Minister Petrashko: Ukraine facing industrial crisis, not financial

Minister Petrashko: Ukraine facing industrial crisis, not financial

Ukraine’s Economic Development Ministry will make efforts to create conditions for industrial development as Ukraine currently faces industrial crisis, not financial.

"The uniqueness of this crisis is that it is, first and foremost, the industrial crisis, not financial. We see that supply chains are destroyed, there are restrictions on the movement of people, the movement of goods. This does not contribute to the development of industry," Economic Development, Trade and Agriculture Minister of Ukraine Ihor Petrashko said at the Freedom of Speech program on ICTV channel, an Ukrinform correspondent reports.

According to him, the Economic Development Ministry can take two major steps to promote industrial development.

"Primarily, and we already work in this area, we thinking of how to attract government resources through procurement, through the budget distribution to stimulate production in Ukraine by placing the orders to Ukrainian companies or foreign companies localized in Ukraine. We will follow to comply with the European Association agreements and WTO requirements, but to insist that companies should have access to public procurements," Petrashko said.

The second step, he said, would be to create conditions for equal access to credit resources.

"I believe that one of the main problems of the Ukrainian economy and the reason why the crisis started long ago is that Ukrainian enterprises were deprived of access to adequate credit conditions which significantly worsened their competitive conditions," Petrashko added.

Earlier, Petrashko said that the Government aimed to save as many jobs as possible and elaborate a safeguard package for possible risks during the coronavirus-related quarantine.


Let’s get started read our news at facebook messenger > > > Click here for subscribe

While citing and using any materials on the Internet, links to the website not lower than the first paragraph are mandatory. In addition, citing the translated materials of foreign media outlets is possible only if there is a link to the website and to the website of a foreign media outlet. Citing and using materials in offline media, mobile apps, Smart TV are allowed only with written permission from Ukrinform. News and publications marked as "Advertisement" and "PR" and articles in the section "Releases" include promoted content, and an advertiser is responsible for the content.

© 2015-2022 Ukrinform. All rights reserved.

Website design Studio Laconica

Extended searchHide extended search
By period: