Investment Climate In Ukraine Research Articles

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.

ВПЛИВ РІВНЯ ІНВЕСТУВАННЯ НА РОЗВИТОК БУДІВЕЛЬНОЇ ГАЛУЗІ

The construction industry is a strategically important component in the development of the national economy and the development of the country's social infrastructure. The variability of the conditions of production activities of construction companies leads to fluctuations in physical and financial results obtained by enterprises. The relevance of the topic is emphasized by the importance of the development of the construction industry due to its impact on the efficiency of the functioning of the entire economic system in the country. The issue of financing the construction industry requires special attention. The level of investment in construction determines the ability of enterprises to receive a number of benefits. To create a favorable investment climate in Ukraine, it is necessary to develop real financial and credit mechanisms to stimulate industrial and housing construction in order to increase the competitiveness of the industry. The analysis of capital investments in construction in comparison with other spheres of activity for three years is carried out. Deterioration of the situation in 2020 compared to previous periods has been identified. To determine the prospects of the construction industry, the index of business activity of construction companies in 2021 was considered. In connection with the change in the level of investment, its relationship with the index of construction products is considered. Identified similar trends in the change of these indicators. Assumptions are made about the impact of inflation on the volume of construction output and its corresponding reflection on the index of construction output. Factors that hinder the activities of construction companies are listed. The increase in the cost of construction works due to higher prices of raw materials was especially noted. The measures taken by the government to create an attractive investment climate in Ukraine are indicated. The need for more thorough development of strategies for attracting domestic and foreign investors in the construction industry of Ukraine and finding new sources and forms of financing was also noted.

STIMULATION OF INVESTMENT PROCESSES IN THE ECONOMY OF UKRAINE IN ORDER TO INCREASE ITS COMPETITIVENESS

An urgent problem facing Ukraine is the justification of the need to stimulate investment processes to increase its competitiveness and gain a strong position in the international market. After all, ensuring the competitiveness of the economy is a priority of any state that cares about its place in the world market and its economic growth. The level of investment significantly depends on the economic attractiveness of Ukrainian enterprises, as competitive enterprises are an important factor in the success of investors. The formation of the country’s investment attractiveness is necessary to ensure its competitiveness, solve social problems. Effective use of foreign direct investment in the national economy can be an important factor in accelerating economic growth, optimizing the reproductive structure of the economy, solving many other strategic tasks. Accumulated foreign investment is one of the indicators that reflects the level of integration of the country into the world economy, the development of its foreign economic relations and the desire to create an open, export-oriented model of the economy. Ukraine lags far behind most countries with economies in transition in this regard. The paper presents the results of research by leading organizations on the investment attractiveness of Ukraine in 2020. It is established that increasing the country’s competitiveness entails an increase in investment. It is determined that the need for sustainable economic growth, which contributes to increased productivity, remains critical to improving living standards. Ways to improve the investment climate in Ukraine are proposed. The results of the work are a system of proposals to improve investment activity.

Інвестиційна діяльність в Україні та її вплив на національну економіку

The article analyzes the volume and structure of direct foreign investment in the economy of Ukraine. Factors that negatively affect investment attractiveness and the investment climate in Ukraine are presented and analyzed. It was established that in Ukraine there is a significant imbalance in investments by regions of the country – two-thirds of foreign funds are invested in enterprises of four regions, which has a negative impact on the national economy development. Proposals have been developed to increase the investment attractiveness of Ukraine in the post-war period, in particular, to create the most comfortable conditions for investment, which will make it possible to compensate for the damage caused by the war.

МЕТОДОЛОГІЯ ОРГАНІЗАЦІЇ ОБЛІКУ ВІДТВОРЕННЯ ОСНОВНИХ ЗАСОБІВ НА ПІДПРИЄМСТВІ

The article discusses the methodology of movement accounting, documentation and control of the condition of fixed assets at the enterprise. Effective use of fixed assets depends on properly organized accounting at the enterprise, which provides reliable information for external and internal use. The structure and composition of fixed assets and the dynamics of their reproduction are formed depending on the enterprise's activity and development strategy. The Ministry of Finance of Ukraine ensures the development and implementation of uniform methodological principles of accounting and financial reporting at enterprises and the implementation of regulatory legal acts by enterprises. However, the enterprise independently decides and reflects in the accounting policy of the enterprise the peculiarities of movement accounting, documentation and control of the state of fixed assets. The absence of legally regulated forms of primary documentation for the accounting of fixed assets allows the company to switch to independently developed forms that contain all the mandatory details of primary documents. The transition to IFRS made it possible to bring domestic regulations into compliance with EU legislation, which will contribute to the simplification of doing business, transparency of financial reporting and a favorable investment climate in Ukraine. Information about the structure and amount of fixed assets is essential in assessing the solvency of the enterprise and its investment attractiveness. The enterprise independently determines the expediency of applying international standards, except when enterprises are of public interest, public joint-stock companies, economic entities that carry out activities in the extractive industries, and enterprises that conduct economic activities by type. The list of which is determined by the Cabinet of Ministers of Ukraine. These enterprises prepare financial statements and consolidate financial statements according to international standards. Many small and medium-sized enterprises voluntarily switch to IFRS because they have foreign investors, creditors, foreign consumers and partners, and international subsidiaries. However, as taxpayers, all enterprises must also comply with the requirements of the Tax Code, which has specific restrictions on the calculation and accounting of depreciation of fixed assets at enterprises. However, the issue of maximum convergence of accounting and tax legislation on accounting and depreciation of fixed assets at the enterprise remains open. Differences in the accounting and tax definitions of the concept of "fixed assets" require the enterprise to develop methodological measures to simplify their accounting and unify the requirements of accounting and tax legislation.

Modern problems of attracting the investment resources in the economy of Ukraine

The large-scale war between Ukraine and Russia has generated an economic crisis that won’t be overcome without the attraction of external donor funds. The threat caused by the severe bombing of cities and destruction of infrastructure and many companies forced a lot of foreign investors to partially stop investment. These steps had to be taken since a range of companies lost their resources, and there was nothing to invest in. Indeed, the interpretation of the nature of investment resources provides that they include all types of monetary and other assets involved in investment in investment objects. The investment process stops with the loss of the investment object. Therefore, such a short-term period of investment suspension is totally reasonable and logical. The article aims to identify the main problems of attracting investment resources and substantiate the directions of their minimization and elimination. The main features of the current development stage of the Ukrainian economy are characterized in the context of changing principles and directions of their further functioning. The features of the impact of present hostilities on the development of some economic sectors are analyzed. The main attention is focused on the interest of foreign business in the stabilization of the situation in Ukraine since the conflicts lead to significant losses for investors who establish companies here and put lots of money. The article reveals the threats caused by active hostilities and growing international saturation of the domestic market with different food products. It describes the stages directed at the creation of investment resources for both the companies and the country as a whole. The authors characterize modern challenges and specify the measures related to the change of additional opportunities to improve the investment climate in Ukraine and attract foreign direct investment in the priority sectors of the national economy more actively.

Дослідження процесу залучення інвестиційних ресурсів промисловими підприємствами в період пандемії COVID-19

The purpose of the article is to research the impact of the COVID-19 pandemic on attracting investment resources by industrial enterprises of Ukraine and provide practical recommendations for improving this process. It is proved that in a crisis, direct foreign investment in all sectors of the economy is sharply reduced. At the same time, it is determined that the most perspective direction for investment, as before, remains industry, which in crisis conditions was, is and will be a necessary component for the economic recovery in general. As a result of the study, the reasons for the unfavorable investment climate in Ukraine are distinguished, both those that have developed historically and those caused by the coronavirus. Favorable and unfavorable factors for foreign investment are systematized. It is proposed that enterprises develop investment projects based on strategic planning of their activities and cooperation with other enterprises of the industry sector. Attention is focused on the need for the State support for innovative activities of enterprises and comprehensive assistance in the development of investment projects on their basis. Prospects for further research in this direction can be the study of foreign experience of countries as to the development of investment portals and programs, methods of direct and indirect stimulation of innovation activities, analysis of the global market of goods and professions to determine the vector of change. In addition, continued research of the investment potential of industrial enterprises in Ukraine is required, as well as the development of ways to improve their investment activities.

PROBLEMS AND WAYS TO ACTIVATE INVESTMENT ACTIVITY IN UKRAINE

The article examines the current state and problems of the development of attracting foreign direct investment. The author determined that the most investments in Ukraine are made by such countries as Cyprus and some countries of the European Union. It is proved that foreign investment is one of the most effective ways to develop economic, social, environmental and other spheres. It is determined that the key problems in attracting foreign investment today are: political instability, legislation, high inflation, and undeveloped infrastructure. The author has identified trends and explored the prospects for the development of attracting foreign direct investment, which allows us to demonstrate the dynamics of investments, which is considered an indicator of changes in the level of trust and rating of the country as a whole. Foreign investment plays a major blow to the economic development of many countries. Raising in the economy largely provides effective investment activity of Ukraine, which works by showing the dynamics invested in the country, so the investment climate in any country stands out from the main factors of socio-economic activity. situation. Thus, projects, innovative investments can be of great benefit for the economic development of the country, help to solve economic problems, so attract investors necessary and justified. In order to increase investment attractiveness, the country needs to implement a set of measures on the part of states and affairs, and as Ukraine has a strong production potential, thus concentrating the enhancement on the realization of its competitive advantages. It is concluded that the main directions of increasing the efficiency of investment activities, now and in the near future, will be: new modern infrastructure, improved investment, attracting foreign investors and improving the tax system. To improve the investment climate in Ukraine and increase the flow of foreign investment, it is necessary to promote the development of science, improve the regulatory framework in the field of investment, participate more actively in international investment projects, and develop small and medium-sized businesses in Ukraine.

Investment attractiveness of Ukraine: realities and perspectives

Subject of research. The purpose of the study is the investment attractiveness of Ukraine and ways to improve using the Index of Investment Attractiveness of Ukraine. The purpose of writing this article is to identify ways to improve the investment climate in Ukraine. Methodology of work - methods of statistical analysis and synthesis, method of graphic modeling of investment attractiveness of economic climate in Ukraine. Results - As a result of the study, the following priorities were identified for 2021 to improve the investment climate in Ukraine: reboot of the judicial system; de-oligarchization of power; development of an effective and independent anti-corruption infrastructure; getting rid of bureaucracy; reduction of administrative and tax pressure on business; appointment of pro-European reformers to public office; restoration and support of cooperation with international financial institutions; law enforcement reform and effective fight against smuggling, including through increased fiscalization; establishing equal rules of the game for business. Scope of results. Economic branch: management of national economy, macroeconomics, economic theory. Conclusions. The biggest obstacles to the Ukrainian market as a result of the survey identified - exchange rate fluctuations, close ties between the economy and politics, insufficient legal order, corruption of public authorities, labor shortages and access to finance.

Аналіз впливу зовнішньої торгівлі на інвестиційну привабливість України

Annotation. Introduction. The studying process of the investment attractiveness of the Ukrainian economy remains a priority for domestic economists, because the economic growth is impossible without the involvement in investment. In order to improve the investment attractiveness of the economy it would be desirable to determine the factors and relationships that improve the corresponding indicator. Purpose. The main purpose of the article is to analyze the impact of foreign trade on the investment attractiveness, develop projections for the investment climate in Ukraine. The definition of the role of the country’s stock index in investment attractiveness. Results. The study reveals the concept of the investment attractiveness. The influence of export goods on investment attractiveness was investigated. A number of key export goods for the domestic economy were identified. The projections of the investment attractiveness for future periods were developed due to the price of export goods in the world market. The role of the stock index in the country’s investment climate was determined. The projections of the stock index of Ukraine were developed. Recommendations for increasing the investment attractiveness of the national economy were given. Conclusions. Based on the research, we can draw conclusions about the strong positive correlation between the foreign trade and the investment attractiveness. Now, Ukrainian exports are commodity-focused and, as a result, the economy depends on the price of agricultural products and iron ores on the world market. The results of the study predict and an increase in the cost of food products in the world and, as a consequence, an increase in the investment attractiveness of the Ukrainian economy. Despite the positive projections for the growth of commodity prices, the export of goods with high added value goods will be more profitable option for the economy. Keywords: investment activity; investment climate; foreign trade; economic growth; export; projection; polynomial trend line; iron or; correlation-regression analysis; stock index.

CURRENT STATE AND PROSPECTS OF CONSTRUCTION INDUSTRY DEVELOPMENT IN UKRAINE

The article deals with the current state of the construction industry for the period 2018-2020, and its significance for the economy of Ukraine is determined. The general trends of construction development in the modern transformational economic environment have been revealed here. The contribution and share of construction in the total GDP of the country are studied. The volumes of the construction production are analyzed, and after a deep review of indicators and rates dealing with construction products output, it is determined that the construction industry is developing steadily. The role of the state in creating a conducive investment climate in Ukraine is determined, and capital investments in construction are analyzed, and their share in the total capital is allocated. The sales volumes of building materials, the number of construction companies, and the population engaged in the construction sector are analyzed. The authors noted the necessity of normative regulation of construction activity, development, and implementation of state programs on development and support of the construction industry. The main problems of construction companies that have arisen after the introduction of a quarantine regime caused by the COVID-19 pandemic have received much attention. It is noted that it is possible to minimize the negative factors influencing the activities of construction industry companies through strategic management and support of this industry by the state.

Investment efficiency of business in Ukraine: realities and assessment methodology

The article systematized factors of investment attractiveness and investment climate in Ukraine. The expediency of supplementinganexistinglist of components of investment climate is substantiated by two additional factors. Themechanismo factionoftheproposedfactorsthatreflectthenegative effectin the developmen to freformsand innovations, aswellas the economic efficiency of construction projects on the financial result, expected from investigations, isrevealed. The trends in the developmen to finvestment activityinUkrainein 2015 - 2020, the existence of reserves for increasing the economic efficiency of investments and the need for their calculation witht hehelpof a special methodological approac hare analyzed. The methodical approach to the evaluation of investment efficiency of constructionis developed, which is based on the magnitude of the multiplier of capital investment in construction inthelong-termperiodandrefinedtheboundariesoftheretrospectivehorizon, which are necessary to determine such a multiplier. The rapid importance of aninvestment multiplier of construction isestablis hedand a methodological approach to qualitative interpretation of this indicator issubstantiated. The basis of a methodological approach is the results of a cluster analysis of aninvestment multiplier in the contex to fvarioustypesofconstructionandregions, the methodof K-medium, aswellaspostulatesofthetheoryoffuzzysets. Within the framework of the developed methodological approach, the "investment attractiveness of construction" characteristicsis presentedin the form of a fuzz yterm-shear, which combines three terms: "Lowefficiency", "averageefficiency", "highlevelofefficiency". Inaccordance with descriptiv estatistics of thereceived clusters, the parameters and type of functions of affiliation, the boundaries of clusters that directly affecttheuse of correctivea mendments to the value of the economic effectof capitalinvestment to the level of the contractor-executor of construction work are substantiated. The sizeofther is kfactorisestablishedtakingintoaccountthetypeofconstructionandmedium-layervalues ​​ofmultipliersofcapitalinvestmentinconstruction. Theuse of the proposed Metdic approach to the analysis of investment efficiency inconstruction makesitpossible to increase the accuracy of calculations on th epre-investmentst age of construction, aswellastoimprovemonitoring of capital investment development, carried out in the process of implementing national investment programs and international investment projects.

CURRENT CREDITING INSTRUMENTS INFLUENCING INVESTMENT CLIMATE IN UKRAINE

The article investigates modern approaches to define the concept of investment climate. The latter is considered to remain unfavorable in Ukraine, although there are some positive changes in this direction. The factors which determine the state of investment climate are identified and structured in this paper. They include social, institutional, economic, integration and man-made ones. The key instruments which might influence the investment climate of Ukraine are determined. It is underlined that their effective use will improve the state of investment climate in the country nowadays.
 The change of investment position of Ukraine in the world’s top rankings is underlined. According to the most authoritative Ease of Doing Business ranking, the rate of Ukraine is 71st at the beginning of 2019. Ukraine has considerably improved its rate recently. The most significant changes have been observed in the field of customs policy whereas the most problematic one is the bankruptcy procedures.
 The research of the current state of investment activity in Ukraine has revealed an increase in the inflow of foreign direct investments, although their size compared to the needs of the real sector of the economy is still insignificant. The factors constraining the investment activity in Ukraine are formulated.
 The usage of the relevant crediting instruments influencing the investment climate of Ukraine in order to improve it and to increase the activity of domestic and foreign investors is suggested. It is proved that tax, budgetary and crediting instruments of currency regulation are currently the most essential. Positive influence of currency liberalization on the investment climate of Ukraine is revealed. The legalization of crypto currency operations is recommended. It is also necessary to implement modern electronic accounting methods (blockchain technology) into financial practice and accelerate the implementation of Basel III international standards.
 In Ukraine the legalization of cryptocurrencies will lead to a GDP growth, development of the new ways of running banking business and investment activity encouragement.

ТРЕНДИ ІНВЕСТИЦІЙНОГО РОЗВИТКУ ПІДПРИЄМСТВ ГОТЕЛЬНОГО ГОСПОДАРСТВА УКРАЇНИ

The article is devoted to the definition of modern trends in investment development of the hotel industry of Ukraine. The development of the hotel business has a positive impact on the economy of any country. The quality of accommodation services in Ukraine is much lower than in European countries, but Ukraine has all the opportunities to achieve a higher level. It will be possible under the condition of creating a favorable investment climate, as well as attracting foreign investment for the development of the hotel industry of Ukraine. Therefore, it is important to study current trends in investment development of hotel enterprises. The main factors influencing the process of attracting investment in the hotel business are studied. The directions of development and improvement of the investment climate in Ukraine are determined. The modern development of the hotel business investment process is analyzed. New approaches to attracting investment in the hotel industry are proposed. New methods of attracting foreign investment in the hotel business of Ukraine have been developed. The relationship between the development of the hotel industry and other sectors of the economy has been established. The influence of the state on attracting foreign investments is studied. Necessary changes at the state level have been identified in order to attract investments to the country. The dynamics of the investment attractiveness index from 2012 to 2020 is analyzed. The investment climate and business climate of Ukraine are considered and analyzed. The positive and negative moments that have an impact on him are highlighted. The main factors that improve the investment attractiveness of any country are identified. The economic factors that play a crucial role in improving the investment climate are listed. Modern tendencies of hotel business development in Ukraine are revealed. The factors, in particular economic and socio-economic, that affect the development of various industries of the country and directly those that have an impact on the hotel industry are highlighted. The main methods of attracting foreign investment are structured. Factors that ensure overcoming or reducing investment risks are identified. The main tendencies of investment development of hotel business in Ukraine are formed.