Normalization of industrial output is the key to further development of the Ukrainian economy, industrial policy minister of Ukraine Mykhailo Korolenko said at the opening of the XII International Industrial Forum.

The official said that in October industrial output grew by 7.4%, if compared with September. "At the same time, the annual dynamics remains negative. We are not afraid of this. For us it is a reason to work harder, to solve actual problems of the domestic industry," the minister stressed, ForUm correspondent reports.

Korolenko added that difficult situation prevails in the global markets, and in these conditions it is important to upgrade such basic and budget-making industries as metallurgy. "The task has been set by the President, and our Ministry is working on it. This applies to shifting towards products of more profound redistribution, development of their range and, of course, domestic consumption, which is the key to a stable demand for the metal, allowing the industry to depend less on foreign markets conditions," the industrial policy minister said.

He noted that the development of domestic consumption is linked to the recovery in the major consuming industries - mechanic engineering, construction and transport.

"Today's forum demonstrates the potential of the country in terms of production and acquisition of modern technology with high added value: machines, tools, and other power engineering equipment. Moreover, this equipment may be produced in our country and consumed by the domestic market. For that, we need to implement comprehensive long-term approaches to the development of national industry in the economy of Ukraine," Korolenko concluded.


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