STRATEGIC GOALS OF THE STATE REGULATION OF FOREIGN ECONOMIC ACTIVITY OF INDUSTRIAL ENTERPRISES OF UKRAINE IN THE CONTEXT OF THE EUROPEAN VECTOR OF DEVELOPMENT

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Published: May 31, 2023
https://doi.org/10.30525/2661-5169/2023-2-6

  Anatolii Shuhalii

Private Higher Education Establishment "European University", Ukraine (corresponding author)
https://orcid.org/0009-0000-7526-7795

Abstract

The article is devoted to the study of strategic goals of state regulation of foreign economic activity of industrial enterprises in Ukraine in the conditions of European integration. In the future, Ukraine will be part of a single market with more than 450 million consumers, which will create opportunities for industrial enterprises to expand their foreign economic activity and increase their export potential. The purpose of the article is to formulate strategic objectives of state regulation of foreign economic activity of industrial enterprises in Ukraine in the context of the European development vector. This article examines the role of state regulation in ensuring effective foreign economic activity of Ukrainian industrial enterprises and identifies strategic goals to be achieved in this process. In addition, the article analyses the main challenges and obstacles hindering the achievement of these goals and suggests ways to overcome them. Methodology: scientific research uses general and specific scientific methods, including the method of analysis and synthesis, the descriptive-analytical method, the systems approach, the method of systematisation, the graphical method and the method of comparison. Results. Nowadays, effective regulation of foreign economic activity of industrial enterprises is one of the most important factors of economic growth of Ukraine. Many studies have been devoted to the development of mechanisms of state regulation of foreign economic activity, but some aspects are still overlooked by scientists. The practical implications of Ukraine's integration into the European Union are a crucial step for the development of the economy. The European Union is Ukraine's most important trading partner. Thanks to this integration, Ukrainian producers have gained easier access to one of the largest markets in the world – the European Union market. When Ukraine becomes a full member of the European Union and is fully integrated into the single market, it will create more jobs and increase salaries by exporting high-quality products to European Union countries. Ukraine is a reliable partner of the European Union and is working towards membership. This process is not fast, but Ukraine is fulfilling the Association Agreement with the European Union, adopting necessary laws and carrying out reforms for the development of Ukraine. This will help transform Ukraine into a developed country with a high standard of living. The search for new and effective mechanisms for organising foreign economic activity and preserving export potential is extremely important for Ukraine, taking into account the European vector of development in the conditions of a state of war. The article argues for a timely study of the problem of formation of a mechanism of modern regulation of foreign economic activity of industrial enterprises, taking into account the impact of the external environment. It presents a number of administrative, economic and legal methods, as well as a periodisation of the formation and development of legislation in Ukraine on foreign economic activity. It also examines the process of foreign economic activity regulation, which refers to a system of measures capable of combining direct legislative regulation of export and import activities of enterprises with economic levers aimed at protecting and improving the structure of the domestic market. The Association Agreement signed between Ukraine and the European Union shows that Ukraine has opted for the European model of socio-economic development.

How to Cite

Shuhalii, A. (2023). STRATEGIC GOALS OF THE STATE REGULATION OF FOREIGN ECONOMIC ACTIVITY OF INDUSTRIAL ENTERPRISES OF UKRAINE IN THE CONTEXT OF THE EUROPEAN VECTOR OF DEVELOPMENT. Green, Blue and Digital Economy Journal, 4(2), 48-61. https://doi.org/10.30525/2661-5169/2023-2-6
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