Ukraine Unveils Ambitious Plans of Industrial Development

by IS_Indust

By 2024, Ukraine plans to establish five industrial parks and five joint ventures in the defense sector with Western manufacturers, according to Svyrydenko

First Deputy Prime Minister and Minister of Economy Yulia Svyrydenko stated that Ukraine’s goals for 2024 include developing the defense-industrial complex, establishing joint defense ventures with Western businesses, and localizing the manufacturing of weapons, demining supplies, and other equipment.

“If we say defense industry, there are specific goals and objectives: this is the creation of five joint ventures with Western arms manufacturers,” she stated on Thursday during a webinar hosted by the Centre for Economic Strategy.

She states that the development of industrial parks is also planned, and monies have been allocated in the budget for the first time to cover the costs of connecting both new and current industrial parks.

Svyrydenko noted that although there were 70 industrial parks listed in the registration as of last year, “there are actually ten operating ones.”

The First Deputy Prime Minister stated, “This year, we are going to concentrate on creating at least five, but functional, innovation parks.”

According to her estimates, the UAH 40 billion set aside in the state budget for 2024 to support the economy will, on average, contribute up to 1% of GDP to the growth of the economy. In contrast, the entire impact of the state program for affordable lending 5-7-9, grants, and mortgage programs contributed an additional 1.5% of GDP in 2023.

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