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Economy Ministry: Ukraine needs to develop exports and tourism
14:14, 24 January 2017
Economy Ministry: Ukraine needs to develop exports and tourism

According to him, Ukraine consumes much and invests not enough to ensure continued economic growth

14:14, 24 January 2017

 

112 Agency

Ukraine consumes much and invests not enough in order to ensure sustained economic growth. This was announced by First Deputy Minister of Economic Development and Trade Maksym Nefyodov during a round table to discuss the medium-term plan of priority actions of the Cabinet of Ministers until 2020. The broadcast led 112 Ukraine TV channel.

"Ukraine is considerably inferior to both the EU and China almost three times in R&D intensity and GDP. Ukraine is considerably inferior to the EU and China a lot. We consume times more the specific gravity of the retention of GDP and under-invest in order to ensure continuous economic growth ", said the First Deputy Minister.

Related: Private companies to import 15 times more gas into Ukraine

"The same applies to the effective use of public finances and the development of public procurement system. We have come to a situation where the money that we collect from taxpayers need to be used in the most efficient and transparent way", said Nefyodov.

The ministry expects that the number of employed workers in small and medium-sized enterprises will increase. It is also expected to increase the proportion of businesses that operate in a competitive market structure, with last year's 43% to 50%.

In addition, according to Nefyodov, the Ukrainian government expects an increase in the net inflow of foreign direct investment in 2017 to $ 4.5 billion.

According to him, the government also needs to develop exports and tourism.

Related: Nationalism of Soviet methods: How does total Ukrainization look like?

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