This paper provides a snapshot of the role and importance of the creative industries for the Ukrainian economy. The economic dimension of the creative sector in Ukraine is becoming of higher interest for policy-makers taking into account its increasing contribution to international trade and great potential for further development. Correspondingly, this research is aimed at determining the importance and efficiency of the creative industries for the Ukrainian economy. The methodology of the study is founded on exploring the impact of the creative sector on an economic milieu in Ukraine. The paper proposes a strategy how the creative industries can transform Ukraine into a creative economy. This approach identifies four primary targets, which may result in economic, social, creative and cultural benefits, including keeping and development the creative talent, encouragement of the Ukrainian creative businesses, promoting “culture of openness,” and shaping the creative ecosystem. This study provides a unique and vital contribution to ongoing discussions about the significance of the creative industries for national economies highlighting the universalized assumptions concerning the position of this sector in the Ukrainian economy.