3rd-year student, sp. “Accounting and Auditing”, d/d, Scientific Advisor – Stupak M.H., Chernivtsi Trade and Economics Institute of KNTEU, Chernivtsi
THE POSITIVE TRENDS IN UKRAINE’S INVESTMENT POLICY
Ukraine experiences today probably one of the most interesting and dynamic stages of its development. This is reflected in the leading rates of industrial production volumes, creation of the modern service sector, infrastructure development and foreign trade expansion, budget receipt increase and improvement of the living standards of its citizens. As for today our state is among the world leaders in metallurgy, chemical industry, agriculture, machine-building, military and special techniques production, aircraft-building and space technologies. At the same time we should not deny, that Ukrainian economy owes their success to a great extent to the strong industrial and scientific-technical base inherited from the Soviet Union, as well as to considerable deposits of natural resources and qualified labor force. As for today the influence of these factors persists, but they gradually exhaust. Moreover, Ukraine increasingly faces the intensified competition on the markets, where it traditionally held strong positions, appearance of new import sources, rise in raw and energy sources price etc. Realization of the mentioned tendencies by the Ukrainian business and state management representatives initiated the work aimed at, on the one hand, accumulation of country’s internal resources and their direction to physical and functional renewal of the Ukrainian economy and, on the other hand, to search for external financial resources for these purposes. If the domestic investment capital volume increase was caused by the general economic growth, export increase, cash flow from the Ukrainians working abroad, then the foreign investment flow directly depended on the national investment climate. The indicator of its improvement since late 1990s was an appreciable increase of foreign investment. So, from 2001 to 2008 the volumes of foreign direct investment into the economy of Ukraine grew 7,5 times to USD 30 bln. The most indicative were 2005 and 2007, when the volume of attracted FDI grew, respectively, 81% and 36,5 %. But for all that the biggest investments targeted primarily the branches giving a relatively fast economic return: banking and financial sector, construction, real estate and logistics, trade, metallurgy, mining complex, machine-building, telecommunications, chemical industry, agriculture sector etc. At the same time the level of investment into high-technology production, venture investments into new developments, i.e. the investments with the prolonged recoupment period, remains insufficient. Recently, one can observe new tendencies in the economy of Ukraine, which are the evidence of its maturity in the whole and of separate Ukrainian companies in particular. The matter concerns the consolidation and structuring of Ukrainian corporations, increase of their transparency and entering foreign stock exchanges for their stock floatation. Traditionally, among the biggest investors into Ukrainian economy a remarkable place hold the countries with the “off-shore” status (about 25%), what is the evidence of the mainly domestic origin of these investment. At the same time the share of EU member-states is also considerable, they are Germany (20 %), Netherlands (8,5 %), Austria (7 %), Great Britain (6,7 and others [3]. At the same time, taking the scale of the national economy, necessity of the considerable modernization of its structure and technological equipment as well as of the development of a radically new transport and communication infrastructure into consideration, Ukraine requires a substantially larger volume of financial resources. By expert evaluation, the investment need of Ukraine for maintaining high rates of economic development by 2015 will amount to USD 150 bln. This need became more actual after the European football championship in June, 2012. For the purpose of the investment climate improvement and foreign investment attraction the state management has taken a series of organizational measurements. First of all, under the Cabinet of Ministers of Ukraine, the Council of Investors was created, the major activity of which is the direct information exchange between investors and governmental officials concerning the legislative and administrative problems hampering the full-scale investment activity in Ukraine [1]. Besides this, the Center for Foreign Investment Promotion (‘InvestUkraine’) was created to further attract the foreign investors to the national economy, providing them with legal, organizational, advisory and other assistance. After this prospective investors’ possibilities became wider and their activities got new impulses. Thus, Ukraine is becoming more and more integrated into the world and European economic systems and obtains the features of the modern developed economy. In spite of the problems to be solved in the investment policy, Ukraine now enters a new level of the economic development characterized by the intensification of the investment activity, increase of the management and resource effectiveness of the national economy. Selected bibliography: 1. http://www.mfa.gov.ua/mfa/en/publication/content/50436.htm 2. http://www.ua-ir.com.ua/ru/investments 3. http://www.pwc.com/ua/en/survey/assets/
and others [3]. 
