The expert community is actively discussing the Economic Strategy 2020-2030 presented by the government. I view the document with cautious optimism – it is good that such work is being done, and with the involvement of relevant business associations. However, I have long been convinced: the fewer bureaucrats involved in management processes, the more successful and faster our economy will develop.
An undeniable positive aspect of this strategy is that it has united leading business associations that believed in the model proposed by the initiative group. But the main question is how this roadmap will be used – for the benefit of business or to its detriment? Because if false indicators, not strategic but private ones, are embedded in the strategy, then officials will receive a powerful political and media tool to promote their own interests. This is a major threat.
Yes, a lot of attention in this strategy is paid to attracting foreign investment and Western capital. Of course, this is also necessary – the more money that enters the country, the better. But it is equally important to make Ukrainian money work! So that people don't just keep it in deposits, but invest it in real projects and become shareholders in companies, as is the case all over the world!
This can only be realized through the stock market, which is currently not functioning properly in Ukraine. Only the full-scale operation of this market will provide a boost to the capitalization of Ukrainian companies and their entry into international markets. So far, only a few Ukrainian companies can boast of this, unlike firms in Israel, Germany, or Italy that operate globally.
To achieve sustainable economic development, we need not so much to attract foreign investment as to stimulate the development of the domestic market in every possible way and facilitate the entry of our own enterprises into foreign markets – with their own technologies and products. And for this, we need to stimulate Ukrainian business, not international business.
The strategy needs to emphasize the development of public-private partnerships and a program-project approach. Where great opportunities for business appear, but they are created not by the state, but by private business. Unfortunately, everything is the other way around for us: the domestic market is occupied by state-owned enterprises created under every ministry. That is, on the one hand, we talk about the need for privatization, and on the other, we accumulate state companies under ministries that start receiving orders without tenders.
For example, let's take the state company "Diia", which uses state funds to create a bunch of systems without tenders, competing with Ukrainian business. And it even tries to co-opt entrepreneurs through the "Diia.City" app. This is an example of the hypertrophied role of the state, where much depends on the specific whims of officials who, in fact, create systems for themselves.
It would be interesting to know the opinion of investors: who is ready to invest in startups chosen by the state? After all, the main criterion for a successful startup is not investment from the state, but from private business. Unfortunately, in our country, the Ministry of Digital Transformation often takes on the financing of startups thoughtlessly and unconsciously. This happens when you are not risking your own money.
We need to act in a fundamentally different way: the state should step aside, transferring most service functions to private business. This applies to asset management and digital services – all this should be done by private companies.
The role of the state in this case is reduced to joint strategizing: ensuring there are no monopolies, supporting fair competition, etc. Everything else should be handled by the private sector. This will lead to the growth of Ukrainian business and the creation of various kinds of services for consumers on the Ukrainian platform. And, as a result, it will provide an opportunity to obtain funding – both international and domestic.
Another point: we can write an ideal strategy, but if there is no one to track its implementation, this negates the whole idea. There must be a certain organization with clear regulations that monitors the implementation of the strategy. Because without institutionalizing the strategy, after the election of the next president or a change in circumstances, this roadmap can be easily abandoned.
Therefore, after the implementation of this roadmap, it makes sense to hold constant strategy sessions and "check our watches" – whether we are moving in the direction we set at the beginning.
In summary: narrowing functions, the full operation of the stock market and courts, the separation of the functions of law enforcement agencies, and a reduction in their number. This is the recipe for successful economic development. A lot also depends on business.
We have a real chance to break the old bureaucratic model and lay down civilized rules for the rapid development of the country. Where domestic business begins to develop, generate capitalization, and create a highly efficient economy, which makes it possible to create large funds to provide pensioners and socially vulnerable categories with a decent income. Where every citizen of the state feels care and support.