Poroshenko names five strategic priorities to boost Ukrainian economy

Ukrainian President Petro Poroshenko has named five strategic priority sectors of the economy which could attract billions investment and create hundreds of thousands jobs.

"Responsible economic strategy dictates the need to clearly define priorities and focus on those sectors of the economy where we can take leading positions. They will become breakthrough points that will push us forward. They will bring means to ensure a tangible increase in people's living standards," Poroshenko said on the Forum "From Kruty to Brussels. We are going our own way" in Kyiv on Tuesday.

According to the president, these priorities include agriculture, IT, engineering, infrastructure and logistics, as well as tourism.

"The world's population is growing annually by an average of 80-85 million, and ... by 2024 it will exceed 8 billion, and everyone wants to eat. Obviously, there is a huge niche for Ukraine as a global agricultural leader," Poroshenko said.

He recalled that over the past five years, Ukraine has taken the lead in the world in many types of agricultural products. "However, we must understand: true leadership is possible only if the export of processed products will significantly exceed the export of commodities," he said.

The president also said that the IT sector will be able to help the country to increase the part of the middle creative class and provide high income jobs. In his opinion, this is important for the stability of the economy and democracy and for the country in general.

"However, to become a true leader in this sector, it is not enough to provide services and sit on outsourcing. We need to switch to a real contribution to the domestic economy. And thanks to this, the so-called "fourth industrial revolution" will come to Ukraine," he said, adding that it is necessary to increased reliance on high-tech industries.