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Main Business — Yulia Svyrydenko: We are developing a robust economy, and in 2024, we have allocated over 40 billion UAH to support Ukrainian businesses

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Yulia Svyrydenko: We are developing a robust economy, and in 2024, we have allocated over 40 billion UAH to support Ukrainian businesses

25 Jan, 2024
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Yulia Svyrydenko: We are developing a robust economy, and in 2024, we have allocated over 40 billion UAH to support Ukrainian businesses

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The resilience of Ukrainian entrepreneurs saved our economy in the early days of the war. Entrepreneurs who could quickly relocate and continue working played a vital role. The government's support for small and medium-sized businesses is reflected in programs such as the '5-7-9' affordable lending, the eRobota grant program, industrial development, stimulation of the construction industry through the eOselya program, attracting investments into the real sector, support for non-commodity exports, ship insurance, demining ports, and more.

First Deputy Prime Minister of Ukraine and Minister of Economy Yulia Svyrydenko shared insights into supporting Ukrainian businesses in 2023 and plans for 2024 during the UA SME Resilience Lessons Learned 2023 and Plans 2024 event. The event, held on January 25, involved the Ministry of Economy of Ukraine, the Ministry of Digital Transformation of Ukraine, the Embassy of Great Britain in Ukraine, the Office of Entrepreneurship and Export Development, the Kyiv School of Economics, and representatives of international projects.

Yulia Svyrydenko noted that last year, over 10,000 microgrants totaling UAH 2.4 billion were issued for the start or development of enterprises within the 'Own Business' project. Additionally, nearly 300 veterans, their spouses, and husbands received UAH 109 million for business development. The 'Affordable Loans 5-7-9' program, offering one of the few sources of cheap loans in the country, was also popular.

"The government understands that one of the paths to achieving the country's self-sufficiency is increasing income and currency revenue, based on the development of the processing industry. In 2023, we issued 600 grants up to UAH 8 million each for processing enterprises. We want to develop an economy that produces value-added goods, so for 2024, we have allocated over UAH 5 billion in the budget for this program," emphasized the First Deputy Prime Minister of Ukraine.

Yulia Svyrydenko stressed that in 2024, the Ministry of Economy will actively work on implementing new projects, including the development of industrial parks, support for projects with significant investments, compensation for the cost of domestic agricultural machinery, and more. The budget provides over UAH 40 billion for financing this package of programs.

This year, plans include issuing 12,000 loans under the affordable mortgage program eOselya. The Ministry of Economy and the Ministry of Digital Transformation also plan to merge eOselya and eVidnovlennya so that a certificate for destroyed housing can be used as the first installment for a mortgage.

The Ministry of Economy presented the first draft of the Strategy for Recovery, Sustainable Development, and Digital Transformation of SMEs for the period up to 2027. The strategy is developed within the Good Governance Fund project 'Revitalization of the Business Climate in Ukraine,' funded by UK International Development from the UK government. The project implementers are Abt Britain and the Kyiv School of Economics.

"Small and medium-sized businesses create two-thirds of the added value and over 80% of jobs in Ukraine, making them a cornerstone of economic stability and development. The state's task is to systematically support Ukrainian businesses, adapting this support to the challenges of wartime. To achieve this, the Ministry of Economy, together with partners, is developing the SME Support Strategy until 2027. The development and adoption of the strategy aim to improve coordination between the Government, business, donors, and various programs supporting entrepreneurs, positively influencing the development of the sector overall. The document will contain a list of specific steps necessary for the sustainable development of the small and medium-sized business sector. We will consider the visions and wishes of entrepreneurs themselves, as well as the opinions of donors, the public sector, and regional government representatives," said Deputy Minister of Economy of Ukraine Oleksiy Sobolev.

The Odessa Journal

The Odessa Journal

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