IMPROVEMENT OF THE POLICY OF ATTRACTING FOREIGN DIRECT INVESTMENTS TO THE ECONOMY OF THE VINNYTSIA REGION AND THE VINNYTSIA CITY TERRITORIAL COMMUNITY

Abstract

It has been established that foreign investments play an important role both in the development of the country as a whole and of individual territorial communities (hereinafter referred to as TC) in particular, as it is an additional source of funds that allows the introduction of advanced technologies and accelerates the process of economic integration into the world economy. It has been proven that legal regulation of investment activities in Ukraine is based on the international law and a number of national regulatory and legal documents. However, taking into account the changes that are dynamically taking place in the world, as well as the state of war in Ukraine, there is a need to improve domestic legislation in the field of investment attraction. Using the example of Vinnytsia Region and Vinnytsia City Territorial Community, the investment activity in the pre-war period (2019-2021) was considered and the positive dynamics of attracting foreign investments to the economy of the region was determined. There is a change in the main investor countries of Vinnytsia: in 2021, the USA joined the top five with a share of 6.08%, while Germany moved to the sixth place. During the studied period, most foreign investments were made to the industry of the region. The strengths and weaknesses of the studied community were studied with the help of a SWOT analysis, which showed the presence of favorable conditions for attracting foreign investment, however, the current situation in the country does not allow to fully use all the strengths. An analysis of the Methodology and standards of attracting and supporting investors in the Vinnytsia City TC was made, which can become a strong basis for improving the investment attractiveness of the region. It is proposed to adjust the state’s strategy for attracting foreign direct investment in order to adequately respond to modern challenges facing Ukraine. Measures have been developed to promote the attraction of investments in the Vinnytsia City TC for the post-war recovery of the economy and its development on the basis of innovation and energy efficiency.