The government is betting on the development of four priority industries that will become the locomotive for the recovery of the Ukrainian economy. This was stated by Yuliia Svyrydenko, First Deputy Prime Minister – Minister of Economy of Ukraine, during the “Dialogue of civil society, business and government: challenges of wartime” Forum. In addition to business representatives, Halyna Tretiakova, People’s Deputy, Head of the Committee on Social Policy and Protection of Veterans’ Rights, and Oksana Zholnovych, Minister of Social Policy, were also present at the event.

According to the First Deputy Prime Minister, today the main tactical goal of the government is to get back to the pre-war level of economic development. And then it will be necessary to make an economic leap which can be described as an economic miracle.

Now the Government has singled out four areas to which the main efforts for their maintenance will be directed. First of all, it is:

• military-tech (high-tech weapons);
• metallurgy, mining industry and mechanical engineering;
• agriculture and food industry;
• IT industry.

“If metallurgy, agriculture, food industry as well as the IT industry in our country were growing well before the war, military-tech is a new industry in the focus of our state’s development. Ukraine now looks like a big testing ground and this market is growing 3-7 times. There is an opportunity to develop military products, manufacture and immediately test them. Security issues will permeate all spheres of public life even after the war. Military-tech will provide Ukraine with domestic weapons, while manufacturers will be able to export them. Now this is our main priority based on the reality we have,” Yuliia Svyrydenko said.

According to the Minister of Economy, Ukraine must attract investments for industry development. According to the Government’s calculations, capital investment should amount to 70-80 billion US dollars annually for at least five years after the end of the war.

“It is necessary to think about investments already today. Indeed, it is difficult to attract investment during hostilities. But we are sure that the war will end in our victory. Ukraine will become an investment Mecca. Therefore, it is necessary to do preliminary work on investments today. The main issue that worries both Ukrainian and foreign investors is military risk insurance. And here we have progress – agreements with MIGA and IFC that they will cover military risks for 90% of the amount of project implementation,” Yuliia Svyrydenko emphasized.

She emphasized that the Advantage Ukraine platform, which collects public and private investment projects, arouses high interest among investors from the UK, the United States, Türkiye and China. At the same time, the Government is negotiating with the Black Rock investment company on the structuring of a fund that would attract private investment.

“we had a conversation with the Goldman Sachs investment bank the other day. This indicates that even during the war there is interest in Ukraine by international investors. I hope that we have an opportunity to start attracting investors now because Ukraine will be a very attractive place for investment after the victory, and investors should fill their place now,” Yuliia Svyrydenko said.

Moreover, the First Deputy Prime Minister reported that the Government was focusing on increasing deep processing. Because now it is extremely necessary from the standpoint of the vital activity of the economy.

“After the russian troops blocked Ukrainian ports, we physically cannot export large volumes of products. Therefore, it is important for us to find incentives for the introduction of processing in Ukraine. We must reduce the physical volume of raw material exports and not lose the volume of export revenue. Therefore, we are now focusing on deep processing. For this purpose, we are now, during the war, issuing grants in various sectors of the economy on the terms of co-financing in the ratio of 20 to 80, that is, business invests 20% of its funds, and the state adds 80%. There is also a dialogue about the introduction of a duty on the exportation of raw materials to stimulate deep processing in Ukraine,” Yuliia Svyrydenko said.

In addition, the Minister of Economy reminded that now the Government is simplifying the conditions of doing business by switching to the declarative principle of permits and licenses. They are also betting on small and medium-sized enterprises that are more flexible and mobile, which is extremely important in times of war.