On February 17, 2020 the Ministry for Development of Economy, Trade and Agriculture of Ukraine presented the strategy for economic growth.
The main goal in the economic sphere is to provide citizens with legal work with decent wages and create conditions for successful business. Thereof, the Government has set ambitious goals: to increase the country’s GDP by 40% in five years, to create more than 1 million jobs and to attract $ 50 billion of foreign direct investment. Investments is the cornerstone of this strategy.
According to the Strategy’ efforts are concentrated in 3 areas:
1. Creating effective markets. As factors of production (land, capital, labor) and final products, including those markets where the state is a monopolist now.
2. Investment initiatives:
3. Ensuring a favorable business climate. It is necessary to accelerate the creation of an enabling environment for doing business. Key attention will be paid to strengthening the rule of law, in particular through the establishment of verification mechanisms through registries, the establishment of a system of commercial arbitration, strengthening of operational discipline on judges’ decisions, etc.
“For a total, investment and growth drivers should ensure the goal of 40% economic increase. In order this ambitious program of economic growth through investment will work, we need to keep pace. The President, the Government, the Parliament and the local self-government authorities should continue to work together as a united team,” – said Tymofii Mylovanov, Minister for Development of Economy, Trade and Agriculture of Ukraine.
The full version of the Economic Strategy: http://bit.ly/2V8Liv1