Yanukovych: Modernization of Ukrainian enterprises to meet EU standards requires huge investment
Modernization of Ukrainian industrial enterprises to make them comply with the European Union standards requires huge investments, which Ukraine does not possess now, President Viktor Yanukovych said.
"Modernization of enterprises to comply with European Union standards is a huge problem," Yanukovych told journalists at a ceremony marking the 80th anniversary of the Zaporizhstal steel giant on Thursday.
"Different figures have been named, varying from [UAH] 100 billion to 500 billion. We have approached the European Union standards and criteria but have not reached them," he said.
Ukrainian goods are not really welcome on the European market so far, he said.
"The issues that we need to address are related to huge capital investments, which, unfortunately, we don't have now," he said.
"Ukraine's way lies through modernization, the introduction of European standards, and humanization of the Ukrainian law, and this way is invariable for us," Yanukovych said. "Any modernization requires significant investment, and a mere desire is not enough," he said.
"Our industrial policy's strategic priority is primarily technical re-equipment and structural-innovative transformation of the metallurgy sector," he said.
The president mentioned the need to improve energy efficiency of industrial enterprises, which he said would improve the country's energy independence as a whole.
Zaporizhstal is a major Ukrainian industrial enterprise, whose products enjoy strong demand on both the domestic market and worldwide.