Інвестиційний клімат України: сутність, проблеми та шляхи їх вирішення

Abstract

The purpose of the paper is to analyze the investment climate and investment attractiveness, identify the main issues with attracting foreign investment, and find ways to minimize investment risks in the light of European experience and directions for improving investment activity. The article deals with the theoretical approaches of domestic and foreign scientists to the definition of the essence of the concepts of “investment climate”, “investment attractiveness”, the proposed own interpretation. The factors that influence the dynamics of attraction of foreign investments are as follows: macroeconomic, factors of the state and development of the financial market, political, legal, innovation, demographic, labor, natural and climatic, international relations, institutional factors: activity of international organizations, availability of mechanisms of state control, management efficiency, etc. The volume and dynamics of inflow of foreign investments into the territory of Ukraine during the last years have been analyzed, and the level of investment activity of the state is investigated and investment attractiveness is estimated on the basis of world ratings. The article highlights the main investor countries in Ukraine: Cyprus – 25.6%, the Netherlands – 16.1%, the Russian Federation – 11.7%, the United Kingdom – 5.5%, Germany – 4.6%, the Virgin Islands (Brit.) – 4.1% and Switzerland – 3.9%, as well as the most attractive sectors for them (industry – 33.1%, construction – 12.3%, agriculture, forestry and fisheries – 14.0%, information and telecommunications). It is determined that the main problems hindering the development of investments in Ukraine are: high level of corruption, imperfection of the legislative framework, absence of a system for assessing the investment climate, customs barriers, insecurity of the banking system, lack of experienced and skilled specialists in project management, lack of practical experience and poorly developed infrastructure for venture capital investments. The ways of improving the investment climate of Ukraine in the light of European experience are proposed.