FORMATION OF INVESTMENT POLICY IN THE CONDITIONS OF GLOBALIZATION CHALLENGES

Abstract

The theoretical approaches to the formation of investment policy of enterprises in Ukraine have been revealed in the article. Attention is paid to the assessment of the current state of investment policy formation. The state and tendencies of investments in Ukraine are analyzed. The issue of attracting foreign investments is urgent for Ukraine. Some features of the process of foreign investment in Ukraine are considered. The analysis of the distribution of foreign direct investment by major sectors of economy of Ukraine and regions is carried out. It is established that the implementation of the investment strategy of economic activity in Ukraine should focus on increasing investment resources, a consistent increase in the share of capital investment in GDP, improving the structure of investment sources and optimizing the directions of their investment. The most priority sectors of the economy for investors have been identified and the possible consequences due to excessive foreign direct investment. The expediency of directing investments, first of all, on the reproduction of capital in the real sector of the economy, on the development of innovative industries that would contribute to the integration of Ukraine into the world community is substantiated. The problems of correlation of private and state and internal and external sources of investment are considered. The problems of choosing the optimal structure of sources of investment financing are highlighted. It is substantiated that international practice proves that attracting foreign investment resources not only does not contribute to the socio-economic development of the recipient country, but on the contrary, is a strong cause of the economic crisis and that foreign direct investment is only a small complement to domestic investment, which has created an economic miracle, shows that only an emphasis on domestic resources can provide the country with rapid but long-term economic development. It is determined that the state strategy of development of Ukraine in the investment sphere should be to stimulate the growth of expenditures of the private sector of the economy, which is gaining momentum after the privatization of state-owned objects. The views of V. Bilyk, Vice President of A7 CAPITAL, and A. Vigirinsky on the need for investment and the current problems are presented. Suggestions for providing tax incentives for effective direct investment have been made. Benefits for the state from the provision of tax benefits have been identified.