The relevant draft Resolution was approved by the Cabinet of Ministers of Ukraine during a meeting on Wednesday, July 22.

The newly formed Ministry will be headed by Deputy Prime Minister Oleh Uruskyy.

"In order for the new Minister to be able to fulfill the set tasks and achieve the planned goals, he needs to be given the necessary platform and resources. That is to set up a new Ministry. I have told that it is a pending problem. This was our strategy and promise at the very beginning of our Government's work. There must be a new approach to the development of the industry through the formation of effective Government policy and strategy," noted Prime Minister Denys Shmyhal during the session.

According to Deputy Prime Minister Oleh Uruskyy, the purpose of the act is to establish a central executive body responsible for formulating and ensuring the implementation of state industrial policy in the sector of development of strategic industries.

"The adoption of this Resolution will ensure the sustainable development of strategic industries, creation of new jobs, increasing revenues of the state budget, will facilitate the development of the regions," said Oleh Uruskyy.

According to the Prime Minister, the priority of the new body is the high-tech defense industry, which has significant potential in Ukraine. "That is why today we are officially launching the establishment of a new Ministry," added Denys Shmyhal.