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A "roadmap" for Ukraine's economic recovery

29 Apr, 2022
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A "roadmap" for Ukraine's economic recovery

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During the international conference "After the War: Rethinking the Future of Civil Society" First Deputy Prime Minister - Minister of Economy of Ukraine Yulia Svyrydenko presented the principles of Ukraine's economic recovery plan, which is being developed by the Government, Ministry of Economy, leading experts and business associations. The developers of this "roadmap" are ready to involve the public sector in the formation of the document.

"Post-war reconstruction of Ukraine will be one of the largest projects since the well-known Marshall Plan. Its implementation will become a mission for the whole civilized world, because today we are fighting not only for ourselves but for the global security as well," Yulia Svyrydenko said.

The Minister of Economy named the principles that will form the basis of the recovery plan:

  • Full access to the EU and G7 markets. This will help manufacturers integrate into global retail chains and increase exports. The United Kingdom and the European Union have already announced the abolition of import duties on Ukrainian goods. The Government expects similar actions from the governments of the United States, Japan and Canada.
  • Obtaining a candidate status and then full membership in the EU. The status will provide Ukraine with access to the European Union's structural funds, which will serve a significant support.
  • Building an economy on the principles of deregulation and liberalization. The declarative principle for businesses has been approved regarding the majority of licenses and permits.
  • Establishment of logistics routes in the western direction. The Government is working to increase their capacity. The initial results are already in place - a memorandum has been signed between Ukraine and Poland.
  • The transition from the export of raw materials to processing in those industries that provide the largest export revenue. Significant growth can be achieved in agriculture and metallurgy through processing.
  • Development of the domestic military-industrial complex. It is not only about the purchase of weapons, but production as well, including through the transfer of military technology. This will allow us to establish production as quickly as possible in a wide range - from small arms to air defense systems. At that, military-tech will be a driver of development for the civilian sectors of the economy.
  • Self-sufficiency in energy sector will be achieved by increasing domestic gas production and developing nuclear energy. In 3-5 years it is quite possible to gain energy independence.
  • Climate modernization. The creation of new facilities in various industries must take into account the principles of the green economy.
  • Localization of not less than 60%. Ukrainian companies and producers will be involved in the reconstruction of Ukraine. This will give a boost to the economy, create new jobs, revive entrepreneurial activity.

“In order to implement large-scale projects, we need to develop partnerships with the G7 and the EU in the mode of technology transfer and access to financial resources. One of the key approaches may be to provide state guarantees to their companies to invest in Ukraine,” Yulia Svyrydenko added.

An important prerequisite is the maximum restoration of transport and social infrastructure of Ukraine in 24 months. The vast majority of Ukrainians who have gone abroad want to return home. And the Government is working to create the conditions for that.


The Odessa Journal

The Odessa Journal

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