Published: Apr 28, 2023

  Dmytro Riznyk


Investment activity is an important component of the financial and economic mechanism of the national economy. In the socio-economic turbulence inherent in Ukraine, significant challenges for the development of the state and its national economy, the role of investment activity in supporting socio-economic development at both the micro and macro levels is growing significantly. In this context, special attention is paid to the main characteristics of investment activity, and the subject of study is revealed in its systemic and structural features. The purpose of the article is to determine the systemic and structural aspects of investment activity in Ukraine, taking into account the influence of exogenous and endogenous drivers both at the level of enterprises and the state. The methodology used in this article consists of a systemic and structural analysis of investment activity in Ukraine, including the study of key components and factors, comparative analysis with other regions, and sectoral analysis. This comprehensive approach makes it possible to identify challenges and opportunities in the investment climate, which ultimately leads to the formulation of practical recommendations for improving investment activity in the country. The article examines the nature of investment activity in Ukraine at the current stage, emphasizing its systemic and structural aspects. The main risks and limiting factors for the adequate development of investment activities in Ukraine were identified both at the micro- and macro-levels. The main challenges to investment activity in Ukraine were studied with a focus on the main groups of stakeholders. Within the framework of the study, the main trends of investment activity in Ukraine were analyzed from the point of view of its system and structural architecture. The trends in the sectoral structure of foreign direct investments, as well as in the leading countries of their receipt are highlighted. The structure of the development of capital investments by spheres of economic activity, as well as the peculiarities of the financing of capital investments in their structural aspects were studied. In conclusion, based on the results of the research, scientific and practical proposals were made to support the development of investment activity in Ukraine in financial and economic, regulatory and legal, communication and promotion aspects. The conducted research can be useful for professional researchers, experts in financial and investment sphere, professional investors, business associations, financial institutions and state authorities. Prospects for future research are an extended analysis of the issues of the essence of investment activity from the point of view of its critical challenges for the creation of added value for stakeholders of different levels in a turbulent environment.

How to Cite

Article views: 51 | PDF Downloads: 60



direct foreign investment, investment activity, capital investments, limited funding, stakeholder


Kapral, O. (2016). Theoretical and methodological approaches to studying the essence of the concept "State policy for stimulating investment activity of commercial banks." Visnyk Natsionalnoho Universytetu "Lvivska Politekhnika," Logistyka, 846, 73–78.

Dolinskyi, L. (2017). Theoretical and methodological principles of organization of credit and investment activities of banking institutions. Prychornomorski Ekonomichni Studii, 13(1), 245–249.

Skorobogatova, Ye. (2016). Research of the essence of investments and investment activity. Ekonomichnyy Visnyk NTUU "Kyivskyi Politekhnichnyi Instytut," 13, 1–10.

Institutional principles of investment activity development in the industry of Ukraine. (n.d.). NISD Analytical Note. Retrieved February 14, 2023, from

Igan, D., Kulan, A., & Marzaei, A. (2016). Real Effects of Capital Inflows in Emerging Markets. IMF Working Paper Series, WP/16/235, 1-50.

Rodionova, T., & Sisoian, M. (2019). Analysis of investment activity in the Baltic region. IRECST, 10, 52–57.

Ogbokor, C. (2018). Econometric Analysis of the Impact of Foreign Direct Investments on Economic Growth in Namibia: Evidence from Annual Data. International Journal of Economics and Finance Studies, 10, 105–108.

Grabiec, О. (2022). Investment Activity of Enterprises in Poland in the years 2019-2021 on the Example of the Śląskie Voivodeship. European Research Studies Journal, 3, 179–189.

BVCA (2022). Report on Investment Activity 2021: Growing Great British Businesses. Retrieved March 24, 2023, from %20Reports/Growing-Great-British-Businesses-2022.pdf

Kulakov, O. (2021). International investment activity in the context of foreign relations. Economic Journal Odessa Polytechnic University, 1(15), 39–45.

Aleksin, G. (2019). The Financial Strategy Instrument in the Context of Enterprise Modernization. Scientific Bulletin of the National Academy of Statistics, Accounting and Audit, 3, 20–29.

Korityko, T. (2016). Assessment of investment activity of industrial enterprises in Ukraine. Ekonomichnyi Visnyk Donbasu, 3(45), 141–145.

Avramenko, Y. (2018). Investment activity as a tool for increasing the competitiveness of farm enterprises. Ekonomika APK, 1, 84–92.

Burkaltseva, D., Voronin, I., Lisitsky, А., Mazur, N., & Guk, O. (2017). Assessing the Effects of Investments into Innovative Activity as a Regional Competitiveness Factor. International Journal of Applied Business and Economic Research, 15(8), 11–27.

Polozova, T., & Manoylenko, O. (2017). Monitoring the functioning of the innovation-investment mechanism for ensuring the competitiveness of the enterprise. Prychornomorski Ekonomichni Studii, 12(2), 223–229.

McLaughlin, M. (2019). Defining a State-Owned Enterprise in International Investment Agreements. ICSID Review-Foreign Investment Law Journal, 34(3), 595–625.

Kutsyk, P. (2020). State policy of the investment processes development on the market of IT services: analytical and strategic aspects of implementation in Ukraine. Economic Annals-XXI, 182(3-4), 64–76.

Valencik, R., & Cervenka, J. (2016). Analysis Tools of Connecting Investment Opportunities and Investment Means in the Area of Small and Medium-Sized Enterprises. European Research Studies Journal, 19(4), 130–139.

Paskaramoorthy, A. (2020). A framework for online investment decisions. Investment Analysts Journal, 49(3), 215–231.

Law of Ukraine № 1561-XII from 18.09.1991 "On Investment Activity." (n.d.). Retrieved March 23, 2023, from

Cambridge University Dictionary. (n.d.). Retrieved March 23, 2023, from

EY – USAID (2021). National Strategy to Increase Foreign Direct Investment (FDI) to Ukraine. Retrieved December 14, 2022, from

State Statistics Service of Ukraine (2022). Retrieved December 14, 2022, from

National Bank of Ukraine (2022). Retrieved December 14, 2022, from

Ministry of Finance of Ukraine (2022). Retrieved December 14, 2022, from

Ministry of Economy of Ukraine (2022). Retrieved December 14, 2022, from