Today, March 10, at its regular meeting, the Cabinet of Ministers of Ukraine endorsed the draft Economic Security Strategy of Ukraine for the period up to 2025.

This is a fundamental document that is the basis for the formation of state policy in the field of economic security. For the first time at the legislative level, mutually agreed concepts "economic security", "national economic interests", "economic stability" and "economic sovereignty", as well as the main challenges and threats to Ukraine's economic security and ways to overcome them have been defined.

The Strategy contains a detailed assessment of the state of economic security as well as threats to the main components of economic security - financial, industrial, investment and innovation, foreign economic, macroeconomic. Challenges related to the armed aggression of the Russian Federation and the temporary occupation of part of the territory of Ukraine play an important role in the security direction.

"In order to achieve basic national economic interests and economic sovereignty, Ukraine must pursue a proactive policy aimed at both increasing the competitiveness of the economy and gradually strengthening the indicators of economic stability and invulnerability of the national economy to potential threats," said the Minister of Economic Development, Trade and Agriculture of Ukraine Ihor Petrashko.

A proactive approach should not only reduce the likelihood of meeting internal challenges, but also respond to emerging external threats, including the global trend of intensifying competition for markets, technology, skilled workers and financial resources. That is why the state policy in the field of economic security has two interrelated areas - the directions of development and security. In each of the areas, the Strategy defines the tasks and mechanisms for their implementation. The Strategy approves indicators of economic security with critical limits and targets.

The implementation of the Strategy will allow introducing a transparent system of continuous monitoring of economic stability and annual assessment of economic security, as well as increasing the effectiveness of state policy in the field of economic security and political responsibility for its results.

Background

The draft Economic Security Strategy was developed pursuant to paragraph 66 of the National Security Strategy of Ukraine "Human Security - Country Security", approved by the Decree of the President of Ukraine of September 14, 2020, № 392, and paragraph 3 of the decision of the National Security and Defense Council of Ukraine of September 14, 2020, National Security Strategy of Ukraine", put into effect by the said Decree.

The Strategy was developed in an inclusive manner - a working group was established to take into account the positions of all stakeholders, which included MPs, government officials, scientists and experts.