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:

  • attracting private investors to finance infrastructure facilities through public-private partnerships, including concession;
  • attracting private investment in privatization of state-owned enterprises and banks;
  • introduction of a special program for coordination, support and assistance to investors for large investment projects (over $100 million);
  • development of industrial parks to provide the necessary infrastructure and proper facilities;
  • promotion of bank lending and insurance. In particular, it is support for SMEs through the Available Loans 5-7-9% program, export insurance system, mortgage lending programs.

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.

Source www.me.gov.ua

The full version of the Economic Strategy: http://bit.ly/2V8Liv1