July 2, First Deputy Prime Minister of Ukraine, Minister of Economic Development and Trade of Ukraine Stepan Kubiv participated in the panel discussion Vision: Ukraine as a High Income Country within the framework of the International Ukraine Reform Conference in Toronto, Canada.

Stepan Kubiv stressed that Ukraine is currently demonstrating sustainable economic growth, but its pace is rather slow to bring about a full-fledged change in Ukraine.

"In order to ensure economic growth to be more dynamic, we should provide the opening and liberalization of markets for the entry of private capital in the energy sector, agrarian industry, infrastructure, financial sector and the conditions for the development of private business such as: deregulation, property rights protection, the rule of law, fair judicial system, effective anti-corruption measures", said Stepan Kubiv.

Stepan Kubiv noted that Ukraine engages in simultaneous implementation of several strategic objectives. This requires multiplication of efforts and the search for optimal tools for accelerating growth and reform.

"Digitalization allows to solve simultaneously the issue of the efficiency and transparency of public administration, overcoming corruption, inclusiveness in the economy, education, and social sphere. Digitalization is a powerful impetus for the development of cities, the creation of smart infrastructure, healthcare, public services. Moreover, digital services are an additional 7-8% to GDP growth of Ukraine per annum", said Stepan Kubiv.

The First Deputy Prime Minister of Ukraine noted that due to the possibilities offered by the Free Trade Agreement between Ukraine and Canada both countries have the opportunity to collaborate in high technology and digital solutions, exchange of experiences and creating joint innovative products.

"Ukraine should be more ambitious, both in domestic politics and on the international arena. One can compare Ukraine's success with the successes of other countries, but we are all unique. Therefore, Ukraine is quite capable of scoring its unique success. As once Canada did, yesterday celebrating its 152nd anniversary", Stepan Kubiv summed up.

Background

Ukraine Reform Conference is an annual international event devoted to the expert discussion of the progress of reforms in Ukraine. Launched in 2017, the conference brings together Ukrainian and international government officials, top-level business people, the EU, NATO, G7 and civil society representatives to summarize the reform progress in Ukraine and discuss further priority steps and prospects.