Outcomes-2021: 7 key achievements of the Ministry of Economy
Ukraine wound up the year with a record GDP of almost USD 200 billion, more than USD 5 billion in foreign direct investment and export growth. Thanks to the Government's anti-crisis and bailout programs, the economy is actively recovering, resulting in improving of welfare of Ukrainian citizens as well as of social support from the state. We present the key achievements of the Ministry of Economy for 2021.
Business support: businesses received UAH 65 billion under the Affordable Loans at 5-7-9% program and UAH 6.5 billion under quarantine programs
The Government is expanding and improving the small and medium-sized business lending program "5-7-9" so that a wide range of entrepreneurs receive state support. In addition, a number of business support programs were implemented during the intensified quarantine in January and spring of 2021 (assistance to sole proprietors and employees to the tune of UAH 8,000 each).
On December 19, a new ePidtrymka program was launched for entrepreneurs working in the areas most affected by the pandemic - culture, sports, and passenger transportation.
Jobs: 400,000 new workplaces created
The Ministry of Economy, in close cooperation with other agencies, managed not only to maintain a stable situation in the labor market by providing financial assistance to businesses, but also to create new jobs.
Thus, the number of employed in the new jobs for 9 months of 2021 has reached almost 400,000 people. Besides, with the assistance of the State Employment Service for 11 months of 2021, about 500,000 people found work.
Increased investment flows: USD 5.5 billion in foreign direct investment
Favorable conditions have been created for leveraging significant investments in the economy (“investment nannies” project) - 27 investors have applied to UkraineInvest with investment projects worth more than USD 2 billion; the Ministry of Economy has already received the first 3 applications for state support.
Direct investments in the creation of new productions through the mechanism of industrial parks were attracted - 7 industrial parks (out of 52 registered) were included in the Register of Industrial Parks.
International cooperation: export growth and 5 new markets for Ukrainian exporters
According to the results of 2021, Ukraine has demonstrated a record result of exports in goods - USD 68.2 billion. There appeared 28 new items in export positions – which is an additional USD 28 million. Exports grew by more than 800 items. Domestic exporters began deliveries to 5 new countries: Malawi, Sint Maarten (Netherlands), Lesotho, Anguilla, Jersey.
Negotiations with the EU on further tariff liberalization within the framework of the Association Agreement between Ukraine and the EU have been launched. The parties approved the Plan of Priority Actions to Strengthen the Implementation of the EU-Ukraine Deep and Comprehensive Free Trade Area in 2021-2022.
Protection of the national producer: 34 import measures are applied at an estimated cost of UAH 18.7 billion
We are currently conducting 12 trade investigations/reviews in terms of imports of goods with a total potential value of over UAH 7.4 billion.
Measures have been introduced to ban imports from Russia for a total amount equivalent to about UAH 18.5 billion per year.
Effective state property management: corporate governance reform is implemented in the TOP-15 state-owned companies
The Ministry of Economy brings the management system of state-owned companies in line with corporate governance standards approved by the Organization for Economic Co-operation and Development (OECD) - 15 ownership policies of state-owned companies and key performance indicators of 7 supervisory boards were approved, as well as individual corporate governance plans of 11 companies. The statutes of the TOP-15 state-owned companies have been brought in line with the changes in the legislation. Supervisory boards have been established in 10 companies.
Privatization: more than UAH 5 billion transferred to the state budget
In 2021, the Government continued Ukraine's strategic course on privatization and investment in the economy even amidst the COVID-19 epidemic. During 2021, 345 successful auctions to the tune of UAH 5.4 billion were held. Budget earnings exceeded UAH 5 billion (UAH 5.1 billion).
Privatization allows not only to attract investment, but also to introduce professional, efficient and transparent management within enterprises.