Ivano-Frankivsk region is a unique and self-sufficient region, which combines European values and centuries-old national traditions. The major priority of the region development is to ensure the wellbeing and a high quality of life for the present and future generations in the context of building a competitive and innovative economy based on cultural traditions, natural features and regional advantages.
The economy of the region is rather diversified. Major industries in the economy include agriculture, electricity generation, production of construction materials, extractive and processing industries, and trade.
Successful cooperation with foreign investors has resulted in a number of new production facilities, constructed or technologically modernized in the region in such sectors as mechanical engineering, wood processing, chemicals, agriculture and alternative energy.
The region has taken leading positions in the investment attractiveness rating of Ukrainian regions over recent years. Investments come from non-residents from almost 50 international countries. European Union countries are given priority in investing in the economy of Ivano-Frankivsk Region.
The region is widely famed for its recreational and therapeutic opportunities. Forests account for 41.0% of its area, and a considerable part of the territory is located in the mountains. Also, there are a lot of mineral springs in the region. Alternative energy production, based on wind and solar power, had been significantly expanded.
The most important natural resources:
- fuel and energy resources: oil and gas;
- chemical resources: rock salt and potash, sulphur, phosphorites;
- construction materials: gypsum, marble, sandstone, sand, clay.
A well-educated workforce is one of the advantages of the region. According to the Competitiveness Rating of Ukrainian Regions, the region ranked among the top 10 for quality of primary education, availability of research and engineering personnel and ratio of labour costs to workforce productivity. There are 39 higher education institutions in the region, which educate more than 45,900 students.
The region’s potential for development is connected to the need to change its economic profile to ensure development of highly-technological sectors of the economy with high added value, expanded processing capabilities of raw materials of the wood processing industry, increased good exports, etc. Priority projects of the region are designed to develop the transport infrastructure and improve the region’s accessibility.
Proximity to markets in Eastern Europe; highly-qualified human resources skilled in engineering, electronics, information technology and construction; high innovative and technological potential; presence of well-known international electrical engineering companies in the region; leadership in tourism make the Ivano-Frankivsk region one of the most attractive investment destinations in Ukraine.