Abstract. The key condition for the rise of the Ukraine economy is its modernization on the basis of an innovation development model. However a conceptual weakness of the Development strategy adopted in 2004, as well as shortage of financial resources and skilled personnel stand in the way of creating an innovation economy. Under these conditions development of cooperation with other CIS countries, above all with members of the Custom Union, may become, in the opinion of the author of the article, one of the decisive factors of successful development.