Competitiveness of Ukrainian Companies in Foreign Markets: New Challenges and Opportunities

Abstract

The key tasks of Ukrainian companies in foreign markets are determined in the article on the basis of analysis of the actual problems of foreign economic activity. The technologies of Ukrainian companies (especially small ones) entering foreign markets are quite costly and organizationally complex. Even a once successful strategy of foreign economic activity needs continuous improvement and adjustments in line with changes in the external business environment. Priority areas, innovations, and improvements that will contribute to improving the competitive position of Ukrainian companies in foreign markets include: professional (competence, knowledge, experience), logistics (the basis of supply in foreign trade contracts), insurance (exchange rate risks), financial (currency deregulation), institutional (attraction of external investments), customs (electronic declaration), and technological. The study proved that in a competitive environment, a commercially successful strategy of foreign economic activity of Ukrainian companies can be secured through intensification of technology transfer; increase in the volume of high-tech goods trade and exports of goods (services) with high added value; use of advantage of free trade agreements; increase in exports of organic farming products; strengthening the procedures for protecting intellectual property. These components are characterized by the significant potential for increasing the competitiveness of national companies in foreign markets. Taking into account resource opportunities of Ukrainian companies and external challenges (economic, geopolitical, technological, investment), the strategic task is gradual, but the irreversible shift of trade flows from the CIS countries to the European and Asian market. Key words: business, foreign economic activity, company, competence, competition, product, rating, market, trade.