6 International Exhibition of Mining, Coal and Construction Industries

5-7 October 2021 • Ukraine • Zaporizhia • Kozak-Palace Exhibition Center

“Fantastic potential”: Mr. Shmyhal told where to get hundreds of billions of GDP

According to Denys Shmyhal, development of mineral deposits and land market may bring hundreds of billions of dollars to the Ukrainian GDP in the nearest 10 years.
“Fantastic potential”: Mr. Shmyhal told where to get hundreds of billions of GDP
The Prime Minister of Ukraine Denys Shmyhal stated that Ukraine has the potential to increase gross domestic product (GDP) by hundreds of billions of dollars in the next 10 years in the event of increased mining and opening of the land market. This forecast was made by the Prime Minister of Ukraine during the presentation of the country's economic audit and vectors of its economic development until 2030 on Friday, November 6.

First of all, according to Mr. Shmygal, it is a matter of increasing the development of mineral deposits, which, in his opinion, can bring 400 billion additional GDP in a decade. "We have oil and gas, we have ores and precious metals. We are talking here about the fantastic potential of over $ 400 billion, which we have to use in the next ten years," the prime minister explained.

He added that currently only a third of the more than 12,000 explored deposits are being developed in Ukraine. Also, according to him, the extracted raw materials do not have to be exported - it can be used for the production of Ukrainian high-tech products.

Tens of billions from the land market

In addition, Mr. Shmygal predicted a fivefold increase in the value of agricultural land in the next ten years. This, the Ukrainian prime minister explained, will also bring Ukraine 85 billion to Ukraine's GDP. However, the precondition for this, according to Mr. Shmygal, is the opening of the land market in the country.

"Ukraine has underused its land potential by $ 85 billion. For 29 years, free disposition of land has been limited, so its value has been underestimated. During this time, the state has lost more than 5 million hectares of land. Irrigation development and investment in agriculture have been slowed for decades, and in some way completely stopped, "- said the prime minister.

Mr. Shmygal speaks of the loss of a trillion dollars

The Prime Minister assessed the unrealized potential of the Ukrainian economy over the past ten years on an even larger scale. According to him, due to incomplete reforms and lack of strategy, the country did not receive one trillion dollars.

"One trillion dollars of GDP in ten years is the unrealized potential of our country. One trillion dollars were lost by all citizens due to constant changes in vectors, incomplete reforms, lack of long-term economic strategy, corruption, inefficient governance," Mr. Shmygal said.