Business met with Ihor Petrashko, Minister for Development of Economy, Trade and Agriculture of Ukraine

13/ 07/ 2020

On July 9, the European Business Association held an online meeting with Ihor Petrashko, Minister for Development of Economy, Trade and Agriculture of Ukraine. The Minister spoke about the current state, dynamics, and forecasts of economic development, as well as government initiatives to support the business.

According to the results of January-May 2020, the Ministry of Economy estimates the 5.9% drop in GDP. Although the IMF predicts the 8.2% drop in Ukraine’s economy, the Ministry makes more optimistic forecasts. “The new progressive monetary policy from the National Bank in combination with government stimulus decisions will have a positive impact on economic development. We have all the prerequisites for the so-called “jump-start” of the economy, “the Minister assured.

The Minister named several stimulus tools for stabilization and growth of the economy, namely, the government program for partial unemployment, the project “Large Construction”, loan programs, and initiatives to support domestic production.
Furthermore, Ihor Petrashko drew attention to the strengthening of investment policy in the country. Thus, the Ministry sees investment opportunities in various sectors of the economy, including automotive, IT (creation of innovation clusters), pharmaceuticals, and industrial logistics chains.

During the meeting, Ihor Petrashko answered questions from industries and companies which the European Business Association had forwarded to the Ministry of Economy. Those issues concerned international trade and negotiations on the Free Trade Agreement between Ukraine and Turkey, investigations of the Interdepartmental Commission on International Trade, the activities of the State Service of Ukraine on Food Safety and Consumer Protection, intellectual property protection, and other.

Thus, the Minister said that negotiations on a Free Trade Agreement between Ukraine and Turkey are ongoing, and Ukraine is currently awaiting a response from the Turkish side and is working on mutually beneficial agreements. Mr. Petrashko also promised to address companies’ inquiries regarding the sulfuric acid market and the import of pipes from China and to work out compromise solutions.
The Minister also assured that the appointment of candidates for various positions, including the Head of the State Service of Ukraine on Food Safety and Consumer Protection, will be conducted on a competitive basis.

In conclusion, it was agreed to establish regular communication between the Ministry and the European Business Association to address the most pressing issues of the business community.

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