Наук. кер. Moroz Yuliya,
Чернівецький торговельно-економічний інститут КНТЕУ,
A Role of the Foreign Investing in the Economy of Ukraine
In a market economy stability of activity of enterprise is marked by such basic factors as a growing volume of the realized products, stable profitability, and financial firmness. The most actual for Ukraine is a problem of volumes of resources and structures of investment activity. Exactly due to their successful decision possibly not only to score an economic success but also pawn bases for forming of positive long-term progress to the national economy trends.
The purpose of this article is research of volume of foreign investments in Ukraine on the modern stage, to light up a normative base which regulates realization of this activity, to define the prospects of increase of foreign investments in Ukraine, to consider factors which influence the size of investments.
At research of problems which brake development of investment activity into Ukraine the following scientists were working on: Balanutsa O., Tovstizhenko O., Zasliy I, Maslyi V.
In accordance with Law of Ukraine «About investment activity» September, 18 in 1991 № 1560-ХІІ, «Investments are all types of property and intellectual values, which are laid in the objects of enterprise and other types of activity as a result of which an income is created or a social effect is achieved» [3, р. 105].
The following factors influence the size of investments: level of savings in the profits of population, norm of income investments, inflation, rate bank percent, tax policy.
Examining the index of the General volume of investing on a macro level, it should be noted that the result of investment activity is an investment income which decreases from 2003 and in 2004 - 2006 begins to rise. It is conditioned, foremost, by growth in 2002-2006 of profitability of such types of economic activity, as industry, wholesale and retail trade, financial activity. A decline in 2003 of profitability of Ukraine’s economy took place due to diminishing of profitability in industry and unprofitableness of agriculture [2, р. 108].
The most volumes of capital in 2006 are brought in by non-resident from Cyprus - $750 mln., Germany - $ 741.4 million, Russian Federation - $ 363.8 million, Austria - $ 285.4 million, Netherlands - $ 249.3 million, Sweden - $ 216.1 million, United Kingdom - $ 151.4 million, France - $ 101,1 million, Britain, - $ 91.7 million, Hungary - $ 74.9 million [1, р. 73].
Basic part of foreign investments till now was sent in those spheres which are not determining for a domestic economy. Since January, 1 in 2005 the biggest foreign investor for Ukraine is the USA, the American corporations inlaid in machine-building industry 2.7% in total from the sum of the investments, while in a wholesale and mediation in trade - 15,9%, in food industry - 14,1%. The investments of the British firms in these industries equal to 29.4%, in engineering - 10.4%. As for Germany the proper correlation is 27,4% and 11,4%. One of basic foreign investors (Netherlands) brought in capital into the wholesale and food industry of Ukraine. The Russian investments in metallurgy and engineering make in all 4.4% and 2.1% from the total sum of capital received from Russian Federation. An increase of direct foreign investments in the Lugansk oblast in 2004 was 159.2%, Sevastopol - 115,6%, Kirovohrad oblast - 83,1%, Crimea - 41.4%, Kharkiv oblast - 42,2% and others like that. Among boundary oblasts the highest investment was made to Zakarpattya oblast (34.5%). Investments to Chernivtsi oblast were 21.2%, Lviv - 14.8%, Volyn’ - 13.2%. Diminishing of foreign investments was fixed in the Mykolaiv and Sumy oblasts.
One of important factors of providing of steady socio-economic development of country there is an increase and effective use of investment resources. In Ukraine it is necessary to create a favourable investment climate, which would provide bringing in and rational use of money and its investing in the most effective highly technological productions, which will create terms for the start of investment policy, and also development of contiguous productions [3, р. 106].
Prospects of bringing in of foreign investments for Ukraine are the following:
-diminishing of balance of payments deficit.
-indemnification of general deficit of financial resources.
-increase of production, creation of new volumes export oriented productions.
-growth of budget, businessmen and population profits.
-introduction of new technologies in production, import and mastering of new technique and equipment
-activation of competition at the internal market, diversification and perfection of methods and forms of competitiveness.
- acceleration of development of low developed territories [1, р. 74].
The solution of the crisis state of the country determines the real sources, directions, structure of investments, carries out rational and effective measures for implementation of the national, regional and local socio-economic and technological programs, and reproduces processes on micro- and macroeconomic levels. At the same time the state must create a favourable investment climate with the purpose of wider bringing in, next to internal, foreign investors mutually beneficial principles.
For providing of effective development of investment infrastructure it is necessary to attract banks-non-resident in the economy of Ukraine, to pursue an open-door policy for them, to create the advantageous terms of providing and development of capital. Consequently, an improvement of terms for bringing in of investments is a main condition on a way to development of country’s economy.
1. Балануца О. О. Роль іноземного інвестування в економіці України // Формування ринкових відносин в Україні №10, 2008. – С. 73
2. Товстиженко О. В. Роль іноземних інвестицій в інтенсифікації розвитку вітчизняного виробництва // Актуальні проблеми економіки №1, 2007. – С. 104
3. Маслий В. В. Прямі іноземні інвестиції: ретроспективний аналіз // Актуальні проблеми економіки № 11, 2008. – С. 70