ANALYSIS OF THE INVESTMENT CLIMATE OF DENMARK

The article examines the essence of the concept of "investment attractiveness" and defines the main prerequisites for attracting funds to the economy of Ukraine. In essence, the country's investment attractiveness is a characteristic that reflects the profitability or disadvantage of investing money in the country. Attention is focused on the results of the influence of economic, social and geopolitical factors on the country's investment attractiveness. Key factors of Ukraine's investment attractiveness are highlighted. The authors analyzed the size of direct foreign investments in Ukraine during 2018–2022. The list of the main investor countries in Ukraine in 2021 is given. The most attractive industries for foreign investment in Ukraine have been analyzed. The investment attractiveness index of Ukraine was evaluated during 2018-2022. We believe that one of the prerequisites for the stable economic development of the country and its regions is the formation and maintenance of a favorable investment image in the minds of potential investors. The defining task of state policy in the field of investment activity is the formation of a favorable investment climate and the reduction of investment risk for foreign investors. The main problems of the development of investment activities in Ukraine are outlined. Russia's full-scale military aggression against Ukraine continues to lead the list of factors that have a negative impact on the investment climate, attacks on the Ukrainian energy system are in second place, and corruption is in third place. Among the few positive changes, the business leaders highly rated granting Ukraine the status of a candidate for EU accession, the cancellation of customs duties and quotas for Ukrainian exports and "transport visa-free" from the EU. The authors provide strategic guidelines for the formation of a positive investment climate in Ukraine and analyze the causes of an unfavorable investment climate. Ways to increase investment attractiveness in Ukraine are proposed. We believe that investment attractiveness is a complex multifaceted economic category and reflects the complexity of the macroeconomic space from the point of view of the existing investment climate, the state and level of development of the relevant investment infrastructure. Effective implementation of investment activities is the foundation for the development of the economy of Ukraine, accelerates its integration into the European socio-economic space.

At the present stage of development of the world economy, an important and urgent issue is the development of investment activity, attraction and use of foreign investments. Almost all countries of the world focus their efforts on increasing the investment attractiveness of foreign investments and increasing their volume in the national economy. Ukraine's investment attractiveness is one of the most important elements on which the country's welfare, economic development, production, enterprises and business are based. The need to attract foreign investment is met by a decrease in investment activity of domestic companies, the need for technical and technological modernization of production and the entire market infrastructure, the need to introduce new management methods in management. Therefore, since the issue of foreign investment is important for the economic development of our country, the need to study and research the main types and forms of foreign investment is very relevant. The purpose of the qualification work is to study foreign investment in Ukraine, as well as trends and promising areas for improvement. In the process of research, depending on the goals and objectives, appropriate methods of research of economic processes were used, including systematization and generalization (with theoretical substantiation - the concept of investment process), comparative method (with dynamics of foreign investment), method of quantitative analysis, methods of induction and deduction. According to the results of the study, the following conclusions were drawn: At the state level, it is necessary to continue to take a set of measures to stimulate investment processes in the economy of Ukraine, and thus it will help to attract investment by Ukrainian enterprises in conditions of economic instability. Improving the legislative and organizational framework to increase the capacity of mechanisms to ensure a favorable investment climate and forming a basis for maintaining and increasing the competitiveness of the domestic economy is an urgent issue for further improvement of the investment climate in Ukraine A study of the main obstacles to foreign investment in Ukraine has shown that the country's judiciary ranks first, corruption second, and market monopolization and seizure of power by oligarchs third. In addition, investment returns in the years before and during the pandemic were compared. The obtained results can be used in the development process strategies of foreign economic development of Ukraine and evaluation of efficiency conducting policy in the field of currency regulation.

Ukraine, being on the path of integration, cannot remain indifferent to the economic processes taking place in the international community in the regions. That is why the issue of legal regulation of investment activity in the European Union is successful. The purpose of the article is to carry out an analysis of the implementation of the legislation of Ukraine and the legislation on investment attraction. As a result of the research, it was found that the state regulates investment relations on the basis of legal norms, but at the same time international standards should be used to protect the rights of investors and create attractive conditions. To improve the investment climate, Ukraine needs to rely on the foreign experience of successful countries that have created the best systems of regulatory and legal regulation of investment relations. The European Union organizes investment activity and promotes policy in this area through intergovernmental specialized financial and investment institutes. In Ukraine, the main focus is on legal regulation, investment institutes are either absent or only partially functioning. Budget investment is the most effective method of financial regulation. This means that the independence of individual industries and investment activities is emphasized. Among European countries, Ukraine has the opportunity to become a leader for foreign investments due to its large domestic market, significant industrial potential and developed agricultural sector. Currently, Ukraine has a sufficiently meaningful regulatory and legal framework for investment activities, but the legislation in this area is developing and improving with the attraction of more foreign investments and the improvement of the efficiency of their use. Modern changes in investment legislation have a positive effect on investment attractiveness and the investment climate in Ukraine. However, despite the fact that Ukrainian legislation is approaching European practice, there is still a long European way to improve the investment climate in Ukraine.

The attraction of foreign direct investment is a common objective in developing countries, and this broad aim is carried out with different approaches in public policies. Corporate social responsibility is very common in international corporations, and it tends to produce a positive image for investors and in the surrounding society. This study aims to clarify the influence of the enhancement of corporate social responsibility by companies established in Tunisia as a consequence of the host country government general policies on the attraction of direct foreign investment. We propose the testing of a conceptual framework that describes this influence and explains the benefits of the social commitment, especially when it will be encouraged by public policies which can favor the attraction of foreign investments. The paper opted for an exploratory analysis on a sample of foreign companies with subsidiaries in the country. It contains a descriptive analysis, a study of the reliability of the scales of measurement and a principal components analysis. This approach is completed by an analysis of moment structures (AMOS) through a structural equation model linking the interactions of public policies with the development of strategies in social responsibility in companies, and their induced effects on the investment decisions in their subsidiaries. This approach tends to be associated with the sustainability and the commitment in the country, which is especially important in the present moment, with the political changes in the Maghreb region. With the models proposed, it has been shown that public policies, in addition to having a direct impact on investment decisions, can produce positive effects when they are carried out with the aim of promoting sustainable growth, and using indirect tools like the promotion of corporate social strategies in the companies that are already established in the country.

The article deals with the main theoretical approaches to the definition of direct investment. The key advantages and disadvantages of the processes of foreign direct investment movement and the general determinants of attraction of foreign direct investment in the region's economy are determined. In order to analyze the investment climate in the region and make a decision on direct investment in the region's economy, the article analyzes the investment attractiveness of the region, which will determine the effectiveness of investment activity and investment activity in the region, which reflects the intensity of investment activity. It is noted that it is investment activity that determines the level of development of the region. Therefore, the state of production, the level of technical equipment, the possibility of solving social, economic, environmental and other problems at the regional level depends on the efficiency of its factor - regional investment policy. The analysis of the methods of investment attractiveness assessment of the region was carried out and the main objectives of attraction of direct foreign investments in the region were determined. The formation and integrity of domestic normative-legal regulation of the sphere of attraction of foreign investments in the regions is considered. The factors of investment activity of the region are determined and the innovative component of investment activity of the region is allocated. The factors of the investment activity of the region include the magnitude, innovative component of investment activity and the competitiveness of enterprises in the region. The necessary conditions for the scale of investment activity in the region are determined by the expansion of the object base for investment, an increase in the share of investments in the development of drivers, growth points, hubs of the region's economy, an increase in the share of investments that ensure the development and efficient use of human capital in the region; system work on attraction of investments and realization of investment projects. In addition, the conditions of the scale of investment activity of the region are considered in the article.

The article dwells on the issue of foreign investment attraction to regions. The importance of foreign investment in regions’economy and the country in general is emphasized, the factors, which are decisive for investors in the analysis of region’s attractiveness, and factors that influence the level of to regions are examined, the mechanisms of foreign direct investment attraction are analyzed through the prism of cross-border cooperation forms.
 The European experience of foreign investment attraction is examined and statistical data for the recent years is provided. The level of foreign direct investment in four oblasts of Carpathian region is analyzed, the dynamics of foreign direct investment per capita in border regions is reviewed, and the reasons / preconditions of growth/fall of the rates are explained. The role of decentralization in attraction of foreign investors is shown and opportunities and algorithm of activities to be conducted by territorial communities to attract investors are described.
 The ways to increase investment capacity are analyzed. The role of crowd technologies in creation of region’s positive image and the role of territorial development agencies in region’s investment activity are shown and the ways they should work as well as the required resources are explained.
 Practical recommendations on improvement of region’s attractiveness for foreign investors are suggested.
 Keywords: investment potential, investment risk, investment attractiveness, investment environment, investment climate, investment resources

Привлечение иностранных инвестиций и их эффективное использование определяет развитость инвестиционного климата страны. На данном этапе развития Кыргызстана инвестиционный климат является важным аспектом экономики, так как инвестиции влияют на рост производства, обеспечение занятости, производственно-технический потенциал страны. В представленной статье обращено внимание на современное состояние инвестиционного климата в Кыргызстане и перспективы его развития. Attraction of foreign investments and their effective use determines the development of the country's investment climate. At this stage of development of Kyrgyzstan, the investment climate is an important aspect of the economy, since investments affect the growth of production, employment, production and technical potential of the country. In the presented article, attention is drawn to the current state of the investment climate in Kyrgyzstan and the prospects for its development.

Kazakhstan is the leader in attraction of foreign investments among is central the Asian countries. Today multinational corporations – the main tool in business expansion internationally. This article is devoted to studying of activity of the main participants of process of globalization of economy – multinational corporations in Kazakhstan. Authors considered the main directions and volumes of streams of direct foreign investments to the country in recent years. Key indicators of PII in the country and the prospects of development are defined. In article major factors of attraction of direct foreign investments are studied. The review of scientific literature on the factors defining inflow of direct foreign investments to Kazakhstan is made. Results showed that, despite existence of various motives in adoption of investment decisions by multinational corporations, direct foreign investments to Kazakhstan are generally sent to the raw sector of economy. In article the analysis of inflow of direct foreign investments in a section from 2014 to 2019, is carried out to priority sectors of economy of the Republic of Kazakhstan which mining industry, processing industry, professionally scientific and technical activity and innovative development are. In work questions of investment into priority sectors of economy of RK were investigated. Analytical also statistical methods, a dialectic method of knowledge and observation formed a methodological basis of a research. The main volume of foreign investments still goes to the spheres which are not demanding large-scale investments and characterized by fast payback. Thus, drawing a conclusion on a research of trends of functioning, outflow and inflow of direct foreign investments on priority sectors of economy of the Republic of Kazakhstan, in industry structure of investments, the main share is occupied by the mining industry, and the oil and gas industries still are on one of the first places on the level of the involved investments. Such industries as construction and manufacturing industry receive the smallest number of foreign investments. Article has the scientific value and novelty of a research where relevance of work is application of an integrated approach to a research of the international investment activities and a role transnational corporation, in identification of the internal and external regularities defining the direction and dynamics of investment activities in the Republic of Kazakhstan.

Анотація. Інвестиції насьогодні є вагомою основою розвитку багатьох рівнів економічної системи та можуть бути розглянутими як драйвер активізації економічного розвитку країни. Вони є необхідними для нарощування темпів виробництва, модернізації економічного комплексу, диверсифікації економіки. Оцінка інвестиційної привабливості розглядається як важливий засобів оптимального досягнення цілей інвестування, який забезпечує виконання функції механізму управління інвестиціями. Інвестиційна привабливість окремої країни, регіону, галузі чи підприємства є вагомим орієнтиром для інвестора при прийнятті рішення стосовно вкладення капіталу. В сучасних умовах глобалізації економіки при оцінці інвестиційної привабливості країни все більшої актуальності набуває імідж країни на міжнародній арені, її позиція у провідних рейтингових ранжуваннях, досвід інших інвесторів ведення діяльності у країні. В статті розглянуто сутність поняття «інвестиційна привабливість» та запропоновано власне авторське визначення цього поняття. Охарактеризувати методичні підходи до оцінки інвестиційної привабливості на різних рівнях економічної ієрархії. Вивчено питання взаємозв’язку між дефініціями інвестиційної привабливості, клімату, потенціалу, ризику та активності. Проведено макроекономічний аналіз динаміки позицій України в призмі міжнародних рейтингів та індексів. Представлено організації та рейтинги, які оцінюють інвестиційну привабливість держави. Обґрунтовано методики рейтингів інвестиційної привабливості країн. Здійснено комплексну оцінку інвестиційної привабливості України протягом останніх років. Розглянуто фактори, які призводять до змін трансформаційних процесів у державі, загостренню загальноекономічної ситуації, дефіциту внутрішніх фінансових ресурсів та проблемі зі залученням іноземних інвестицій, що в свою чергу перешкоджають підвищенню інвестиційної привабливості України. Надано рекомендації щодо покращення інвестиційної привабливості України в сучасних умовах. Ключові слова: інвестиції, інвестиційна привабливість, міжнародні рейтинги та індекси, інвестиційна активність, інвестиційний клімат, інвестиційний потенціал, інвестиційний ризик. Формул: 0; рис.: 1; табл.: 2; бібл.:31.

Methods. To achieve the research goal, the following methods were applied: abstraction and logical analysis for examining the evolution of views on the essence of the concepts of «investment attractiveness» and «investment climate» and improving their categorical formulation; comparative analysis for comparing the essential characteristics of the categories of «investment attractiveness» and «investment climate», which allowed identifying their differences and interrelations; factor and functional analysis for isolating factors affecting investment attractiveness and establishing the interrelation between them. Results. Theoretical and methodological approaches to the study of the essence of the concepts «investment attractiveness» and «investment climate» have been considered, revealing a lack of a consistent understanding of these terms among scholars. Attention is focused on the necessity of viewing investment attractiveness as an integrated system, combining economic, political, and sociocultural groups of factors. It is demonstrated that such an approach allows for the analysis of the interrelations between different system components and determining their impact on the overall investment attractiveness of the national economy. Moreover, it enables a deeper understanding of the interaction and influence of various system components on each other, which facilitates the development of more effective investment attraction strategies. Novelty. The investment climate is defined as a complex category that covers a wide range of conditions – from political stability to economic attractiveness. The latter is presented as a dynamic, evolutionary process that reflects the country's ability to meet the needs and expectations of investors at various stages of their activity, and at the same time, as an indicator of the country's potential in the long term. Practical value. The research results can be applied to optimize economic policy aimed at attracting investments. They may also be useful for understanding cross-cultural differences in investment concepts and their application as an educational resource.

Bangladesh achieved lower-middle income country’s status from the World Bank in July 2015. It’s GNI per capita raised into USD 1314 in 2014-15 FY from USD 1184 and USD 1054 in 2012-13 and 2013-14 Fiscal Years respectively. The government of Bangladesh declared Vision 2021 to be a higher middle income country by the year 2021. Therefor it has only 6 years in hand to raise GNI per capita from existing USD 1314 into USD 4126 to become a higher middle income country. There are many other challenges in front of it like; about 31.5% population is living below poverty line, there are 56.7 million workable populations in Bangladesh with 2 million unemployed populations. About 1.8 million educated workforces are entering into the job market in each year. GDP Growth rate is rotating around 6% to 6.6% during last decades, but it has to be increased into 8% to 10% to facilitate employment generation and poverty alleviation in Bangladesh. A huge amount of new investment is required to increase GDP growth and employment rate up to the desired level. There are options to increase local investment as well as go for foreign direct investment but preparations shall be taken in time. Otherwise Vision 2021 may not be achieved even by the year 2031. This is the time to compare Bangladesh’s performance in local and foreign investment attraction with its competitor countries. Current investment attraction tools using by the government of Bangladesh could be rechecked and initiate effective corrective measures as, when and where required.

Bangladesh achieved lower-middle income country’s status from the World Bank in July 2015. It’s GNI per capita raised into USD 1314 in 2014-15 FY from USD 1184 and USD 1054 in 2012-13 and 2013-14 Fiscal Years respectively. The government of Bangladesh declared Vision 2021 to be a higher middle income country by the year 2021. Therefor it has only 6 years in hand to raise GNI per capita from existing USD 1314 into USD 4126 to become a higher middle income country. There are many other challenges in front of it like; about 31.5% population is living below poverty line, there are 56.7 million workable populations in Bangladesh with 2 million unemployed populations. About 1.8 million educated workforces are entering into the job market in each year. GDP Growth rate is rotating around 6% to 6.6% during last decades, but it has to be increased into 8% to 10% to facilitate employment generation and poverty alleviation in Bangladesh. A huge amount of new investment is required to increase GDP growth and employment rate up to the desired level. There are options to increase local investment as well as go for foreign direct investment but preparations shall be taken in time. Otherwise Vision 2021 may not be achieved even by the year 2031. This is the time to compare Bangladesh’s performance in local and foreign investment attraction with its competitor countries. Current investment attraction tools using by the government of Bangladesh could be rechecked and initiate effective corrective measures as, when and where required.

The article discusses the essence of investment activity and the current state of the investment climate in Ukraine. The advantages and disadvantages of attracting foreign investments into the national economy are highlighted. It is determined that the economy of Ukraine has a deformed sectoral and spatial structure of distribution of foreign investments, according to which special attention should be paid to the value of local territorial advantages of the country. The socio-economic development of the regions and the further increase in the gap in their functioning are due not to the even distribution of capital and foreign direct investment. Taking into account local preferences at the regional level, six aggregated groups have been formed that influence the investor's decision to invest in one or another region or country as a whole. The promotion and attraction of foreign investment must be carried out in a definite sequence, on pre-substantiated and well-established stages, taking into account the experience of developed countries. It is determined that the main focus on the way of European integration of Ukraine should be devoted to the development and implementation of the strategy of ensuring the competitiveness of the national economy in the EU market with the corresponding conditions and stages of preparation of the internal economic environment to European requirements, namely: achievement of the European level of labor productivity, profitability of production, wages. At the present stage of development of Ukraine, strategic development is important, which promotes a favorable investment climate in the country, which in the future influences the dynamics of socio-economic development of the regions and provides the opportunity for globalization of the national economy of the country. The study of the current state of investment activity in Ukraine has made it possible to determine that state-directed investments are needed in the development of human capital, the growth of the level and quality of life of the population and the environment for its effective functioning, that is, the industrial sector of the economy, while additional investments (foreign) are needed to accelerate European integration processes in Ukraine, updating the technological level of the country and creating and developing a modern industrial sector of the country.

Thanks to its geographical location, abundant natural resources, and active economic policy, Azerbaijan is one of the leading countries in the region in developing foreign economic relations. This article examines the main trends, achievements, and future goals of Azerbaijans foreign economic relations. Special attention is given to the countrys foreign trade turnover, energy resource exports, attraction of foreign investments, and participation in international economic projects. The export indicators of oil and gas demonstrate Azerbaijan s positive foreign trade balance. In 2022, the countrys foreign trade turnover exceeded 50 billion US dollars, with energy products accounting for approximately 80 of exports. Azerbaijans main trade partners include Turkey, Italy, Russia, China, and European Union countries. The country is also working on diversifying imported products and developing its non oil sector. Attracting foreign investments is one of the key aspects of Azerbaijans economic strategy. In 2021, the volume of foreign direct investments in the country amounted to 3 billion US dollars. Major investor countries include the United Kingdom, Turkey, Norway, and China. Improvements in the investment climate and legal regulations, along with a focus on development projects, attract foreign investors. Particularly, Azerbaijans participation in international economic projects stands out in this regard. The countrys growing economic influence in the region and the world is ensured not only through major energy projects implemented by Baku, such as the Southern Gas Corridor, the Baku Tbilisi Ceyhan Oil Pipeline, and the Baku Tbilisi Kars Railway. Equal attention is also given to green energy and the use of alternative energy resources. In terms of future perspectives, the priority tasks include the diversification of the non oil sector, the implementation of innovations, and a focus on regional cooperation. To expand Azerbaijans foreign economic relations, internal reforms, the formation of modern infrastructure, and the creation of favorable conditions for international partnerships are being carried out. The proposals and recommendations presented in this article provide insights into the steps and strategic considerations necessary for the development of Azerbaijans foreign economic relations and the long-term sustainability of its economic infrastructure.

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