In his column, entrepreneur and energy expert Oleksandr Katsuba identified the key strengths and weaknesses of the Ukrainian economy. The main long-term weaknesses are the neighborhood with Russia and demographics (Ukrainians are an aging nation that has experienced the largest outflow of population in Europe since World War II). Our two main strengths are our resource potential and our proximity to the largest market in the world, the EU, UNN reports.
According to the expert, the demographic challenge requires Ukraine not only to work on the return of Ukrainians who have left, but also to rely on the quality of the labor force rather than the quantity. The security challenge requires prioritizing the military-industrial complex, where Ukraine can become one of the world leaders.
The available Ukrainian resources should be used not within the framework of the old oligarchic model, but as an opportunity to develop a technological economy, Katsuba continues.
Finally, Ukraine's integration into the Western world and the European Union creates great opportunities for export-oriented industries. Given how quickly instability is growing in the world and how quickly trade routes from Asia to Europe are becoming insecure, Ukraine could become an industrial base where some of the production of European companies from Asia will move. To do this, Ukraine will have to fix basic problems, such as the judicial system, Katsuba summarizes.
Oleksandr Katsuba is a Ukrainian entrepreneur, energy expert, and owner of ALFA GAS.