Ukraine to become leader of economic growth in Eurasia

Ukraine has great prospects to become the leader of economic growth in Eurasia. The Government has already implemented measures to unlock the potential of the country. However, we won’t succeed without the help of the European community. Vice Prime Minister - Minister of Regional Development, Construction, Housing and Communal Services of Ukraine Hennadii Zubko stressed this during his speech at the opening of a session of the Organization of Economic Cooperation and Development (OECD) in France.

According to him, now we have to develop the potential of such areas as industrial base, low labor costs as well as geographical location. Today, Ukraine is taking concrete steps for a future economic breakthrough.

First, with the support of the European Union, Council of Europe and the OECD, Ukraine is successfully putting into practice the systemic reform of decentralization, which had no analogues in any country in Europe. It envisages the significant transition of powers from the top to the bottom.

The budgetary and financial decentralization, which provided local communities with greater financial independence, has been already held. As a result, local budgets saw an increase in revenues by 40.8% for the first nine months of 2015.

Secondly, Ukraine set a tough course on combating corruption, which is one of the areas of decentralization reform.

Furthermore, the large-scale reform of law enforcement system was launched, and we already have the new patrol police in Kyiv and other cities of Ukraine. The Constitutional Commission is working on reforming the judicial system of Ukraine –amendments to the Constitution in terms of legal affairs were agreed in September 2015. The implementation of a bill on fair court is under way.

This year a law on the principles of the state regional policy, developed by the Regional Development Ministry, was adopted as well. Ukraine took into account the experience of the best European funding programs and projects of regional development.

Thirdly, the energy efficiency program was launched, without which any other economic reform is impossible. With the support of the OECD, Ukrainian legislation defining the legal basis for creating and maintaining market energy service companies (ESCO) was developed.

Hennadii Zubko pointed out that significant changes in the process of democratic transformation and reform of state institutions in Ukraine were made possible by the active support of the international community and international organizations, including the OECD. Ukraine is making efforts for the successful implementation of the Memorandum of Understanding between the Government of Ukraine and the OECD as to deepening cooperation, signed in 2014, as a collaboration roadmap and action plan for its implementation, which was signed in 2015.

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