Relocation as a factor in transforming the investment attractiveness of Ukrainian enterprises in 2022-2024

Анотація

The study is devoted to analyzing the transformational impact of relocation on the investment attractiveness of Ukrainian enterprises during the full-scale war of 2022-2024. The purpose of the work is to investigate the impact of relocation on the transformation of investment attractiveness of Ukrainian enterprises in the specified period and to substantiate relocation as a strategic factor for increasing competitiveness under conditions of uncertainty. The research applies a comprehensive approach, including statistical analysis of relocation processes of over 7,800 enterprises, comparative analysis of investment flows, sectoral analysis of transformation in the IT sector, manufacturing industry and agribusiness, DCF-analysis methodology and balanced scorecard system for assessing investment attractiveness in crisis conditions. It has been empirically proven that relocation has transformed from a crisis survival measure into a strategic tool for increasing investment attractiveness, with three waves of relocation identified having different characteristics of impact on investment dynamics. It was established that western regions of Ukraine received 24.6% of relocated enterprises in Lviv region and 16.1% in Zakarpattia, creating new poles of economic activity. The paradox of relocation attractiveness was recorded: after a fall in foreign direct investment by 92.3% in 2022, there was a 7.6-fold increase to 4.25 billion US dollars in 2023. Sectoral features of transformation were determined, particularly the IT sector demonstrates the highest adaptability with 74% of companies maintaining growth, agribusiness showed revenue growth of 3.3 times for successful relocators, and manufacturing industry ensured preservation of 4,312 jobs. The role of state policy as a catalyst for transformation through digital platform, financial support and international programs worth 50 billion euros was substantiated. Research results can be used for forming state policy to support relocation processes, developing investment strategies for enterprises in crisis conditions, assessing investment attractiveness of relocated companies, planning regional economic development and adapting international experience of post-crisis reconstruction. The study proves that relocation of Ukrainian enterprises in 2022-2024 created a phenomenon of adaptive investment attractiveness, when geographical movement stimulates structural improvements in business models, and with adequate state support and developed digital infrastructure, relocation is a mechanism for long-term competitiveness and formation of new centers of investment activity, confirmed by regional investment growth of 340% in Lviv and 280% in Zakarpattia regions.

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