Tools for the improving of investment climate in territorial communities: challenges and perspectives for Ukrainian economy
Introduction. The actuality of problem of investment activities stimulation and creation of favorable investment climate rises nowadays because of the necessity of additional resources engaging in socio-economic development of Ukraine and due to the administrative reform progress that causes new possibilities for territorial communities investment development.
Aim and tasks. The aim of the article is represented by development of theoretical, methodical positions and practically-applied proposals that are to substantiate the instruments of improvement of the investment climate of territories, according to new challenges and opportunities of the decentralization reform in Ukraine. The example of scope of regulatory measures and positions is to be represented and can be implemented to almost any another Ukrainian region or territorial community.
Research results. The essence of the category of investment climate is determined in the modern sense and from the point of view of the ensuring of socio-economic development of territorial communities in Ukraine with the special scope on the regional level. As one of the main tools for the improving of the investment climate in the territorial dimension, special (free) economic zones are considered; key advantages and disadvantages of the using of such instrument are identified. The set of measures to the improving of investment climate on the territory of the community is proposed and such means are capable for providing without creating of a separate territorial unit that minimizes geopolitical risks. The measures are aimed on support of economic initiatives of the communities and include instruments of tax support for entrepreneurial activities. A number of non-economic instruments are proposed, which include the mandatory implementation of the strategy for the development of territorial communities, information support of investment activities with the obligatory passportization of advantages and opportunities, concerning the example of the territories of the Ukrainian Black Sea region.
Conclusions. Strategic directions of implementation of the conceptual idea of the regulating of the institutional provision of investment climate include law legalization and social introduction of the best practices of investments stimulation. The prospects of future researches in sphere of investment activities regulation are concerned with effective structure of the institutional environment formation.
Keywords:investment climate, tools of investments activation, Ukrainian regions investments, improving of investment climate
1. Investing in Ukraine. (2016). Pricewaterhouse Coopers. Retrieved from http://www.pwc.com/ua/en/publications/publication001.html.
2. Investment Climate. (2016). Retrieved from http://www.worldbank.org / en / topic /competitiveness/brief/investment–climate.
3. Reznik, N.P. (2008). Determinants of investment climate. Investment priorities for the globalization era: the impact on the national economy and private business: Proceedings of International Scientific and Practical Conference. (Vol.1, pp. 25-27). Dnipropetrovsk [in Ukrainian].
4. Zahorianska, O.L. (2008). Investment climate and the factors that shape it Visnyk Kremenchutskoho natsionalnoho universytetu, 1, 124-126 [in Ukrainian].
5. Monastyrs'kyj, H.L. (2010). Management's modernization paradigm of economic development of local communities baseline. Ternopil': Ekonomichna dumka [in Ukrainian].
6. Draft Law on Amendments to the Constitution of Ukraine № 1-1/458. (2015, 01 July). Retrieved from http://w1.c1.rada.gov.ua/pls/zweb2/webproc4_1?pf3511=55812 [in Ukrainian].
7. Law of Ukraine On voluntary association of territorial communities № 157–19. (2015, 05 February). Retrieved from http://zakon1.rada.gov.ua/laws/show/157-19 [in Ukrainian].
8. Convention on the Settlement of Investment Disputes between States and Nationals of other States. Ratified by Law of Ukraine № 1547-III. (2000, 16 March). Retrieved from http://zakon2.rada.gov.ua/laws/show/995_060 [in Ukrainian].
9. Investment climate of Ukraine. The World Bank. (2015). Retrieved from http://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD?contextual=region&end=2015&start=2005&view=chart.
10. U SEZ “Iavoriv” in “Kurortopolis Truskavets” realized 101 investment projects for 224.4 million dollars. (n.d). Retrieved from http://zaxid.net/news/showNews.do?u_sez_ldquoyavorivrdquo_ta_ldquokurortopolis_truskavetsquot_realizovano_101_investitsiyniy_proekt_na_2244_mln_dol&objectId=1046102 [in Ukrainian].
11. The Law of Ukraine On the Special (Free) Economic Zone 'Porto-Franko' in the Territory of Odesa Trade Seaport № 1607-14]. (2005, 31 March). Vidomosti Verkhovnoi Rady Ukrainy, 26, 208 [in Ukrainian].
12. Laiko, O.I. (2014). Transformation processes in Ukrainian Economi’es Investment System. Odesa: IMPEERNASU [in Ukrainian].
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
If the article is accepted for publication in the journal «Economics. Ecology. Socium» the author must sign an agreementon transfer of copyright. The agreement is sent to the postal (original) or e-mail address (scanned copy) of the journal editions.