Ukraine Cabinet Ministers to Present State Economic Development Program at International Business Conference

KIEV, Ukraine, June 11, 2013 /PRNewswire/ --

Three Ukraine cabinet ministers will present details of "The State Activation Program for the economic development of Ukraine for 2013 - 2014" to delegates of "ABC: Ukraine & Partners" on Thursday.

The presentation will be made by Serhiy Arbuzov (First Vice Prime Minister of Ukraine), Igor Prasolov (Minister of Economic Development and Trade of Ukraine) and Mikhail Korolenko (Minister of Industrial Policy of Ukraine).

Serhiy Arbuzov said that discussing the program at such a prestigious forum demonstrates a, "strong, pragmatic and open government policy aimed at the modernization of the national economy."

Arbuzov explained that the program will fulfill three main objectives:

• Boost economic growth;
• Begin modernizing the real sector of the national economy, increasing share production with high added value;
• Infrastructure development and modernization of communal utilities.

The program is designed to increase Ukraine's economic competitiveness and improve the investment climate. It will also support key branches which form the largest contributions to GDP, including steel production, agriculture, machinery and chemical production. In addition, the program will provide economic assurances for small and medium-size business, in particular textiles, the woodworking industry and the IT sector.

According to Arbuzov, during the first phase of the Program a number of financial instruments are to be created in order to provide the real sector of the economy with long-term and low-cost loans, without which the key assets of enterprise cannot be modernized.

Furthermore, Arbuzov emphasized that the Program will be balanced against the real budget capability.

"Only those tasks and activities which can be backed with financial resources remain in the final version of the Program. This is a guarantee that the adopted program will be implemented," commented Arbuzov.

According to Igor Prasolov, Minister of Economic Development and Trade, the business forum will open up broad opportunities for further dialogue between authorities and the business sector.

"The conference will contribute to closer partnerships between business circles of various countries and will help to create a favourable investment environment in Ukraine. It will also improve Ukraine's global standing as a reliable business partner. This will help our country to boost its national economy and ensure public well-being."

Mykhailo Korolenko, Minister of Industrial Policy, expressed his agreement on this point.

SOURCE ABC: Ukraine & Partners