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Financial Times Praise Historical and Tourist Value of Lviv

Lviv “is gearing up to become the next hot destination for those in search of Habsburg splendour”, begins the feature article the British newspaper Financial Times (FT) dedicated to the western Ukrainian city. The author elaborates on Lviv’s historical heritage, tourist potential, and investment attractiveness.

Having hosted the European football championship, Lviv is now equipped with a new airport and high speed train to Ukraine’s capital Kyiv, writes the author. While the paper compares Lviv to Czech Prague and Polish Krakow, it notes that Lviv attracts a much smaller amount of tourists. “Not everyone is aware of the pearl of the east”, explained Lviv mayor Andriy Sadovyi.

Once Lviv was part of the former Austro-Hungarian Empire, for three centuries ruled by the House of Habsburg, and now the city boasts “medieval town squares, history and café culture”, reads the feature. “Farmers’ markets appear each morning, trams run through the city’s cobbled streets and the faithful still fill its 104 churches of numerous denominations… The city has maintained its quiet, idyllic charm”, continues the article.

Having listed the many historical and cultural attractions of the city, the author Jakub Parusinski moves on to describing the plans of local administration to turn Lviv “into a regional outsourcing and IT hub”, attracting investment. Notably, in August 2012, FT highlighted the boom in the IT sector of Ukrainian industry.

Interestingly, Lviv became one of the Ukrainian cities that made it to the lists of the most cost effective investment destinations in Europe, released by Financial Times’ fDi Intelligence Unit in February 2012. The western Ukrainian Lviv ranked third on the list of Top 10 Large Cities, investments to which would be most cost effective (south Ukrainian Odesa took second place). Lviv was also fourth in Eastern Europe on the top ten list of cities that have the best strategy for attracting foreign direct investment.

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