Tymofiy Mylovanov, Ukraine's Minister of Economic Development, Trade and Agriculture, outlined the country's investment strategy and told about the steps of the government aimed at increasing the flow of investment in the national economy.
“I would like to mark out the priorities for 2021-2023 of the government in supporting or developing industry. We plan to request $ 2.5 bln from the state budget for the next three years to finance the development of industry,” Mylovanov said during "Trust is the basis of investments: business, society, and power" discussion panel at the Level Up Ukraine 2020 business forum.
According to Mylovanov, due to the serious depreciation of fixed assets, which exceeds 60%, Ukraine needs $ 50 - $ 100 billion dollars of investments in the coming years in order to catch up with neighboring states. The Minister noted that the government is considering the introduction of affordable loans, concessions, privatization, the launch of the land market, and the reform of the judicial and law enforcement system to become key instruments for attracting investment.
"Ukraine is underinvested. According to our estimates, Ukraine needs 50 to 100 billion hryvnias over the next decade. The level of investment per capita in Ukraine is less than $ 1000," the Economy Minister said.
Mylovanov made a special emphasis on the need to invest in infrastructure since transport and logistics problems hinder the growth of Ukrainian exports. In addition to infrastructure, the government is considering energy and the agricultural sector, which form a significant part of Ukraine’s gross product, to be a top priority.
Mylovanov noted the efforts of the Ministry of Justice in overcoming the problem of raidership. At the same time, the Minister assured that he was ready to hear a business that was feeling pressure on itself, and his department is in constant dialogue with business associations.
On February 21 Kyiv hosted the annual Level Up Ukraine 2020 business forum.
Level Up Ukraine is a unique platform for creating an ecosystem where business, government, and society are agreeing upon a partnership, sharing potential and opportunities and interacting in order to enforce each other.
The fourth annual event gathered the reputable speakers, representatives of the government and big business communities in order to create the basis for “win-win” cooperation together.
The main topic for the 2020 forum was “principles: creating more”.