COMPARATIVE ANALYSIS OF CURRENT LEGISLATION OF UKRAINE AND EU LEGISLATION REGARDING ATTRACTION OF INVESTMENTS

Abstract

Ukraine, being on the path of integration, cannot remain indifferent to the economic processes taking place in the international community in the regions. That is why the issue of legal regulation of investment activity in the European Union is successful. The purpose of the article is to carry out an analysis of the implementation of the legislation of Ukraine and the legislation on investment attraction. As a result of the research, it was found that the state regulates investment relations on the basis of legal norms, but at the same time international standards should be used to protect the rights of investors and create attractive conditions. To improve the investment climate, Ukraine needs to rely on the foreign experience of successful countries that have created the best systems of regulatory and legal regulation of investment relations. The European Union organizes investment activity and promotes policy in this area through intergovernmental specialized financial and investment institutes. In Ukraine, the main focus is on legal regulation, investment institutes are either absent or only partially functioning. Budget investment is the most effective method of financial regulation. This means that the independence of individual industries and investment activities is emphasized. Among European countries, Ukraine has the opportunity to become a leader for foreign investments due to its large domestic market, significant industrial potential and developed agricultural sector. Currently, Ukraine has a sufficiently meaningful regulatory and legal framework for investment activities, but the legislation in this area is developing and improving with the attraction of more foreign investments and the improvement of the efficiency of their use. Modern changes in investment legislation have a positive effect on investment attractiveness and the investment climate in Ukraine. However, despite the fact that Ukrainian legislation is approaching European practice, there is still a long European way to improve the investment climate in Ukraine.

Keywords

• investment incentives, regulatory barriers, investor protection, legal harmonization.