Abstract
The article investigates and evaluates the investment cooperation of Ukraine with the EU. The volume, structure and dynamics of investment flows between Ukraine and the European Union are analyzed. The main problems of cooperation between Ukraine and the EU are formed, in particular: the volume of foreign direct investment (FDI) in Ukraine from the EU is directed mainly to those sectors of the economy where it is possible quickly to make a profit (for example, in financial activities), while investment in priority sectors of the economy of Ukraine, aimed at a long-term growth, is insufficient. In addition, during the analysis of the investment market of Ukraine problematic aspects were found, such as: the existence of a tendency to invest in offshore zones, a low differentiation of foreign investors for donor countries and a sharp imbalance in the structure of FDI in the economy of Ukraine. The political instability, unpredictability of a state power, lack of independent judiciary (abuse of courts), corporate raiding, prosecution by tax authorities, shortcomings in the implementation of laws, delays and lack of transparency in VAT refund, corruption and the low level of property rights’ protection demonstrate the inability to build long-term plans with EU member states.
 Measures are proposed to improve investment cooperation between Ukraine and the EU in the context of deepening European integration processes, as follow: 1) bringing the strategy of attracting foreign investment in accordance with the needs of the country; 2) providing European investors with the necessary system support (for example, in business registration, attracting personnel); 3) creating the necessary conditions for the further implementation of the liberalization of the legal framework for the free movement of FDI in accordance with EU rules; 4) close cooperation with FDI donor countries; 5) providing conditions for improvement of technical and technological conditions of domestic enterprises; 6) production intensification on an innovative basis, etc.
Highlights
The article investigates and evaluates the investment cooperation of Ukraine with the EU
During the analysis of the investment market of Ukraine problematic aspects were found, such as: the existence of a tendency to invest in offshore zones, a low differentiation of foreign investors for donor countries and a sharp imbalance in the structure of foreign direct investment (FDI) in the economy of Ukraine
In the process of integration, the issue of investment cooperation becomes relevant because Ukraine can mobilize necessary funds in the European market, especially to ensure macroeconomic stability, scientific and technological development, thereby diversifying the sources of external borrowing [11]
Summary
The article investigates and evaluates the investment cooperation of Ukraine with the EU. The aim was the implementation of specific measures to improve the business climate, especially the improvement of the licensing system, administrative services, licensing, business opening and its liquidation, technical regulation, formation of customs procedures [2]; 4) January 1, 2012 the Law of Ukraine “On preparation and implementation of investment projects on the principle of “single window”, which allowed to simplify the procedure for obtaining services necessary for the further implementation of the investment project [9]; 5) June 21, 2012 the Verkhovna Rada of Ukraine adopted a draft of the Law of Ukraine “On industrial parks”, which defined the legal and organizational basis for the creation and operation of industrial parks in Ukraine [8]; 6) May 24, 2012 the Verkhovna Rada of Ukraine adopted the Law of Ukraine “On amendments to some legislative acts of Ukraine concerning state registration of foreign investments”. The investment was made into the Ukrainian economy (Table 1, [10]) by the countries of the world, which was almost two times less than in the period in 2012–2014 [10]
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