USAID triples grant support for ukrainian processing enterprises
The USAID program "Competitive Economy of Ukraine" has tripled its grant support for Ukrainian processing enterprises, as reported by the Ministry of Economy of Ukraine.
Taking into account the significant number of applications and substantial interest from processing industry enterprises, the decision was made to increase the grant funding amount, noted the ministry.
The total funding volume of the grant program will be $11 million, and approximately 75 grants will be provided within the program (previously planned for around 25 grants).
"The development of Ukrainian producers and attracting investments in the real sector are priorities for the Ministry of Economy. Our strategy is focused on processing and the development of high-tech industries. We aim to increase the share of processing in the GDP structure from the current 10% to at least 20%, as there are no examples of successful raw material-dependent states. Raw material dependence is often synonymous with poverty," said Ukraine's First Deputy Prime Minister and Minister of Economy, Yulia Sviridenko.
In addition, the Ministry of Economy clarified that the grants will support businesses in activities that contribute to the production of innovative products, modernization of production, reduction of manual labor in combination with the creation of more highly skilled jobs, and increased efficiency in the use of other resources. This funding will contribute to import substitution in the Ukrainian market and/or the export of Ukrainian products to fill the niches previously occupied by Russian and Belarusian products.
The total funding volume of the grant program will be $11 million, and approximately 75 grants will be provided within the program (previously planned for around 25 grants).
"The development of Ukrainian producers and attracting investments in the real sector are priorities for the Ministry of Economy. Our strategy is focused on processing and the development of high-tech industries. We aim to increase the share of processing in the GDP structure from the current 10% to at least 20%, as there are no examples of successful raw material-dependent states. Raw material dependence is often synonymous with poverty," said Ukraine's First Deputy Prime Minister and Minister of Economy, Yulia Sviridenko.
In addition, the Ministry of Economy clarified that the grants will support businesses in activities that contribute to the production of innovative products, modernization of production, reduction of manual labor in combination with the creation of more highly skilled jobs, and increased efficiency in the use of other resources. This funding will contribute to import substitution in the Ukrainian market and/or the export of Ukrainian products to fill the niches previously occupied by Russian and Belarusian products.
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