You're reading: Kliuyev: Radical improvement of investment climate key to Ukrainian modernization

Ukrainian First Vice Prime Minister and Minister of Economic Development and Trade Andriy Kliuyev has said that the only chance to ensure the full development of Ukraine is to modernize the economy.

The key to modernization is investment, and that is why currently the most important priority is ensuring a radical improvement in the investment climate, reads an article by Kliuyev published in the Dzerkalo Tyzhnia Ukraine newspaper.

"I will note that at present all leading states are in a tough fight for investment flows [and] directing them to their economies," the vice premier said.

According to him, investing in Ukraine must become more convenient than in its closest competitors, so that Ukraine could also effectively join this process.

"For this purpose the government has started serious reforms – deregulation, the fight against corruption, the modernization of infrastructure, the development of financial market and others," Kliuyev said.

The first vice premier also said it was an important task to attract resources for the development of priority sectors.

According to him, it is extremely important to ensure the growth of high-tech manufactures, which will raise the general competitiveness of Ukraine’s economy. The notions of intelligence and innovation must really become the basis of the modern Ukrainian economy, the first vice premier said.

In addition, Kliuyev said that the growth in the energy efficiency of the economy and state staff policy are top priorities.

"Currently, there has never before been such a need for highly qualified state managers able to fulfill the presidential orders well and within the time limit. That’s why a strict staff policy must stop the delay in reforms at all levels," Kliuyev said in his article.

In addition, Kliuyev, the trust of the country’s citizens in its government is also a kind of intellectual capital, without which it is impossible to modernize the country.