ANALYSIS OF UKRAINE’S INVESTMENT ATTRACTIVENESS
Abstract
This article explores the state of Ukraine’s investment attractiveness under current conditions. It examines the methodology for assessing the country's investment climate and identifies the main criteria influencing investment appeal, including local market accessibility, the development of infrastructure and support services, macroeconomic policy and political stability, tax legislation, government regulation, trade policy, intellectual property protection, as well as currency and other risks. The article analyzes key positive and negative factors that affected Ukraine’s investment attractiveness between 2021 and 2023, particularly political and economic stability, the legislative framework, and infrastructure development. The dynamics of Ukraine’s investment attractiveness index during 2021–2023 are presented. Additionally, the article identifies the main sources of investment for Ukrainian enterprises and highlights the key sectors that attracted investments during this period. In the article it outlines major challenges and risks influencing investment inflows and discusses the prospects for improving the investment climate. Current risk factors for investing in Ukrainian enterprises include martial law, corruption, and underdeveloped infrastructure. On the other hand, factors facilitating investment inflows include support from the European Union, the opening of the land market, and a relatively inexpensive and skilled labor force, despite a significant labor outflow due to the ongoing war. Based on the conducted analysis and the experience of other countries, the article proposes strategies to enhance Ukraine’s competitiveness in the global investment market. It concludes that improving Ukraine’s investment attractiveness during wartime is possible by creating favorable conditions for investors, ensuring security guarantees, developing infrastructure, and attracting international support. A comprehensive national development approach will not only sustain the economy during the war but also lay the foundation for rapid post-war recovery.
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