The Ministry of Economy, together with Ukrainian businesses, associations and experts, will set up more than 10 sectoral working groups to discuss and develop specific and comprehensive measures for the development of key sectors of the Ukrainian economy.

This was announced by First Deputy Prime Minister – Minister of Economy Yuliia Svyrydenko at a meeting with the Ukrainian business community. 

In particular, it is planned to discuss key industries that should stimulate the development of the Ukrainian economy and to develop specific high-level sectoral proposals.

These developments will be the basis of the Ukraine Plan for the Ukraine Facility (UF) of the European Union. In addition, according to Yuliia Svyrydenko, the dialogue with the business community will enable the drafting of sectoral development programs for the UF, as well as business proposals for sectoral development strategies for 10 years in three stages:

● Short-term – 2023-2024;

● Medium-term – 2025-2027;

● Long-term – 2028-2033.

The development of the Ukraine Plan in the framework of the Ukraine Facility program will contribute to the European Commission’s EUR 50 billion support for the Ukrainian economy, which was announced at the Ukraine Recovery Conference. 

“To receive funds under the Ukraine Facility program, we need to develop a plan for the recovery, reconstruction and modernization of the country. Its phased implementation will allow us not only to receive EUR 50 billion in assistance over the next 4 years, but also to help attract almost as much additional investment from partners – EUR 50 billion. To this end, we need to develop a shared vision of the country’s economic development. We want to test our analytical hypotheses with businesses, jointly identify the key sectors of the Ukrainian economy for rapid recovery, attract private capital and understand what changes businesses need to make to achieve our ambitious goals,” said Yuliia Svyrydenko.

According to Yuliia Svyrydenko, the Ukraine Plan should structure the vision for Ukraine’s post-war recovery and development. It should also set out future reforms and sectors that require priority funding. 

“The plan will allow us to restore GDP to the level of 2021 and additionally increase it by 10%. We already know what these funds will be used for – part of them will cover the budget deficit, part of them will be used for recovery, but most of them should be directed to the private sector, to the implementation of strategic investment projects, which in turn should stimulate the attraction of additional private capital,” said the First Deputy Prime Minister – Minister of Economy of Ukraine. 

As a reminder, at the Recovery Conference in London, the Ministry of Economy of Ukraine presented a vision for the integrated development of key sectors where Ukraine has strategic advantages. These are energy, agriculture, green industry, critical materials, healthcare and education, security, IT and entrepreneurship, construction and infrastructure.

At the same conference, the European Commission announced its decision to make EUR 50 billion available to Ukraine under the Ukraine Facility program in 2024-2027. Financial support will be provided in the form of grants and loans, investments and technical assistance.