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UkraineInvest, World Bank Group discuss Ukrainian innovative drive

16.11.2017 11:36 "Agro Perspectiva" (Kyiv) As of this week, World Bank Group and UkraineInvest jointly held a forum in Kyiv entitled «Ukraine: Innovations and Opportunities» with the participation of World Bank Group President Jim Yong Kim, who visits Ukraine for the first time, and Ukrainian First Vice Prime Minister of Ukraine/Minister of Economic Development and Trade Stepan Kubiv, Government Portal reports. As to the report, the goal of the innovation forum was to demonstrate the high potential of innovations and opportunities which the modern Ukraine can offer and the necessity of the joint work in order to build a safe and stable future. As to the report, while speaking within the forum, the Ukrainian First Vice Prime Minister noted that within 25 years the World Bank had allocated US$12 milliard financial assistance aimed at developing priority sectors and spheres of the Ukrainian economy, supporting reforms and balancing the budget. «Within the past 3 years, we have managed to stabilize the country and transform from crisis to economic growth, from the survival policy to the strategic development policy. After a terrible recession, macroeconomic stability and GDP growth are maintained at 2–3% that has restored faith in Ukraine. But we wont stop within our drive for 5–7% growth, creating high-skilled jobs, until every Ukrainian feels the positive impact. Innovations are needed both in production and public administration in order to meet the challenges of the global economy. The country needs a major overhaul,» Kubiv stressed. As to him, Ukraine needs to develop a closed-loop system for supporting innovation and investment (moreover, the instruments for promoting of such a system already exist — this is Ukraine Investment Promotion Office (UkraineInvest). It is to be mentioned that the draft State budget stipulates UAH50 million funding to support UkraineInvest. In turn, World Bank Group President Jim Yong Kim, while giving a speech, stressed that the World Bank is looking for ways to boost financial support for reforms that are currently carried out within Ukraine.

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