PM names most lucrative investment areas

The most promising areas for investment in Ukraine are the agri-industrial complex, energy, infrastructure, as well as the areas where Ukraine has a competitive advantage, including IT, Prime Minister of Ukraine Denys Shmyhal said, addressing the 17th Vienna Economic Forum – Vienna Future Dialogue 2020.

"This is especially relevant in a pandemic when Ukraine needs new strong incentives for economic recovery. Such incentives should be the gradual expansion of access to the EU internal market in areas where Ukraine has already made significant progress, as well as the removal of other restrictions that exist for our trade," said PM, according to the Cabinet's press service.

The Head of Ukrainian Government reminded that during the 22nd Ukraine-EU Summit, the Ukrainian delegation presented and conveyed to the EU its vision of updating the Association Agreement and called for consultations on upgrading certain parameters of the Agreement, especially in the areas of trade and sectoral cooperation.

"We also expect the signing of the Common Aviation Area Agreement between Ukraine and the EU, the beginning of the integration of gas and electricity markets as well as integration into the digital market of the European Union," the press service quotes Shmyhal as saying.

Read alsoZelensky elaborates on international projects he sees as priorities for UkraineAccording to the Prime Minister, despite the pandemic, Ukraine is determined to pursue a policy of systemic reforms, which should be the basis for overcoming the crisis and further economic growth.

"Liberalization of the agricultural land market, medical reform, development of e-government and digitalization of public services, ensuring transparent and fair business rules - these are some of the main areas of reforms we are working on today," said Denys Shmyhal.

During his speech, the head of government noted Ukraine's investment potential and stressed that the country is ranked among the world's best for IT services outsourcing. The IT industry is growing by 20-25% annually, Shmyhal stressed.

"Our country is one of the world's leading producers and exporters of agricultural products with huge and inexhaustible potential. I believe that the countries of Central and Eastern Europe can be a source of investment, know-how and best practices in Ukraine," said PM.

"Clear and transparent rules of the market, fair and predictable behavior of regulators, removal of regulatory barriers are extremely important for the full development of entrepreneurship in Ukraine and leveraging investment," Denys Shmyhal concluded.

Background

On November 6, the Cabinet presented the results of the recent audit of Ukraine's economy, as well as vectors of economic development until 2030.

Researchers say Ukraine could increase its gross domestic product by US$ 1 trillion in the next 10 years.