Ukraine aims to increase its gross domestic product (GDP) up to $1 trillion within ten years, First Deputy Prime Minister Yulia Svyrydenko, Minister of Economy, said at the on Ukraine Recovery Conference in London on Wednesday.

"This will make the country's economy powerful and raise living standards to European standards," she said.

According to the Finance Ministry, in 2022, Ukraine's GDP fell from more than $200 billion to $161 billion. An increase to $1 trillion over ten years means an annual increase in Ukraine's nominal GDP in dollars by 20%.

Svyrydenko said the restoration of Ukraine will require from $500 billion to $900 billion, a significant part of which will be private investment.

According to her, for this the government plans to ensure the freedom of business, reduce redistribution through the budget to 25% of GDP and the tax burden on business.

The First Deputy Prime Minister said Ukraine also aims to implement a green transition, increase the generation of "green energy," create complete cycles from mining to the production of finished products from critical materials.

"It is extremely important to carry out the transition of transport routes from the former Soviet routes to European ones," Svyrydenko also said, pointing out the development of river transport among the priority tasks.

In this regard, she called for a strategic partnership to achieve these goals.

Earlier, the First Deputy Prime Minister said that in ten years the task is to build 100 GW of new green generation capacities, produce over 40 million tonnes of "green" steel and provide food for 600 million people worldwide.

According to the UN, at the end of April, RES capacities in Ukraine amounted to 6.2 GW, having reduced by 1.9 GW since the beginning of 2023 due to damage.

Ukraine produced 2.4 million tonnes of steel in January-May 2022, which is 43.6% less year-over-year.