Annually Ukraine loses $8 billion and tens of thousands citizens – Victor Galasyuk

About 6 million talented experts have already left Ukraine and this process may even accelerate when visa-free regime with EU is introduced, stated President of BIONIC Hill Innovation Park Victor Galasyuk at Kyiv Investment Summit of Leaders, 16th June, 2014.
“Annually more than $8 billion of revenues are out of the country. Investment capital leaves Ukraine. We export raw materials and talented people abroad, and they build up economy of other countries. If we do not create an appropriate legal framework and decent working environment, for instance, for IT-specialists, we might be at a risk of a new army of highly skilled emigrants after implementation of visa-free regime with EU”, - Victor Galasyuk noted.
He emphasized that in development of Ukrainian economy it is necessary to place stake on high-tech industries. Among them there is a scope of scientific research and development, IT, final products manufacturing in mechanical engineering, food industry etc. 
“We have an extremely complicated task - to get out of poverty, to reorient the economy structurally, to capitalize our greatest asset, human capital. It is necessary to increase GDP per capita at least tenfold: today in Ukraine this indicator is $3,800 per year, and, for instance, in Singapore it is $51,000 per year. Without constructing our own powerful economy within the state neither signing of the Association Agreement, nor the next steps towards the European integration will bring welfare and prosperity to Ukraine”, - President of BIONIC Hill mentioned.
To his opinion, it is necessary to urgently implement radical economic reforms such as red tape reduction and implementation of investment incentives, establishment of special tax and customs conditions for priority sectors (primarily for industrial parks and technopolises), radical strengthening of intellectual property protection, targeted state procurement and financing for infrastructure, compensation of interest rates on loans to manufacturers etc.
He emphasized that Ukraine could radically change and build a new economy during 7-8 years, while other countries, some European and so-called “Asian Tigers” (Singapore, Malaysia, China and others) had mainly spent on it 15 to 30 years.

Last edit: 17.06.14