Інвестиційне забезпечення вітчизняного аграрного виробництва: фактичний стан і реальні потреби

Abstract

The article examines the actual amount of capital investment in agricultural production. It is determined that despite their rapid nominal growth in the national currency, the real amount of investment, translated into the US currency, is insufficient to meet the needs of expanded reproduction. It is assumed that the main causes of the capital investment deficit are excessive inflation, excessive business risks and non-fulfillment of government obligations. In the Ukrainian economy there is a positive dynamics of capital investment in the agricultural sector of production, denominated in the national currency – for the period 2010–2019 their average annual value amounted to UAH 35.4 billion, the growth rate was 120.5%. Their share in the structure of capital investments of the country's economy is also increasing. The volume of capital investment in the agricultural sector of the economy, translated into a more stable currency (US dollars), in the reporting year of 2019, was lower not only than in the previous two years, but also than in 2013–2013. Their average annual growth was 105.7%. The average annual volume of capital investments in agriculture, forestry and fisheries of Ukraine for 2010–2019 is $ 2.02 billion. This amount is insufficient, as agriculture alone requires at least $ 2.9 billion annually investment. Among the sources of financing capital investments in agriculture, forestry and fisheries of Ukraine in the reporting period, more than 90% were at the expense of enterprises and organizations. This is not a normal situation, which indicates that there is a curtailment of bank lending for investment needs of farmers' the State does not fulfill its obligations to support the development of the agricultural economy; foreign investors, given excessive business risks, are reluctant to invest in Ukrainian domestic agricultural production. Restoring confidence in the State, inflation targeting, judicial reform and the uncompromising fight against raiding are key tools for improving the investment climate and increasing capital investment in the agricultural sector of Ukraine's economy.