Formation of the investment environment in Ukraine in the context of European integration: an example of Poland

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In the period of Ukraine’s integration into the European economic space, one of the basic conditions for achieving compliance with the European community requirements is the formation of favorable investment environment. In view of this, the aim of the article is to analyze the economic preconditions for the unification and adaptation of the investment mechanism in the period of Ukraine’s integration into the economic euro area, and to develop recommendations for unification of institutional support for the formation of the investment environment in Ukraine. In the course of the study, the system approach and the method of system analysis and synthesis are the basis. Based on the analysis of the activities in Poland, it is outlined that the conditions for their achievement of high rating indicators are the legally regulated mechanism for promoting investment, which includes relevant institutions, low tax rates, transparency and ease of doing business. The comparison made on this basis has made it possible to determine key differences and problems between approaches of European countries and Ukraine, namely: the lack of correspondence between the actual measures legally declared, the monetary unit instability, the unpredictability of the political and economic situation, the complexity of doing business. Approaches to unification of institutional support for the formation of the investment environment in Ukraine and measures aimed at increasing the efficiency and competitiveness of investment activity are proposed.

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    • Figure 1. Geographic structure of foreign trade in goods and services in Ukraine in the first half of 2017
    • Figure 2. Measures to promote investment activity at all institutional levels (evidence from Poland)
    • Figure 3. Directions to improve institutional support for investment activity in Ukraine
    • Table 1. Specific weight of export-import of goods with EU countries in total export-import of goods of Ukraine in 2011–2016
    • Table 2. FDI of Poland
    • Table 3. Sources of incoming portfolio investment of Poland from top five partner countries
    • Table 4. Indicators characterizing the effectiveness of Polish economic policy
    • Table 5. Direct investment (share capital) from the countries of the world to Ukraine
    • Table 6. Indicators characterizing the effectiveness of Ukraine’s economic policy (compared to the relevant indicators of Poland)