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Ukraine eyes five growth sectors
Journal Staff Report

KYIV, Jan 29 President Petro Poroshenko has named five strategic priority sectors of the economy which could attract billions investment and create hundreds of thousands jobs.

"Responsible economic strategy dictates the need to clearly define priorities and focus on those sectors of the economy where we can take leading positions. They will become breakthrough points that will push us forward. They will bring means to ensure a tangible increase in people's living standards," Poroshenko said on the Forum "From Kruty to Brussels. We are going our own way" in Kyiv on Tuesday.

According to the president, these priorities include agriculture, IT, engineering, infrastructure and logistics, as well as tourism.

"The world's population is growing annually by an average of 80-85 million, and ... by 2024 it will exceed 8 billion, and everyone wants to eat. Obviously, there is a huge niche for Ukraine as a global agricultural leader," Poroshenko said.

He recalled that over the past five years, Ukraine has taken the lead in the world in many types of agricultural products. "However, we must understand: true leadership is possible only if the export of processed products will significantly exceed the export of commodities," he said.

The president also said that the IT sector will be able to help the country to increase the part of the middle creative class and provide high income jobs. In his opinion, this is important for the stability of the economy and democracy and for the country in general.

"However, to become a true leader in this sector, it is not enough to provide services and sit on outsourcing. We need to switch to a real contribution to the domestic economy. And thanks to this, the so-called "fourth industrial revolution" will come to Ukraine," he said, adding that it is necessary to increased reliance on high-tech industries.

He noted aviation, space industry, shipbuilding and defense industry as traditionally strong in Ukraine.

"The transformation of Ukraine into the transport and logistics hub of Europe requires the modernization of the transport infrastructure. Ukraine has already entered the top twenty countries in terms of the number of new airline lines," Poroshenko said.

According to the president, Ukraine is very attractive from the point of view of tourism and this direction needs to be developed.

"We can reach and enter the top ten of the most popular cultural and tourist destinations in Europe. Tourism is a huge market for small and medium-sized businesses," he said.

The head of state said that the mentioned strategic priorities will give a powerful impetus to the economy of Ukraine.

"We can attract billions of dollars of investment for them. Their implementation will create dozens of thousands of small enterprises, hundreds of thousands of jobs with decent salaries and will reduce, definitely reduce, the level of working emigration. Moreover, Ukrainians will be returned home," Poroshenko said.

The President said that these priorities will provide a perspective to urban and rural areas, and each community, will help provide money to the national and local budgets, and they will provide an opportunity of raising public sector wages, pensions, and social benefits. (om/ez)

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