15:14 03.09.2013

Yanukovych calls on parliament, government to implement import substitution strategy and stimulate domestic producers

2 min read
Yanukovych calls on parliament, government to implement import substitution strategy and stimulate domestic producers

The Verkhovna Rada and the Ukrainian government should focus on the implementation of a strategy of import substitution in the national economy, Ukrainian President Viktor Yanukovych has said.

"I'm calling on the Verkhovna Rada and the government to implement a strategy of import substitution, and the emphasis here should be placed on strengthening the stimulus of domestic producers, rather than on an increase in customs rates," he said in Kyiv on Tuesday at the opening of the third session of the Verkhovna Rada of the seventh convocation.

He also instructed the Cabinet of Ministers to expand the components of strategic planning in the economy, which should foresee an analysis of economic threats and preliminary preparations for their elimination.

Yanukovych said that during this session the parliament should consider one of the most important issues for the country, particularly the adoption of the state budget for next year.

"I'm confident that the government and MPs, during work on the state budget for 2014, should draw the right conclusions from the budget troubles that we faced this year. An increase in public investment will be a powerful impetus to economic growth and contribute to the modernization of the economic complex," he said.

He added that local government should also obtain a solid financial foundation.

"In addition to ensuring the full and timely transfer of government subsidies, it's necessary to find ways to increase local government agencies' own revenues. The structure of social expenditures should also be optimized," Yanukovych said.

"Special attention should be given to increasing the transparency of public finances and ensuring the every hryvnia of budget funds is used as intended," he added.

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