kraine’s agriculture heritage is returning to glory, representing one of the most promising opportunities the country offers.

Consider that former fields that have gone to seed now cover an area the size of England. Much of that land has gone unused for decades, since the Soviet collapse.

Most of the land that is farmed is underutilized, not producing near capacity. Modern farming techniques can easily double the production of the land.

The contrast between modern farming technologies and farming by horse-drawn plows, with hay felled by hand-held scythes, is striking. The latter may look like a charming visit in a time machine to a bucolic era. But the work can be back breaking, and it falls far short of the techniques now needed to feed a swelling world population.

John Beddington, chief science advisor to the UK government, predicts a world population increase by a third, or two billion, in two decades. The rise in demand for food will increase by half. At the same time, competition for water and energy will greatly increase. But Ukraine is blessed not just with terrific soil, but with plenty of water that is easily accessed.

The “Chernozem” – Ukrainian for black soil – in the steppe region is at least as fertile as the soil of Kansas or Iowa is in the United States. Ukraine possesses a third of the world’s black soil. Over 60 percent of the country is covered in this type of top soil, which holds high levels of organic matter, from 3 to6 percent. Moreover, the top soil is often forty inches deep. There are large portions that are even deeper, amazing onlookers when ground is excavated.

The range of crops is broad, with good light during the growing season that easily accommodates small grains countrywide, corn and soybeans in the north and a wide variety of fruits, vegetables and nuts.

The lack of private sales of farm land in Ukraine necessitated leasing by companies that put land parcels together for a more efficient economy of scale.

Many farming families are open to investors who want to work in partnership, providing they are good stewards to the land as well as investors. The very substantial investments in expensive agricultural infrastructure indicate investors and incoming companies are committed for the long haul.

Richard Spinks is CEO of the agribusiness company, Landkom, incorporated in the Isle of Man. He told the BBC that land is leased by small farmers not primarily for money, but out of desire to see their region advance. He points to the contrast with the heavy Soviet hand or with past empires that have invaded the country. Now the land is leased, the payments are made, people choose to participate. Additionally, his company makes contributions to the communities such as schools, orphanages, roads, medical facilities and ambulances.

New to farming when he began leasing land in the Ukraine in 2006, Spinks plans to harvest at least 96,000 acres in 2010. Landkom has a land bank of 180,000 acres. His leases are generally for at least a decade, with a right to renew and to buy at the end of the lease, if the land can be sold.

Despite last year’s drop in GDP after the financial crisis, investment continued to move into the agricultural arena. Agribusiness ventures are being listed on the London Stock Exchange and on European exchanges, including Ukrainian sunflower oil producer, Kernel.

Cargill and ADM are among the large agricultural companies making huge investments. Since independence in 1991, Ukraine agriculture has attracted five to six billion dollars in foreign direct investment. There’s ample room for additional investment, some estimate at least another $25 billion could easily be put to use powering up Ukraine’s farms. IPO deals are starting to surface.

Most observers believe the existing moratorium on agriculture land sales will phase out, which would allow land to be more easily aggregated into larger operations, and let farmers mortgage land and borrow from creditors.

With proper investment, Ukraine could become one of the world’s top exporters of meat in a decade or so.

The potential for organic farming is also excellent. Even without fertilizers, herbicides or pesticides, the soil yield is estimated to be at least two-and-four-fifths tons of wheat per acre. Organic farming has already made inroads of an estimated 741,000 acres, and is expected to grow 10 to 15 percent a year.

If one wants to grow a business in Ukraine, one might consider planting it in the world’s richest soil.