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The first step is to determine the economic targets to be achieved

The Cabinet of Ministers of Ukraine has officially started to develop the National Economic Strategy — 2030.

This was announced by the Ministry for Development of Economy, Trade and Agriculture of Ukraine.

A constitutive meeting of the working group on the strategy development has already been held under the chairmanship of Ihor Petrashko, the Minister for Development of Economy, Trade and Agriculture.

“Ukraine needs to move away from a development model, in which competitive advantages mainly depend on the use of natural resources and cheap labor. We must build an innovative model prioritizing the development of production and trade in goods with higher added value, a high technological level of production, skilled labor, saving of energy and other natural resources, and a novel management method,” said Mr Petrashko.

According to him, work on the strategy begins with setting specific economic indicators to be achieved by the country.

The National Economic Strategy includes initiatives, on the basis of which state targeted programs will be elaborated. The Government is going to implement programs starting 2021.

The strategy implies the following seven main vectors of Ukraine’s development:

  • industry;
  • agriculture;
  • mining;
  • transport corridors;
  • IT and R&D;
  • infrastructure;
  • energy sector.

To develop the strategy on the basis of the Economic Recovery Center, 20 working groups will be created with the involvement of experts from the Government, ministries, think tanks, institutes, international organizations, business community and business associations.

As GMK Center reported earlier, business community representatives have already supported the Government’s initiative on the strategy development.