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Ukrainian Economy
Economy

Reform the courts and fight corruption: what the Ukrainian authorities were told in London

Author
Valery Moiseev
Ukraine Recovery Conference (URC-2023)

Ukraine Recovery Conference (URC-2023)

During the Ukraine Recovery Conference (URC-2023) held in London, representatives of the Ukrainian authorities made many optimistic statements.

Thus, First Deputy Prime Minister and Minister of Economy Yuliia Svyrydenko said that Ukraine has set a goal of increasing GDP from $161 billion to $1 trillion in 10 years "because the country needs to have a strong army of more than 500 thousand and develop the social sphere, education, and healthcare".

Quote"Economic rules make it possible to finance these industries without laying any critical burden on the budget. We do not want to deal a blow to businesses, as we are committed to the principles of economic freedom," the First Deputy Prime Minister assured.

Svyrydenko noted that Ukraine’s reconstruction and development market over the next 20 years will amount to more than $500 billion. Furthermore, the substitution of Russian and Chinese exports to supply EU countries also provides a market with the potential to generate at least $200 billion annually.

According to her, Ukraine intends to create favorable conditions for business both now and after the victory in the war by carrying out structural reforms, reforms in the field of fighting corruption, and building the rule of law.

Quote"In addition to this, right now we are working on a competitive tax system and are focused on the development of the labor market in order to tackle the problems of Ukraine's post-war recovery," said the First Deputy Prime Minister.

The Page asked Denys Alioshyn, director for strategic development at UkrLithiumMining LLC, to comment on the conference, which he attended.

Ukraine Recovery Conference URC-2023

Ukraine Recovery Conference URC-2023

Quote"It was a very powerful signal for Ukraine that representatives of all developed countries attended the Ukraine Recovery Conference and expressed their support for our country. This means that we continue to be the focus of the entire civilized world, which supports us in the fight against the aggressor country," he said.

However, Europeans and Americans also say unanimously that large investments in Ukraine after the victory will be conditional on effective reform of the judicial system and efforts to fight corruption, which will yield tangible results. They are convinced that this is quite possible since "some evolutionary processes are already taking place." But much still needs to be done. "Perhaps this is the most important signal that could be heard in most speeches of major politicians in London," Alioshyn noted.

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