Increasing the localisation of defence production will drive the growth of the Ukrainian economy. This can be achieved in the short term. This opinion was expressed by Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine, during a meeting with William Taylor, Vice President of the United States Institute of Peace, on March 12.
The meeting was attended by Deputy Ministers of Economy Oleksii Sobolev, Ihor Bezkaravainyi and Ihor Fomenko, Minister for Strategic Industries of Ukraine Oleksandr Kamyshin, a representative of the Ministry of Foreign Affairs, and representatives of the U.S. delegation from the U.S. Institute of Peace.
“Ukraine has several important tasks to stimulate economic development. Firstly, to cover the budget deficit, and secondly, to attract investment in Ukrainian business. This balance can be achieved by localising all production in Ukraine. At the same time, the Government is focused on localising defence production. We have recently started production of heavy demining machines and will continue to produce everything our army needs. To strengthen the localisation process, the Government is implementing the national programme ‘Made in Ukraine’, which is aimed at supporting Ukrainian producers,” said Yuliia Svyrydenko.
The Government is making efforts to stimulate investment in the private sector, in particular through insurance programmes that Ukraine is implementing together with international partners such as the EBRD, EIB, IFC and export credit agencies of various countries. By increasing the volume of local production, the Government is focused not only on domestic consumption but also on export diversification, so direct financing and export support guarantees will ensure Ukraine’s economic development in the short term.
The First Deputy Prime Minister stressed that Ukraine needed expert support and coordination from American colleagues in government initiatives, including projects to support small and medium-sized enterprises, international aid, etc. (Government portal/Business World Magazine)
