Increasing the localization of the production of defence products will become a driving force for the growth of the Ukrainian economy. This can be achieved in a short time. This opinion was expressed by Yuliia Svyrydenko, First Deputy Prime Minister – the Minister of Economy of Ukraine, during a meeting with William Taylor, Vice President of the US Institute of Peace, on March 12.

The meeting was attended by Deputy Ministers of Economy of Ukraine Oleksii Sobolev, Ihor Bezkaravainyi and Ihor Fomenko, Minister of Strategic Industries of Ukraine Oleksandr Kamyshin, representative of the Ministry of Foreign Affairs, from the US delegation – representatives of the US Institute of Peace.

“Ukraine has several important tasks to stimulate economic development. Firstly, covering the budget deficit, secondly, attracting investments in Ukrainian business. This balance can be achieved by localizing all production in Ukraine. At the same time, the Government is focused on localization of defence industry production. Recently, we have already begun the production of heavy demining machines and will continue to produce everything that our army needs. To strengthen the localization process, the Government is implementing the Made in Ukraine national programme, which is aimed at supporting the Ukrainian manufacturer,” Yuliia Svyrydenko said.

The Government is making efforts to stimulate investments in the private sector, in particular, through insurance programmes that Ukraine is introducing together with international partners – the EBRD, EIB, IFC, export credit agencies of various countries. By increasing the volume of local production, the Government focuses not only on domestic consumption, but also on the diversification of exports, so direct financing and guarantees of export support will provide Ukraine with economic development in the short term.

First Deputy Prime Minister of Ukraine emphasized that Ukraine needs expert support and coordination of American colleagues in government initiatives, in particular, in projects to support small and medium-sized enterprises, international aid, etc.