Ukraine.
In 2007, the announcement that the European Football Championships would be co-hosted by Ukraine also played a major role in the development of a number of cities all over Ukraine. This has led to the transformation of cities that had a lot of Soviet era construction into modern day constructions that have the latest infrastructure. Unlike their co-host Poland, Ukraine will be dependent on foreign investors for this transformation as the funds that have been provided by the European Union will not be sufficient. As the hosting of such a major event could be a major investment for the tourism industry in the future, large scale construction is underway. This construction includes the improvement of roads, construction of hotels; the improvement of the transportation system as well as construction of stadiums. The early estimates are around the 12 billion mark but there is a good chance that the expenditure could surpass this estimate.