UKRAINE IN THE INTERNATIONAL INVESTMENT CAPITAL MARKET IN THE CONTEXT OF POST-WAR ECONOMIC RECOVERY

Abstract

Topicality. The international movement of capital is important for the development of the Ukrainian economy, as it leads to the strengthening of foreign economic and political ties with the countries of the world, increasing foreign trade turnover, accelerating economic development and promoting the growth of production volumes. Modern capital migration through foreign investment is a form of capital export. Before the war, Ukraine experienced a decline in the amount of foreign capital, caused by both structural and administrative problems, as well as insufficient involvement in the international capital market. russian aggression led to the transition of the Ukrainian economy to the regime of military functioning and the destruction of enterprises, objects of social, transport, and energy infrastructure. Estimates by international organizations and the government of Ukraine indicate that in order to rebuild the country and its economy, it is necessary to attract about 350 billion US dollars, therefore, stimulating the attraction of foreign capital is one of the main tools for supporting the Ukrainian economy, and the study of the investment capital market is currently the mainstream of the economic discussion within the framework of the post-war restoration. The complexity and uniqueness of the conditions in which Ukraine will find itself after the end of hostilities requires a comprehensive approach to finding a model of post-war economic development and attracting foreign capital. Ukraine must not only restore the destroyed infrastructure, but also has the opportunity to carry out a fundamental transformation of the economy, turning the state into a modern, modernized economic environment.Aim and tasks. The purpose of the article is to study the trends of Ukraine's presence on the international capital market in the direct investment sector and develop a recommendation for increasing the attraction of international capital as a factor in overcoming the devastating effects of the war on the economy. In order to achieve the set goal, the goals are outlined: to determine and analyze the statistical trends of Ukraine's presence on the international market of investment capital, to summarize the factors influencing the pre-war indicators of foreign investment, as well as to outline possible measures and tools for activating the attraction of foreign investment capital for the post-war recovery of the economy.Materials and Methods. To form a methodological base, the research used previous scientific-theoretical, analytical and practical publications, which reported on the results of work in the development of the problem of the activation of foreign investments in the economy of countries and their functioning on the international market of investment capital. Official statistical information and analytical materials of the State Statistics Service of Ukraine, the National Bank of Ukraine, and the United Nations Conference on Trade and Development (UNCTAD) were used. The study of trends in Ukraine's participation in the international market of investment capital was carried out using the methods of scientific abstraction, analysis, synthesis and generalization, statistical analysis.Research results. The main statistical indicators of direct foreign investment of Ukraine were determined and analyzed, attention was focused on unstable flows of both incoming and outgoing investments. The factors influencing the inflow of foreign investments into the real sector of Ukraine's economy are summarized. Possible ways and measures to increase the attractiveness of Ukraine's economy for foreign investors in conditions of restoration of socio-economic development are determined. It has been proven that the main areas of government attention in the field of investment policy should be the introduction of tax incentives to achieve investment goals (first of all, those that do not require the use of public funds); improvement of bureaucratic conditions (first of all, regarding licensing procedures, enterprise registration and product certification); implementation of foreign experience in creating a "single agency" for working with foreign investors, which includes all functions related to interaction with a foreign investor in the process of passing the necessary permit procedures; the need to develop labor force return programs (through state vocational training programs, employment measures, etc.) is emphasized.Conclusions. The international integration of Ukraine into the global investment space is one of the main directions of the country's socio-economic policy. This involves the active and effective attraction of foreign capital, the creation of favorable conditions for business development, and strengthening the stability of the macroeconomic environment. In the post-war period, Ukraine must not only restore the destroyed infrastructure, but also realize the opportunity to carry out a fundamental transformation of the economy, turning the state into a modern, modernized economic environment. In order to achieve this goal, it is already necessary to develop mechanisms and tools that will be included in the strategy of attracting foreign capital after the war, which will help to expand the presence of Ukraine in this market and accelerate the recovery of socio-economic development. The most urgent directions for improving the state policy of increasing presence on the international capital market are considered improvement of bureaucratic conditions; demonstrations of opportunities in key sectors; development of labor re-emigration measures; stimulating conditions for the creation of innovative products of modernized enterprises.