Экономические науки / 4.Инвестиционная
деятельность и фондовые рынки
Genyk S.Y.
Tryhub I.P.
National
University of Food Technologies
ANALYSIS OF THE CURRENT INVESTMENT
CLIMATE IN UKRAINE
In today's dynamic world of investment
has played an important role. They can take the role of core economy, the
driving force of national production. However, internal resources for Ukraine
finance the national economy in the proper amount is not enough. In this
situation, the question arises attract investment from other sources, including
from abroad. Ukraine's economy has significant resource potential, in which
many investors may want to invest. Instability, inconsistency and lack of
transparency legislation does not allow full use of available investment
potential. Together with a significant level of depreciation of fixed assets
(up 76.7%), the problem of attracting foreign funds becomes more acute [1].
Today Ukraine has the established
legal framework for investment
activities. Specifically, the scope of activities regulated by several laws of
Ukraine ("On investment activity", "On foreign
investments", "On Protection of Foreign Investments in Ukraine"),
and more than 10 Decrees of the President, as well
as decisions and orders of the Cabinet.
According to these normative acts in
Ukraine provides for equal rights and guarantees investment protection for all
business investment.
The flow of current political processes
and lack of practical implementation of the set objectives and priorities for
improving the investment climate in Ukraine mainly negatively affect on the
investment climate and, in particular, international investment attractiveness
of Ukraine. So we have got the increasing
risk for investors, thus causing a loss in the competition for global
investment resources.
Therefore, Ukraine needs new mechanisms
for attracting foreign direct investment and a significant improvement of the
investment climate. In a society as well as among the economic elite, has
matured understanding that without radical changes of practice implementation
and mechanisms for implementation in national legislation declared standards
for the investment climate of Ukraine. The key of the
investment climate improvement are:
1. Lack of
sustainable strategies in Ukraine and the national action plan that is
acceptable and inherited all political "Team" and oriented on
software all subjects economic relations equal economic Human and
responsibilities in implementation f inansovo economic activity;
2. Significant tax
burden;
3. Congestion of
regulations and the complexity of the tax system;
4. Strengthening of
negative financial factors;
5. In capacity
of market mechanisms to ensure the rights and freedoms of investors and high level
of investor protection;
6. The negative
international image of Ukraine, which was formed as a result of lack of mass
"successful" investment stories that could serve as a means of
advertising the national investment climate.
Based on the above, the necessary tasks
of public policy is a revision of the existing quality system development and
maintenance of the investment climate in Ukraine, a strategic analysis of the
priorities of the national economy as well as the identification of factors
that lead to inefficiency of legal acts taken in order to maintain a favorable investment
climate in Ukraine.
Given these circumstances and view of the
importance of improving the investment climate in Ukraine, the main short term
objective is to prepare the necessary legal and organizational framework for
increasing capacity mechanisms for the investment climate and the formation of
foundations to preserve and increase the competitiveness of the domestic
economy. You must take a number of priority actions consistent with depoliticization
of the economy, the formation of common strategic objectives and sequencing of
economic reforms constant for the coming to power of any political teams to
ensure constancy and security of protection of the rights and freedoms of
market investor.
In particular:
1. Prepare an
action plan to ensure a favorable investment climate within the declared
priorities of social and economic development;
2. Develop regional
plans to increase the investment attractiveness of regions of Ukraine as a
separate document or in the framework of the regional development strategies,
taking into account the characteristics of their current ratings of investment
attractiveness, to ensure public monitoring of the implementation of these
plans as one of the criteria for the success of administrations;
3. Develop a
program of comprehensive measures to counter inflationary trends in Ukraine;
4. Prepare a list
of measures to enhance the accountability of representatives of executive
authorities and local self-government for corruption;
5. Broaden the
practice of making transparent agreements between investors and authorities on
mutual commitments on competition and competitive business conduct policy in
certain markets for a defined medium and long-term period time.
References:
1. Tsisyk N. B. Problem involvement foreign investment
in economy Ukraine [Text] / Tsisyk H. B. C., - 2006. – 10p.
2. National
Institute for Strategic Studies under the President of Ukraine, the access mode
- http://www.niss.gov.ua/economic_strategy.html