to become an object of research of specialists of the Kyiv international institute of
sociology and Institute of economic research and political consultations (Kyiv).
In order to significantly improve the investment climate in the Black Sea region,
we have conducted a critical analysis of the investment attractiveness of the Mykolaiv,
Odesa and Kherson regions. The research was carried out on the basis of 600 domestic
enterprises included in all processes of economic activity and regional development,
the method of interviewing managers as actors capable of making strategic and
operational decisions on the basis of critical analysis and identifying weak and strong
points, advantages and disadvantages the functioning of the micro and macro
environment, the assessment of the degree of riskiness of investment activities, etc.
The obtained results allowed to substantiate the following conclusions, which to
a large extent determine the regional investment attractiveness.
The structure of investment resources for business expansion, according to
respondents, is determined by the predominant use of own funds by enterprises. At the
same time, the level of attraction of credit resources (about 23,6%) remains low, which
is explained, on the one hand, by unfavorable conditions for granting bank loans, and
on the other— the entrepreneurs' own insecurity in the stability of business
development. In turn, this situation determines the low innovation and investment
activity of subjects of economic relations, where the dynamics of the share of
enterprises implementing innovations and investing varies from year to year with a
gradual increase to 18.9% in 2016.
Research results of extent of influence of obstacles on investment processes in the
region showed that the most significant effect on activation of investment activities is
caused by obstacles which are formed on the state level and define the general business
climate (corruption, unsatisfactory legal protection of property) and also a low
performance of activity of local authorities (administrative procedures, local taxation)
(fig. 4.).
Table 2 Assessment of extent of influence of hindrances on investment activity
of subjects of the Black Sea region (points from 1 to 9)
Obstacle
Region
Average for
the region
Mykolaiv
Odesa
Kherson
Corruption
4.5
6.6
5.7
5.6
Infrastructure development level
5.3
6.2
4.9
5.5
Excessive interference of local
authorities as a whole
4.7
7.8
6.9
6.5
Level of protection of property rights
4.0
6.5
6.0
5.5
In turn, the unsatisfactory condition of investment attractiveness the present of
regional development for the foreign and private investor, on our belief, is caused by
the considerable level of their mistrust to the state institutes which is shown:
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