The subjective dimension of state investment policy in Ukraine

Анотація

Investment policy as an important area of public policy will have a significant impact on Ukraine’s economic recovery after the destruction caused by the Russian-Ukrainian war. The article describes the subjective dimension of the public investment policy in Ukraine, in particular, it identifies the range of state institutions responsible for developing the public investment policy and outlines the limits of their powers. Investment policy entities at the national level include a number of agencies and institutions subordinated to the President of Ukraine, the Verhovna Rada of Ukraine as the legislative branch and the Cabinet of Ministers of Ukraine as the executive branch. The Verhovna Rada of Ukraine approves the volume of public investments made at the expense of the state budget as part of the main directions of economic and social development of the state. The Cabinet of Ministers of Ukraine ensures the implementation of the investment policy and this is one of its main tasks. The Ministry of Economy of Ukraine is the main body in the system of central executive authorities that ensures the development and implementation of the public investment policy in the real sector of the economy. At the regional level, investment policy entities include institutions that are hierarchically subordinated to state authorities, in particular, oblast councils, oblast state administrations, and territorial offices of central executive authorities. The executive power in the districts is exercised by the district administrations, and legislative power, respectively, by district councils. The local level of investment policy entities is represented by local governments. Authors focuse on the peculiarities of investment policy implementation under martial law by military administrations since the beginning of the Russian-Ukrainian war. The spectrum of public investment policy entities in Ukraine described in the article is represented mainly by state institutions and their subordinate agencies. The article notes that investment policy entities include not only public authorities that develop and/or implement such a policy, but also private investors who contribute their funds, investment funds, business associations, and public representatives. Consideration of their interests is also crucial. The article emphasizes that it is essential to build links between public investment policy entities in the format of the triangle “state” – “business” – “civil society” to establish a dialogue and build trust, since it is necessary to focus primarily on domestic investments that the private sector is able to make. Without honest dialogue, trust, and resolution of existing problems, it is very difficult to convince businesses to invest and increase investment. Meanwhile, cooperation between the branches of government and individual agencies, coherence, and clear coordination of their actions are important, which may require improvement of existing legislation, expansion of the powers of individual institutions, or, instead, their reduction.

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