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Strategic Focuses for Sustainable Economic Development in the Context of Ukraine’s Commercial Opportunities on Global Market

Journal: Quarterly Scientific Journal "Economic Herald of the Donbas" (Vol.63, No. 1)

Publication Date:

Authors : ;

Page : 154-161

Keywords : global markets’ tendencies; Ukraine’s commercial opportunities; commercial and industrial foundation; value chain; economic development strategy.;

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Abstract

The article studies the impact of global foreign economic environment's changes contextual to Ukraine's strategic development opportunities in a field of world commerce. Discourse exhibits the description of factors, influencing the international commercial and industrial foundation, as well as benefiting the opportunities' optimization for Ukraine in terms of structural remodeling of the country's economy. Drawing upon existing capabilities regarding Ukraine's economic potency, authors define strategic benchmarks for achieving certain sustainable development in relation to external commercial opportunities, by harmonization of the regional and external development strategies. Correspondence between Ukraine's needs in attracting investment, as well as technological innovation necessary for growth of the industrial segment, and economic needs of the developed countries to have a strategically important partner in a context of safe trouble-free capital deployment and use of comparative advantages in a field of commerce – provides a stimulate for establishing a long-term partnership and for engagement of Ukrainian manufacturers in participation in global value chains. The government's task is to direct efforts towards supporting the interest of the leading members of the international market in Ukraine's technological and industrial potential. Considering the conceptual problems of this country's development, the implementation of a development strategy was proposed, targeting at simultaneous strengthening of the export power and development of a stable, diversified domestic market. Promotion of the economy's diversification strategy and of the highly technological branches' development, with the help of innovations will create a market, that easily supplies partners for the purpose of organizing efficient value chains. That will also contribute to strengthening of interregional business communications by means of intensification of regional and industry-specific involvement and expansion of cross-sectoral cooperation

Last modified: 2021-07-07 23:12:35