Ukrainian Economy Ministry instructed to present comprehensive strategy of new economic model

MOSCOW. July 3 (Interfax) - The Ukrainian Economy Ministry is supposed to present a comprehensive strategy of a new economic model, whose key elements should be private capital and entrepreneurs, Prime Minister Denis Shmygal said.

"Ukraine needs a new economic model. Without one, it would be impossible to achieve the very ambitious goal of bringing Ukraine's GDP to $1 trillion in ten years. The Economy Ministry plays the principal role in achieving this goal, and therefore, it is supposed to submit a clear and comprehensive strategy of Ukraine's new economy. Private capital and entrepreneurs will be leading in this economic model," Ukrainian media quoted Shmygal as saying at a government meeting last Friday.

Ukraine will radically reduce the government's role in the economy, continue privatization, finalize a corporate management reform, carry out radical deregulation, and digitalize all services for the business community, he said.

"Focus should be not just on a GDP figure. New jobs and new businesses are indicators based on which work will be assessed," he said.

An emphasis on the processing of products should be among the key elements of Ukraine's economic philosophy, Shmygal said. "Not exports of raw materials but exports of finished products and Ukraine's inclusion into European and global production chains," he said.