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Minister of Economic Development names two successful sectors of Ukraine's economy

Source : 112 Ukraine

According to Timofiy Mylovanov, Ukraine needs to attract about 50 billion dollars in investments over the next five years in order to catch up with its neighbors
12:55, 17 February 2020

WoMo

IT and agricultural sectors remain to be the only successful ones of Ukraine’s economy. Minister of Economic Development, Trade and Agriculture Timofiy Mylovanov said this during a briefing.

"We have several successful sectors of the economy. I want to focus on IT and agriculture. They are able to integrate into global economic chains. They work with global clients, suppliers and procurements. That is where competition, skills and technology come from. So these are the areas that we consider successful because they integrate into global markets and attract investments," he said.

Mylovanov also noted that the agricultural sector was the only one where the level of investing, the level of updating and modernization of the production means corresponds to the level of our neighbors.

Related: How to increase level of innovative economy in Ukraine?

"Ukraine's agriculture has enough investments on its own, but we need even more to reach the level of Poland, where, for example, the added value is twice as much," the minister said.

He added that, overall, the Ukrainian economy was "decommissioned" and the country needed to attract about 50 billion dollars in investments over the following five years in order to catch up with its neighbors.

As we reported earlier, the growth of the gross domestic product of Ukraine in the 4th quarter of 2019 amounted to 1.5%, compared to the same period in 2018. The State Statistics Service informed about it.

In comparison with the previous quarter, the real GDP grew by 0.1% (seasonally adjusted).

Related: Ukraine to get 500 billion EUR of macro-financial aid from EU in first quarter of 2020

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