22 Apr 2022 14:50

Ukraine needs full access to G7, EU markets, admission to EU to achieve economic recovery - Deputy PM

KYIV. April 22 (Interfax-Ukraine) - Ukraine will need full access to the G7 and EU markets and the admission to the European Union in 2024 in order to achieve economic recovery, Ukrainian Deputy Prime Minister, Economy Minister Yulia Svyrydenko said, adding there were eight other points in the Ukrainian recovery plan.

"The Economy Ministry, acting together with Ukrainian economists, Big Four offices and other leading consulting companies, has proposed key principles to be included in the Ukrainian recovery and development plan," Svyrydenko said in an article in Ukrayinska Pravda.

The first three steps imply full access to the G7 and EU markets, the full admission to the European Union in 2024, the full deregulation, and the minimal intervention of the government in business operations, she said.

The fourth step is swift logistics, no more than 72 hours of transportation from Ukraine to Europe, Svyrydenko said.

In the opinion of the Economy Ministry and experts, Ukraine should focus on agricultural and metal product exports, as it already has a competitive edge in these areas in global markets. This is the fifth step, she said.

The sixth step is to build a potent defense industry, which will serve as a basis for further development of aerospace technologies, Svyrydenko said.

Ukraine will also need to bolster generating facilities so that it could supply cheap electricity to businesses, the minister said. "We should rely on our atomic energy practices in doing this," Svyrydenko said in her comments on the seventh step of the plan.

In addition, Ukraine should attain energy independence: fully provide itself with domestic gas within a record period of three to five years and develop the oil refining sector to fully meet the domestic demand, she said.

Climate-based modernization should be another key idea of the economic transformation plan, and Ukraine has access to substantial funds under this program, Svyrydenko said.

"A key requirement is at least 60% localization. This is a matter of engaging Ukrainians themselves in the recovery and using as much domestic resources - building materials, cement and metal - as possible," she said.