Ukraine unveils ‘Economy of the Future’ strategy project
A draft of the “Economy of the Future” strategy was presented at a meeting of the Council on Entrepreneurship Support under the President of Ukraine. The initiative is intended to set Ukraine’s economic course for the next 10–15 years and serve as a modern-day equivalent of the Marshall Plan for the country.
According to Ukrinform, the information was published on the website of the President of Ukraine.
“A meeting of the Council on Entrepreneurship Support under the President of Ukraine was held, chaired by the Head of the Office of the President of Ukraine, Kyrylo Budanov. It was attended by Prime Minister Yuliia Svyrydenko, government officials, deputy heads of the Presidential Office, members of parliament, and business representatives,” the report says.
According to the statement, Budanov noted that there had been an open and substantive discussion of key challenges during the previous meeting and that solutions had been developed over the past two months.
Prime Minister Svyrydenko reported that, thanks to joint efforts with the Verkhovna Rada, VAT on the supply of ground robotic systems (GRS) had been abolished, and localization requirements had also been extended to defense procurement.
In addition, the Ministry of Defense has been granted authority to purchase innovative products for testing in real combat conditions. The government has also approved clear rules protecting intellectual property rights for defense-related innovations and their use. Under the Made in Ukraine policy, new mechanisms are being introduced to support businesses affected by Russian attacks.
“Until recently, the main question was what Europe could give Ukraine. Today, it is increasingly clear that the reality is different. Ukraine is becoming one of the key factors in the future security and competitiveness of the European Union. That is why our work must go beyond current challenges. We must shape a vision of Ukraine’s economy of the future,” Kyrylo Budanov stressed.
The Presidential Office noted that the draft “Economy of the Future” strategy was presented during the meeting. The document is being developed by the government in cooperation with the World Bank, McKinsey, international experts, and Ukrainian businesses.
According to the statement, the strategy is intended to define Ukraine’s development path for the next 10–15 years and become a modern equivalent of a Marshall Plan for Ukraine.
“We are setting a quite ambitious goal – to raise GDP growth rates to at least 6% annually, increase labor productivity to 5%, and raise the share of investment in GDP to 30% each year. We also aim to create conditions for Ukrainians to return home, taking into account the needs of today’s labor market,” said Yuliia Svyrydenko.
First Deputy Prime Minister and Energy Minister Denys Shmyhal outlined the main priorities for the energy sector.
According to him, Ukraine expects to have approximately 21 GW of available power capacity, including imports, by the next winter season. An updated Energy Strategy through 2050 will aim to restore generating capacity to pre-war levels of more than 54 GW.
The meeting also approved the establishment of a committee for the development of creative industries, covering culture, arts, design, the audiovisual sector, publishing, IT, the music industry, architecture, advertising, cultural heritage, and video game development
Business representatives also raised concerns about tax inspections, combating illegal imports, access to financing and insurance for defense industry enterprises, business operations, and improving medicine delivery to frontline areas.
“All the issues raised have been recorded, and we will continue working on them. It was also encouraging to hear that we have already resolved some problems. Unfortunately, others are still pending, but they are in progress. Our meetings are delivering results. Let us continue working together. We are all one state. We call on everyone to stay united,” Kyrylo Budanov concluded.
As reported by Ukrinform, Prime Minister Yulia Svyrydenko said following the Council on Entrepreneurship Support meeting that among the government’s key priorities in supporting businesses are further reducing the shadow economy and simplifying regulatory procedures.
Photo: Office of the President of Ukraine