UDC 330.322: 338.4 (477.8)
Ishchuk, S. O. (2014). Investytsiynyy protses i perspektyvy rozvytku vyrobnychoyi sfery u Zakhidnomu rehioni Ukrayiny [Investment process and prospects of development of the industrial sector in the Western Region of Ukraine]. Rehional'na ekonomika - Regional Economy, 73(3), 217-227. [in Ukrainian].
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Authors

Resume

In the conditions of overcoming the consequences of the socio-political crisis in Ukraine, one of the most important problems hindering the development of the national economy, is an insufficient amount of investment resources attracted in national economy and, above all, in the real sector. The solution to this urgent problem lies in finding reliable sources for financing the investments with their consequent effective use for revival of business activities in all regions of Ukraine. Hence the article is devoted to the determination of dynamics and key trends of investment process in the Western region, as well as to outline the prospects of the development of the industrial sector of Lviv region, in particular in terms of deepening European integration of Ukraine. In this context, the criteria for selecting the priority directions of investment in the region have been grounded through the prism of investment activities indicators. A multifactorial assessment of the impact of structural transformations, forecasted in the branch cut, on the economy of Western region of Ukraine has been conducted, and the optimized structure of investments into fixed capital of the region has been constructed by types of economic activities. Methodological tools to optimize the structure of the sources of capital investment financing, based on the use of elimination method, particularly the method of chain substitutions, have been developed and tested at the level of the Lviv region, which allows to determine the influence of each of the sources of investment resources on the investment profitability.

A new methodological approach to the evaluation of the core capital of the region has been proposed. The basis of the methodology lies on the system of economic and mathematical models for the determination of total and partial integral indices, characterizing the state, reproduction and the level of use of the core capital. According to the results of the calculations, trends of partial integral indices are compared, and tendentious lag (both in all Ukraine and in the Western region) of movement integral index values from the values of indicators of economic status and of core capital effectiveness, has been found. It was proven that inadequate general level of capital renovation was the result of extensive investment process.

The problematic issues and promising operating conditions for industrial sector in the Western region have been outlined, and a number of practical measures to ensure the further development of the industrial, transportation and construction companies have been proposed. The necessity of creating regional public data base (in the form of interactive catalog or registry) of the current and potential modernization projects, which will present comprehensive information on needs in the resources with precise indication of their volumes, the nomenclature (for capital resources), assortment (for materials), qualifications (for labour), has been proved. The introduction of this approach of inter-sectoral interactions into the practice will solve the complex problems of ensuring the development and increasing of competitiveness of economic activities, belonging to the production sphere of the region, i.e. industry, transport and construction.

Keywords:

investment, efficiency, criteria, optimization, fixed capital, renewal, industrial sector, development