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Укр “Money for industry”: main programs and areas of state support
The government has approved a bunch of programs to support industrial development, but how well they work depends a lot on how much money is put into them. This is what the Center for Economic Research and Forecasting says in its analysis of how government programs are helping to develop and grow the manufacturing industry.
As noted by Dilara Mustafayeva, head of the analytical department at Financial Pulse, one of the key tasks for ensuring Ukraine's competitiveness, self-sufficiency, and economic security is to reorient the economy toward the production of high value-added goods. This requires a transition from a raw materials-based model to a processing model with a particular focus on high technology.
"The medium-term goal is to increase the share of the processing industry in GDP to 20% (currently it is about 10%). Therefore, the development of the processing industry has been identified as a priority area. It is included in the NBU's Strategy for the Development of Lending, and it is also the main goal of the state policy “Made in Ukraine,” the expert emphasized.
Analysts at Financial Pulse have identified two main areas of state support for industry:
- Financing programs — in particular, a grant program for the development of processing enterprises, “Affordable loans 5-7-9%,” “Affordable financial leasing 5-7-9%,” support for projects with significant investments, etc.
- Programs that form the basis for development — the development of industrial parks, insurance programs from the Export Credit Agency, initiatives to stimulate domestic demand for Ukrainian products under the “Made in Ukraine” brand (in particular, “National Cashback,” “eOselya,” and others).
“An important condition for the successful implementation of industrial development programs is the amount of funding. In this context, international support will be decisive, particularly within the framework of the Ukraine Facility. In addition, in the context of a protracted war, it is important to introduce a comprehensive war insurance mechanism,” - concluded Dilara Mustafayeva.
