Reconstruction of state should be carried out at expense of 80% of private capital - Ministry of Economy

This was reported by the press service of the Ministry of Economy, according to Ukrinform.

"I believe that the reconstruction of the state in the global sense should be carried out at the expense of 80% of private capital. For this to happen, we need to create the preconditions that will encourage investors to contribute to Ukraine. We have to give a clear signal to the world and to ourselves within society about the kind of country we are building. To attract investors, the Ukrainian economy must grow faster than its neighbors," said Yulia Svyrydenko, First Vice Prime Minister of Ukraine and Minister of Economy.

According to her, the government is currently working on three fundamental areas: providing for our defense forces, urgent recovery, and post-war reconstruction. All of these areas are interconnected, and therefore it is extremely important to have a clear vision of our current steps to stabilize the economy to ensure its further development after the victory.

Svyrydenko believes that first of all, Ukraine should develop those sectors of the economy that have competitive advantages. These include the agricultural industry, green metallurgy, mechanical engineering, woodworking, IT, military-tech, healthcare and pharmaceuticals. At the same time, the business environment requires the government to reform the law enforcement and judicial systems and create conditions for the security of investors' capital.

"There will be big investments when Ukraine has security guarantees. To create comfortable conditions for business, the government is working on total deregulation. For investors to come to us, the process of building production in Ukraine should be faster than in our nearest neighbor. We also need to introduce a more competitive tax system," Svyrydenko emphasized.

According to her, in parallel, the government is working on structuring the Private Investment Development Fund. It is scheduled to be presented in two weeks in London at the Ukraine Recovery Conference.

As reported, the five-year period of Ukraine's recovery will require additional investments of about $50 billion per year.