Investment Climate In Ukraine Research Articles

Foreign Investments as a Factor Ensuring Economic Security of Ukraine

The article explores the theoretical foundations of the concepts of «security», «national security», «economic security», «investment security», and their interrelations within the components of a state's national security. The necessity of attracting foreign investments while considering economic security is emphasized. The authors propose their interpretation of the definition of «investment security in the sphere of foreign investment». Characteristics of national interests in the field of investment security are provided, and directions for forming a system to ensure it are identified. Sources of threats to attracting foreign investments for the domestic economy are identified. The dynamics of the balance of payments according to the financial account and the volumes of foreign direct investments for the years 2014-2023 are examined, providing insight into the country's investment climate. Attention is drawn to the significance of Ukraine's investment attractiveness index, which has been the lowest in the past decade since the onset of full-scale military aggression. This indicates that the investment climate in Ukraine does not contribute to an increase in foreign investment volumes. The analysis focuses on key indicators of investment security, including the investment attractiveness index and the ratio of net FDI inflows to GDP. It is elucidated that since 2016, there has predominantly been a deficit in the balance of payments, and the share of accumulation of foreign direct investment relative to GDP has not reached the threshold level of the indicator. It is highlighted that apart from state-level security factors, there are those that depend directly on the activities of economic entities, particularly the level of timeliness of accounting and analytical support for foreign investments. The main directions of ensuring economic security in the process of attracting foreign capital are determined.

Methodological aspects of financial support investment and innovation development of agricultural enterprises

With the change in the geopolitical and economic situation, the emergence of new threats and challenges for domestic agricultural enterprises, the problem of increasing the efficiency of development, implementation, practical implementation of innovations and investment support of this process is becoming increasingly important. It has been established that the investment climate in Ukraine is extremely unfavorable for investors due to military actions on the territory of our country. Although, the indicator of the investment climate in 2021 acquired a "rather unfavorable" value by 53%, despite the fact that this year Ukraine reached the highest level of income from investments. The main groups of external and internal threats (at the state and enterprise level) to the innovative and investment development of agrarian enterprises are systematized and the system of financial support for their investment development is presented. Among the methods used to finance the investment and innovative development of agricultural enterprises, the following are distinguished: self-financing, equity, loan, state financing, financing at the expense of free assistance and charitable contributions, mixed financing, leasing, project financing. The principles of the functioning of the investment mechanism of agricultural enterprises are developed and the most important positive and negative aspects of investment financing sources are presented in a generalized form. With the help of rational formation and distribution of limited resources to obtain the necessary result, it is possible to achieve investment efficiency. In turn, improving the quality of investment becomes the basis of the effective process of development and implementation of innovations, innovative development of the economic system. An innovative approach to determining the investment and innovation mechanism of agricultural enterprises is proposed. The list of principles of the investment and innovation mechanism (as an interacting set of methods, forms, sources of investment) is supplemented by the principles of scientificity and priority. The advantages and disadvantages of the main sources of investment financing (state financing; public-private partnership; profit; depreciation deductions; insurance reimbursements; bank credit; leasing; issue of shares; project financing; bond loans; public funds; funds of foreign investors) are revealed. The main factors affecting the choice of specific sources of investment resources formation of agricultural enterprises are noted. A system of indicators for evaluating the effectiveness of innovation implementation by types of effect is provided.

The role of the state in ensuring sustainable development of air transport in the post-war

The article examines the important role of the state in ensuring the sustainable development of air transport after the war. The influence of the state on various aspects of the aviation industry, including aviation safety, financial support for airlines, aircraft leasing fleet and infrastructure, is studied. The article discusses the need to modernize the state policy to influence the support and development of the aviation sector and create a favourable investment climate in Ukraine. It is important not only to restore the aviation industry after the war, but also to ensure its modernization and sustainable development, taking into account international experience and innovative approaches.

ТЕОРЕТИЧНІ ТА ПРАКТИЧНІ АСПЕКТИ ФІНАНСОВОГО ЗАБЕЗПЕЧЕННЯ РЕГІОНАЛЬНОГО РОЗВИТКУ

The article is devoted to the study of theoretical and practical aspects of financial support for regional development in Ukraine. The importance of financial support for the development of the region is emphasized. It is noted that the formation of an effective system of financial support for regions plays a key role in creating the prerequisites for their socio-economic development, improving the level of satisfaction of citizens' interests, providing high-quality public services to the population, and coordinating the interests of the state and territorial communities. A model of financial support for regional development has been developed, which reflects the results of solving the tasks of the region's development at different levels (national, regional, local). The dynamics of revenues of the general fund of the State and local budgets of Ukraine (without transfers) in 2018-2023 were analyzed. The structure of local budget revenues by types of revenues was studied. It was established that tax revenues and official transfers took the main share in it, while non-tax revenues accounted for less than 6%. It was established that thanks to the rapid adaptation of enterprises, as well as state and local self-government bodies to the requirements of martial law, in 2023, the increase in revenues of the general fund of local budgets was ensured compared to 2022. It was noted that there was an excess of revenues to local budgets in Ukraine over their expenditures in 2023. The main directions of expenditures of local budgets and the State Budget of Ukraine have been analyzed. The need to optimize financial support for the development of the regions, to improve the management of their functioning in general, and to find optimal ways of attracting investment resources to the regions was emphasized. It was noted that this will be facilitated by the formation of a favorable investment climate in Ukraine and its regions; overcoming corruption phenomena; implementation of constant monitoring of the influence of factors that activate or restrain the process of financial support; formation of an effective legislative and regulatory framework that will allow improving the actual filling of local budgets; use of modern financial instruments, etc.

PRIORITIES AND MECHANISMS FOR ENHANCING UKRAINE'S INVESTMENT STRATEGY IN THE POST-WAR RECONSTRUCTION PERIOD

This article examines the current challenges and strategies for attracting foreign capital to Ukraine's post-war economic modernisation. Russia's full-scale invasion has had a significant impact on the Ukrainian economy, causing widespread damage to businesses and significant shifts in business activity and budget spending. In the face of these difficulties, a sound investment strategy is essential to support the country's future recovery and growth. Methodology. This study uses a mixed-methods approach, combining qualitative analysis and quantitative examination of economic and trade statistics, to evaluate strategies for attracting foreign investment and economic modernisation in post-war Ukraine. Traditionally dependent on foreign trade, including with its neighbours (such as Russia and Belarus), Ukraine's economy has undergone significant post-invasion changes, particularly in terms of trade dynamics and sectoral growth. The paper examines the context of Ukraine's trade agreements, its position in global markets and the impact of the war on its external economic relations. The analysis underlines the urgent need to reform and modernise key sectors such as agriculture and energy, and the crucial role of foreign investment in these areas. It underlines the importance of improving the investment climate, fostering competition, encouraging continuous innovation and improving the skills of the labour force in order to create a favourable environment for investment. The article also examines Ukraine's potential as a candidate for EU membership and how this status could enhance its investment attractiveness. It emphasises the need for Ukraine to align itself with European standards and to incorporate provisions relating to reconstruction and rehabilitation into its legal system. The results indicate that Ukraine's post-war economic recovery and modernisation depends heavily on targeted foreign investment and alignment with EU standards. The paper provides recommendations for a strategic investment policy, including the expansion of trade agreements, the development of quality infrastructure, the improvement of logistics with the EU, etc. Finally, the publication identifies priority sectors for investment that will lead to a transformative review of Ukrainian legislation and institutions, preparing the country for EU integration. This comprehensive approach and the coordinated support of the EU are crucial for Ukraine's recovery and long-term growth, underlining the important role of investment in achieving these goals. Practical implications. This study provides insights into Ukraine's post-war investment strategies and economic policies aimed at sustainable economic reconstruction and growth, improvement of the investment climate in Ukraine, and legislative reforms to ensure economic sustainability.

Resolution of investment conflicts between the state and foreign companies in the context of crisis prevention

Currently, there are no conditions in Ukraine to ensure a high-quality business climate that would guarantee the security of investments. In the past, this has already led to conflict situations, which has resulted in a number of cases being brought against the state. The purpose of the study is to investigate the mechanism of resolving investment conflicts between the state and foreign companies. For this task, such methods as formal legal, dogmatic, legal hermeneutics, logical analysis, deduction, induction, and others were used. In the course of the study, an analysis of the international doctrine that regulates the provisions for resolving investment disputes, namely, the Washington Convention and the Seoul Convention, was carried out. It is determined that the number of foreign direct investments in Ukraine from 2012 to 2023 significantly decreased, and the investment attractiveness index reached a critically low value over the years, which indicates a negative attitude of business to current conditions. It is indicated that as a result, 15 proceedings were initiated at the International Centre for Settlement of Investment Disputes. It is revealed that in these cases, violations such as failure to provide equal and fair treatment are most often reported. Based on this, the need to improve the investment climate in Ukraine is determined. It is proposed to reduce the cost of access to the protection system for small and medium-sized enterprises; reduce the time for dispute resolution; and ensure the consistency and accuracy of arbitration decisions. The practical value of the results obtained is that the implementation of the recommendations provided will help to attract foreign investment necessary for the recovery and development of the country’s economy, and will also eliminate the problematic factors that lead to the opening of proceedings against the state

Prospects of legal reception in the conditions of Ukraine’s acquisition of EU membership

The free movement of goods, persons, services and capital is the basis of the functioning of the European Union as a regional supranational entity. It is these principles that determine the benchmarks of norm-making by the institutions of the European Union.
 At the same time, the specified bases determine the context of harmonization of the legislation of the member states of the European Union. Likewise, the main category of litigation, which is or has been under consideration by the Court of the European Union, concerns precisely the violation of the specified principles of the functioning of the internal market.
 In the context of the above, the European integration of Ukraine leads to a change in the paradigm of state regulation in the economic sphere, primarily towards the liberalization of legislative requirements. At the same time, this primarily concerns the state regulation of the tax and customs systems of Ukraine. Both the tax system and the customs need significant liberalization in the context of changing the repressive-fiscal approach to the service approach.
 The Association Agreement between Ukraine and the European Union itself establishes a series of successive steps aimed at adapting and harmonizing national Ukrainian legislation in the context of European values of free movement of goods, persons, services and capital.
 At the same time, taking into account the special nature of the constitution as the basis of the national legal system, the norms of which have direct effect, an important guarantee of the implementation within the Ukrainian jurisdiction of the above-mentioned four freedoms of the internal market of the European Union would be the constitutional consolidation of the principles of adaptation of Ukrainian legislation to the rules of the internal market of the European Union precisely in view of the basic paradigm of free movement of goods, persons, services and capital.
 At most, the existence of a constitutional consolidation of the foundations of the free movement of goods, persons, services and capital would make it possible to direct both judicial practice and law- making and by-law rule-making activities in the appropriate direction.
 The above would clearly contribute to the improvement of the economic and investment climate in Ukraine, which will become especially relevant in the war and post-war periods.
 At the same time, the reception mechanism is one of the most effective ways of unifying different legal systems.

ANALYSIS OF INVESTMENT ATTRACTIVENESS LEVEL OF THE REGIONS’ INDUSTRIES OF UKRAINE

The article is devoted to the development of models for assessing the level of investment attractiveness of regional industries. Investments are the most necessary and relevant form of capital investment for countries with a developing economy, because they provide an opportunity to implement large-scale projects, implement new technologies, corporate management models and other modern practical experience, which is especially important for the post-war recovery of Ukraine. However, the investment climate of Ukraine's industrial parks is insufficiently researched. That is why the construction of models is relevant. Analysis enables to form practical conclusions and recommendations that will be useful for objects and the state at the economic and financial levels. For building these models, it is proposed an algorithm, including the following stages: 1) formation of a table of input data; 2) calculation of financial ratios; 3) assignment of points according to the results of the coefficients; 4) forming a general assessment. To calculate the general level of investment attractiveness of industries, the following indicators were chosen: current liquidity ratio, financial independence ratio, equity ratio, profitability of assets, and profitability of equity capital. The results show that the industry "Agriculture, forestry and fisheries" of Kharkiv region has the best rating. The branch of industry, where the functionality of the industrial parks of Ukraine is concentrated, received from 1.15 for the Kyiv region, to 2.5 - for Dnipropetrovsk region. This can be explained by low coefficients of security, financial independence, and current liquidity. To improve the first indicator, it is proposed to attract additional funds from the enterprises’ owners and to optimize the structure of current and non-current assets. For improving the second and the third indicators, it is proposed to attract a third-party investor and to increase equity respectively. The competitive advantages of Ukraine, which increase its investment attractiveness, are determined. They include qualified and completely cheap labor force, national high market potential, favorable geographical location of Ukraine, and access to raw materials. But there are disadvantages, such as the ongoing war with Russia, outdated legal framework, political instability, underdeveloped investment infrastructure, high level of corruption and bureaucracy, economic instability, long duration and inconsistency of economic reforms.

Investment climate of countries in conditions of financial instability

The article points out that financial crises are especially dangerous for the investment climate of developing countries or countries with transitional economies. It considers approaches to the interpretation of the concept of «investment climate of a country» and its features. Based on that, the author's own interpretation of this concept is presented as a complex of political, legal, financial, economic, social, institutional, innovative, infrastructural and other conditions of investment activity of recipients and other subjects of the investment system, which affect the investment process, facilitating or impeding it with a purpose of attracting investments into a certain country. It is determined that the main cause of financial instability in recent years has been the Covid-19 pandemic, which has led to a decrease in investment activity, insufficient liquidity of investments and a decline in their attractiveness in many sectors, and a deterioration in the investment climate in the world. It is noted that global financial instability has a negative impact on the countries' investment climate, which is reflected in: a decrease in investor trust in investment objects; increased riskiness of investments; and rising costs of attracting foreign investment to the country. The author analyses changes in the total volume of investments in the world for the period 1990–2021, which indicates a more favourable investment climate in economically developed countries, but it is more affected by financial instability compared to developing countries. It is established that in order to ensure a favourable investment climate in Ukraine, the legislative framework provides guarantees for investors' activities, opportunities for public-private investment partnerships, etc. The author identifies the shortcomings that make the investment climate in Ukraine unfavourable. The list of measures to improve the investment climate of world countries in the context of financial instability is substantiated. It is noted that ensuring an attractive investment climate in the country in crisis conditions is possible only through a targeted investment strategy and a specific system of measures that will provide conditions for economic recovery after the recession.

ДОСЛІДЖЕННЯ ЗАЛУЧЕННЯ ІНОЗЕМНИХ ІНВЕСТИЦІЙ ДЛЯ ЗАПОЧАТКУВАННЯ НОВИХ ВИДІВ ДІЯЛЬНОСТІ В УМОВАХ ВИХОДУ ТОВ «КАРПАТНАФТОХІМ» НА РИНКИ НІМЕЧЧИНИ

Investment activity is becoming an increasingly important component of international economic relations, which in turn affects the interest of an increasing number of enterprises, both those that accept investments and those that are their sources. Foreign investments play an important role in the economy of enterprises and the country as a whole, as they are considered the main component for the systematic renewal and expansion of production capital. The article contains analytical and theoretical foundations in the context of attracting foreign investment in the conditions of entering the German market to launch new activities. A detailed analysis of international economic relations between Ukraine and the countries of Germany was carried out. The volume of foreign trade between Germany and Ukraine was analyzed. The analysis of production and economic activity was carried out. The activity of the enterprise «Karpatnaftochim» LLC was investigated, in particular, the production profile and production facilities were clarified, the financial condition was analyzed, the volumes of trade in petrochemical products were given, etc. At the final stage of the study, a comprehensive measure was substantiated on the prospect of attracting foreign investment in the conditions of entering the German market in order to launch new activities. The article set a number of tasks, namely: to reveal theoretical approaches to determining the essence of the concept of "foreign direct investment"; conduct a comprehensive analysis (quantitative and qualitative) of foreign direct investment in Ukraine; to outline the issues and features of the information of the institute; summarize foreign experience in FDI regulation; to assess the financial and economic condition of the enterprise and its foreign economic activity; analyze the state of attracting foreign investments at the enterprise and develop promising directions for improving the investment policy of the enterprise in the context of expanding its activities and identify the main directions of improving the investment climate in Ukraine and specific ways to stimulate foreign investments. The article provides recommendations for attracting foreign investment «Karpatnaftochim» LLC to launch new activities in the conditions of entering the German markets. Since the studied enterprise is a leading player in the domestic market for the production of chemical products, it was proposed to develop a comprehensive measure to modernize the production base, namely the purchase and installation of polymer processing equipment and the introduction of an environmental management system. As a result of the implementation of this project, the company will be able to reduce the current cost of production and, accordingly, increase production volumes. The advantages and disadvantages of the process of attracting foreign investments both at the macro and micro levels are also analyzed. Therefore, a competent approach to bringing the enterprise to new markets, as well as a clear consideration of all possible risks, will contribute to the successful integration of the domestic enterprise in the international arena.

ІНВЕСТИЦІЙНИЙ КЛІМАТ УКРАЇНИ В ПОВОЄННІЙ ВІДБУДОВІ

The article defines the importance of a favorable investment climate and the main prerequisites for attracting funds to the domestic economy in post-war reconstruction. Attention is focused on the results of investment impact on certain sectors of the economy, and which sectors require priority capital investments. The Index of Investment Attractiveness of our country and the problems affecting the formation of this Index have been analyzed. The directions of development of the investment climate in Ukraine during the war and in the post-war period have been highlighted. It has been found out about the creation of a unique electronic platform Advantage Ukraine for the purpose of attracting foreign investors to the Ukrainian economy, which collects more than 500 investment projects and opportunities in ten sectors of the economy. Among the possibilities that have been discussed are: the construction of "smart networks", the introduction of energy balancing capacities, gas extraction using advanced technologies, "green" metallurgy using direct recovery iron – these are things that can be implemented as a priority. The issue of guaranteeing the security of investments in war and post-war times remains the most painful issue today, which is one of the most restraining factors for investors. In addition, assumptions have been made about restoring the production potential of Ukraine's economy and creating a favorable business climate for attracting financial resources from abroad with the help of partner countries. The importance of restoring the inflows of direct foreign investments to overcome the consequences of Russian military aggression has been highlighted. The influence of macroeconomic factors on the investment activity of foreign investors has been outlined on the basis of a correlation-regression analysis of the influence of these factors on the inflow of foreign direct investment into the national economy. Directions for increasing the investment attractiveness of Ukraine's economy in modern conditions of development have been given. Based on the conducted research, ways of increasing the investment attractiveness of Ukraine in modern conditions have been proposed.

Investment potential of Ukraine in the conditions of war

The article examines the issue of Ukraine's investment potential in wartime conditions. It was determined that considering the complex macroeconomic environment and the slowdown of the world economy, it is problematic to outline investment strategies in Ukraine in the conditions of war. It has been studied that today investments in Ukraine are mostly associated with financial instruments that allow attracting and directing capital to enterprises. The reasons that reduce Ukraine's investment attractiveness are analyzed, in particular, a high level of corruption and an insufficient regulatory framework. A number of measures are proposed to reduce these risks and ensure the stability of the investment climate in Ukraine. It has been established that Ukraine currently offers all interested parties a wide investment menu of potential opportunities worth more than $400 billion as part of the Advantage Ukraine campaign, which was launched in 2022 to attract potential foreign investors. With the support of the President of Ukraine, a special platform was created, where investment projects and opportunities are collected in 10 industries that have significant investment potential in the conditions of war in Ukraine. It has been studied that the extremely high level of adaptability of Ukrainian enterprises in the current situation of martial law ensures the formation of investment potential in 10 sectors: the defense-industrial complex ($43 billion), energy ($177 billion), logistics and infrastructure ($123 billion), agro-industrial complex ($34 billion), industrial production ($16 billion), innovative technologies ($11 billion), metallurgy and metalworking ($26 billion), pharmaceuticals ($19 billion), natural resources ($5.6 billion), woodworking and furniture production ($5 billion). It has been investigated that, taking into account the continuation of the war on the territory of Ukraine, the most important thing in the process of formation of investment potential is the assessment of the attractiveness of investing in a certain area as a source of profit on the invested capital, taking into account the guarantees of the security of investments in wartime and postwar times. According to the results of the conducted reconnaissance, it was established that Ukraine has a powerful investment potential, and therefore, broad prospects for attracting foreign investments even during a bloody and destructive war. Despite the military conflict, Ukraine has significant investment potential in sectors such as IT, agriculture, energy and tourism.

СТРАТЕГІЧНІ ОБСТРУКЦІЇ В УПРАВЛІННІ РОЗВИТКОМ ІННОВАЦІЙНОГО ПІДПРИЄМНИЦТВА В ЗАКАРПАТСЬКОМУ РЕГІОНІ

AbstractThe article presents the obstacles to the development of innovative entre-preneurship as a strategic factor in the development of the regional economy of the Transcarpathian region. Obstructions, as well as positive factors, are the object of strategic management of the development of the region and the building of strategic competitiveness, which should be systematized in the following directions. The first ‒ the analysis of quantitative indicators that provide extensive characteristics of innovative activity in the region – indicates a reduction in the number of innovatively active enterprises. The reason for the reduction is the state and regional management ignoring the vital needs of entrepreneurs for institutional and financial support, which ensures the transformation of innovative activity into a strategic competitive advantage. In addition, there is a decrease in the rate of growth of the volumes of innovative products sold. This trend was influenced by the decrease in the number of innovatively active enterprises in the region, that is, the first reason. In addition, as a factor inhibiting the production of innovative products, it is possible to note the underdevelopment of solvent demand for innovative products.The next direction of the analysis of obstacles − the study of the investment climate and investment attractiveness of innovative business in the region − reveals low investment activity and reduction of costs in the field of innovative activity. The reasons for low investment activity are outlined as follows: the high cost of loans in Ukraine, which significantly complicates the financial activity of businesses and worsens the final financial results; lack of mechanisms for attracting public funds (crowdfunding and other methods); general investment climate in Ukraine and its regions. It is appropriate to consider that the investment climate is a more important component of strategic management in the region and the state.The third direction of the study of obstacles is the identification of the development of scientific activity and, accordingly, its impact on innovation activity. Within the framework of the analysis, a reduction in the number of people employed in the field of scientific and research work was determined, which is attributed to the lack of real state support for scientific activity.Among the ways of improving innovative entrepreneurship, it is recommended to highlight the development and implementation of the state strategy of innovative activity, which will provide financial and investment support for innovative business; impro-vement of strategic management of innovation activity in the region, formation of a regional innovation system; support of scientific activity in the region, etc.Keywords: innovative entrepreneurship, strategic development, region, strategic management, strategic competitiveness, development factors.

Investment climate of the EU countries and Ukraine in the context of realization of “green” economy

In the current context of the development of the world economy, one of the main priorities of the country’s economic development is the intensification of investment processes, because they have a positive impact on economic growth and efficient functioning of a country’s economy. The modern investment market is full of competition among countries in order to attract investment. The main indicator influencing the amount of funds raised in the country’s economy is the country’s investment climate. Also, in modern conditions the concept of “green” economy is actively promoted. Therefore, today the assessment of the investment climate of the EU countries and Ukraine in the implementation of the “green” economy is a very important and relevant issue. Finding ways to improve the investment climate in Ukraine is another topical issue. The main objective of this study is to assess the investment climate of the EU countries and Ukraine under conditions of realization of the “green” economy. The research uses general scientific methods of cognition: induction and deduction, analysis and synthesis, methods of qualitative and quantitative economic and statistical analysis, graphic method. Among the methods of economic-mathematical modelling, correlation analysis, trend analysis and correlationregression analysis were used. It was established that the study of the investment climate of the EU countries and Ukraine in the context of the implementation of the “green” economy is based on objective international ratings that have a transparent calculation methodology. These international ratings are constantly updated and cover most countries of the world. So, the proposed method makes it possible to conduct an analysis of the investment climate and the “environmental friendliness” of the country’s economy according to world indices, to determine which countries are leaders and which are outsiders according to the selected indices and indicators, to study the place of Ukraine according to these indicators, and to conduct a trend analysis, to model the degree of close relationship between indices and factors of the investment climate on the basis of correlation analysis, as well as to develop recommendations for improving the investment climate of the EU countries and Ukraine in the conditions of implementation of the “green” economy

STRATEGIC APPROACHES TO INCREASING INVESTMENT ATTRACTIVENESS OF THE REGION (ON THE EXAMPLE OF LVIV REGION OF UKRAINE)

Purpose. The purpose of the study is to develop a scientific and methodological approach to the formation of a strategy for increasing the investment attractiveness of the region using a SWOT analysis, as well as the formation of recommendations for the development of a program to improve the use of its investment potential within its limits, and its practical approbation on the example of the Lviv region of Ukraine. Design/methodology/approach. The article uses methods of analysis and synthesis, SWOT analysis to form approaches to the strategy of increasing the investment attractiveness of the region. Findings. As a result of the conducted research, it was found that the “investment attractiveness of the territory or region” can be characterized as a complex characteristic of the area, which determines the possibility of investor interest and investment attraction, taking into account such groups of factors as: economic, ecological, political and image. The main (internal) factors affecting the increase in investment attractiveness of the region are determined, namely: natural resources (available minerals, explored sources, etc.), labor resources, socioeconomic development of the region, labor resources, as well as auxiliary (external) factors of increase investment attractiveness of the region: marketing policy, management system of economic activity in the region, external infrastructure, tourist attraction; environmental quality, general image of the region, etc. A sequence of strategies for increasing the investment attractiveness of the region has been formed, which includes the following stages: information provision; defining the mission and goals; definition and analysis of internal and external environmental factors; forecasting the conditions of investment attractiveness of the region, which involves finding out opportunities and threats, as well as their changes in the future; strategy formation; analysis of the chosen strategy and decision-making. The SWOT analysis of natural resources showed that the Lviv region has sufficient potential, including unique resources, which gives grounds for forecasting an increase in the investment attractiveness of the region. However, for this, it is necessary to plan significant changes in economic and international activities, in particular: the development of new oil and gas fields; more efficient use of gas storages; change of owners of strategic enterprises; improvement of transport infrastructure; dissemination of information about the potential of the region, etc., taking into account threats and the state of affairs of competitors. A SWOT analysis of the socio-economic development of the Lviv region showed that significant potential is concentrated at its borders, in particular: favorable geographical location, the potential for improving the development of industry and agriculture, etc. However, due to significant threats (a full-scale war on the entire territory of Ukraine; the danger of hostilities spreading to the territory of the Lviv region), the investment climate in Ukraine, and therefore also in the Lviv region, is deteriorating. To improve the situation, it is necessary to improve the legislative field and investment policy, improve the promotion of the region's potential in the international. A SWOT analysis of the labor resources of the Lviv region showed that this region has a significant potential for labor resources. However, there remain problems and threats that should be addressed: it is necessary to improve the demographic situation in the region, create jobs, solve problems with the employment of internally displaced persons, etc. A SWOT analysis of the marketing policy in the process of increasing the investment attractiveness of the Lviv region showed that measures are being taken in this region to improve the information of potential investors, including international agreements on improving the use of the investment potential of the region, but there is still a threat of continued hostilities, including in this region. This complicates the task of attracting investment. Practical implications. Taking into account the results of the research, it is advisable to adopt a program for improving the use of the investment potential of the region, which may include the following components: rational use of natural resources; increasing the qualification of labor resources; implementation of marketing policy for attracting investors, etc. Originality/value. The article proposes new approaches to the formation of a strategy for increasing the investment attractiveness of the region, taking into account the tourist attractiveness factor.

Investment climate in Ukraine: state and prospects of improvement

Investment climate in Ukraine: state and prospects of improvement

ІНВЕСТИЦІЙНА ПРИВАБЛИВІСТЬ УКРАЇНИ: ОСНОВНІ ТЕНДЕНЦІЇ, ПРОБЛЕМИ ТА КЛЮЧОВІ ВЕКТОРИ ВИРІШЕННЯ

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.

Податкові інструменти стимулювання інвестиційної діяльності: державно-управлінський аспект

Розкрито сутність податкових інструментів стимулювання інвестиційної діяльності, серед яких: податковий кредит, податкові канікули, пільги на реінвестування, інвестиційні надбавки, вирахування і звільнення від сплати податків, спеціальні інвестиційні резерви тощо. Сформовано рекомендації для органів виконавчої влади щодо використання податкових інструментів з метою стимулювання інвестиційної діяльності суб’єктів господарювання.

Peculiarities of legal regulation of the concession agreement under the legislation of Ukraine

The article is devoted to the peculiarities of the legal regulation of the concession agreement under the legislation of Ukraine. The authors study the essence and legal regulation of the concession agreement under the laws of Ukraine. The old versions of the laws and the changes that were made to the current versions of the laws regarding the concession agreement are analyzed. Proposals are provided on the directions of reforming and improving the legal regulation of the concession agreement under the legislation of Ukraine. Concession is a form of public-private partnership, which consists in granting the concessionaire the right to create and / or build (new construction, reconstruction, restoration, overhaul and technical re-equipment), and / or management (use, operation, maintenance) of the object of the concession, and / or the provision of socially significant services in the manner and under the conditions specified in the concession agreement, and provides for the transfer to the concessionaire of most of the operational risk, which includes demand risk and / or supply risk. According to the authors, the Law of Ukraine "On Concession" is aimed at improving the investment climate in Ukraine, through the development of economic and legal, contractual system of relations between the state and the investor. As for the content of the concession agreement, it consists of essential conditions, which are quite large and set out in detail in the agreement, under which the parties must reach an agreement and then perform them in full. At the same time, the legal regulation of concession activities needs to be improved. The authors proposed to better define the list of rights and obligations of the concessionaire and the concessionaire by separate articles in the Law of Ukraine "On Concession" in order to better understand the scope of the essential conditions of the concession agreement. Also, this list should include the right of the concessionaire to require improvement and modernization of the concession facility by the concessionaire, taking into account the progress. The authors propose to clearly define the grounds on which the parties are held liable for breach of the concession agreement and to establish guarantees for the concessionaire in case of unilateral termination of the agreement by the concessionaire in the Law of Ukraine "On Concession".

РОЗВИТОК ІНВЕСТИЦІЙНОГО КЛІМАТУ В УКРАЇНІ В УМОВАХ ВІЙНИ

The article reveals key prospects for the development of the investment climate in Ukraine in wartime conditions. It was determined that the full-scale war in Ukraine is the main negative factor affecting Ukraine's investment attractiveness. The dynamics of direct and portfolio investments were considered and it was determined that the net inflow of direct foreign investments for eight months of 2022 is estimated at 47 million dollars USA. The directions for the development of the investment climate in Ukraine during the war and in the post-war period are singled out, in particular, it is envisaged to: unite the Personal Income Tax and Taxation and Establish a single rate of 25%; replace the income tax with a capital withdrawal tax; reform the tax system to create incentives for entrepreneurship and accelerate economic growth (subject to coordination with international partners in accordance with current international financial agreements in Ukraine); implement indicative planning for the implementation of the investment menu project; carry out privatization of non-strategic state assets; create conditions for insurance against the risk of war; provide real estate investment opportunities. It was determined that the state should support the development of the investment climate in Ukraine primarily through financial stimulation. To ensure this process, it is proposed to create the National Fund for Structural Transformation of the Economy. It was found that a unique electronic platform Advantage Ukraine has already been created to attract foreign investors to the Ukrainian economy. It was determined that in the future, Ukraine aims to create high-tech military-industrial parks thanks to European and world military technologies, to attract investments in the development of projects and the construction of military factories. It was established that during the war, Ukraine established itself as a legal state, demonstrating the coordinated interaction of institutions at various levels, aimed at preserving the state order and comprehensive support of all types of economic activity during this period.