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1 Ivan Franko National University of Lviv, Ukraine (corresponding author)
E-mail: dmytroriznyk@gmail.com
ORCID: https://orcid.org/0000-0003-3188-5158

This is an Open Access article, distributed under the terms 
of the Creative Commons Attribution CC BY 4.0

DOI: https://doi.org/10.30525/2661-5150/2023-1-8

SYSTEMIC AND STRUCTURAL CHARACTERISTICS  
OF INVESTMENT ACTIVITY IN UKRAINE

Dmytro Riznyk1

Abstract. 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.

Key words: direct foreign investment, investment activity, capital investments, limited funding, stakeholder.

JEL Classification: E22, G11

1. Introduction
Investment is a crucial economic category 

that significantly influences both the short- 
and long-term prospects of socio-economic 
development for all micro- and macro-economic 
actors. Accordingly, investment activity as an 
economic phenomenon has a complex economic 
essence, which is influenced by a wide complex of  
exogenous and endogenous factors, which are 

mutually accepted. Socio-economic turbulences 
in Ukraine represent additional obstacles in the 
context of investment activity. In this context, 
one of the critical challenges is to strengthen the 
focus on the systemic-structural characteristics 
of Ukraine's investment activity, which influences 
the prospects for the development of the national 
economy at the level of the state as a whole, as  
well as individual households, enterprises,  



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financial institutions, and other economic agents 
operating at both the macro- and micro-levels. 
This issue requires a deeper understanding  
of the systemic-structural features of investment 
activity in Ukraine. Consequently, this demon-
strates the high importance of this direction of 
research.

The purpose of this article is to identify the 
peculiarities of investment activity in Ukraine in  
its systemic and structural dimension in the  
context of the influence of critical micro- and 
macro-level drivers. Within the framework of  
this study a number of tasks have been formed:
– to determine the essence and current issues 
of investment activity in Ukraine with a special  
focus on its systemic-structural features;
– to conduct an analysis of the main trends and 
drivers of investment activity in Ukraine from the 
perspective of its systemic-structural construction;
– to formulate proposals for activating investment 
activity in Ukraine, taking into account the needs 
of critical stakeholders.

The nature of investment and the systemic-
structural characteristics of this economic  
category have been the subject of considerable 
research. Several works analyze the theoretical 
foundations of investment activity, especially 
in its systemic-structural aspects. In this regard, 
Kapral (2016) examines the theoretical and 
methodological approaches to studying the  
essence of the economic phenomenon of 
investment activity. Dolinsky (2016) examines 
the theoretical and methodological foundations  
of investment activity in Ukraine in the context  
of the banking sector. Skorobogatova (2016) 
examines the essence of investment activity 
in critical aspects of value creation for various 
stakeholders, and the integration of investment 
activity into the overall financial and economic 
mechanism of the national and global economy.  
An additional contribution to the study of the 
above issues was made by a work of NISS 
(2023), which examines the institutional basis  
of investment activity in Ukraine, particularly 
in the context of the formation of good socio-
economic relations between economic agents  
at the micro- and macro-levels.

The study examines the main cause and 
effect relationships and key factors in terms of  
exogenous and endogenous changes in the 
socio-economic environment that shape the  
peculiarities of investment activity in developed 

and developing countries. In this context, Igan, 
Kulan, and Marzaei (2016) examine the impact 
of capital flows on the economies of several 
developing countries. Scientific and practical  
work in this direction is complemented by the  
work of Rodionova and Sisoian (2019), which 
examines the issues of implementation of 
investment activities in terms of micro- and  
macro-level drivers of a general and specific 
nature (using the example of the Baltic region). 
An additional contribution to deepen the 
understanding of this issue is the work of  
Ogbokor (2018), who conducts an econometric 
analysis of the impact of foreign direct  
investment on the state of the national economy 
in developing countries (using the example of 
Namibia). Research by Grabiec (2022) examines 
the peculiarities of investment activity at the  
micro level during the socio-economic crisis  
caused by the COVID-19 pandemic (using  
Poland as an example). Research by BVCA 
(2023) analyzes current trends and key drivers 
of investment activity in developed countries in  
2020–2022 (using the United Kingdom as an 
example) during significant socioeconomic 
turbulence at the level of individual states and  
the world.

The role of investment activity at the macro  
level, in particular, in supporting the socio-
economic development of the national economy 
and fulfilling other state functions, is studied 
in many articles. For example, Kulakov (2021) 
analyzes investment activity at the international  
level in the context of diplomacy and interna- 
tional relations. The work of Aleksin (2019) 
examines the issue of limited financing in the 
context of activating investment activity in  
Ukraine, especially in stimulating the growth 
of capital investment in the real sector at the  
state level.

A separate body of work examines the 
role of investment activity in stimulating the 
competitiveness of economic agents at the 
micro and macro levels in Ukraine. In particular,  
Korittyko (2016) examines critical factors in the 
context of the system of investment activity in 
Ukraine at the micro level. Avramenko (2018) 
examines investment activity in the context of 
supporting an appropriate level of competiti- 
veness in Ukraine's agricultural sector.  
Burkaltseva, Voronin, Lisitsky, Mazur, Guk  
(2017) study investment activity in the 



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innovation sector as a driver of growth in the 
competitiveness of the regions of the country. 
Polozova and Manoilenko (2017) analyze the role 
of investment activity in Ukraine in supporting 
the competitiveness of enterprises in the field of 
innovation and investment mechanisms at the 
micro-, meso-, and macro-levels.

Another direction studies the peculiarities of 
investment activity in terms of the specificity 
of the application of its tools in different  
industries and business practices. For example, 
McLaughlin (2019) analyzes the role of state 
companies in the implementation of investment 
activity at the national and global economic 
levels. In line with the above research direction, 
Kutsyk (2020) analyzes the role of the state in 
activating investment activity in the IT sector 
in Ukraine. This scientific and practical issue 
is complemented by the work of Valencik and 
Cervenka (2016), which examines the analytical 
tools for increasing the degree of coherence 
of various blocks of state investment activity. 
Paskaramoorthy (2020) examines the issue 
of conducting investment activity in an online 
environment.

However, the issue of systemic and structural 
peculiarities of investment activity in Ukraine 
in connection with the implementation of 
a comprehensive solution in this area needs to be 
further studied.

2. Systemic and structural analysis  
of investment activity

According to the legislation of Ukraine (in 
particular, the Law of Ukraine № 1561-XII 
of 18.09.1991), investment activity is a set of  
actions of economic entities and their socio-
economic relations in the implementation 
of investments. The Cambridge University  
Dictionary defines investment activity as a  
financial-economic process consisting of 
purposeful steps to acquire assets for the benefit 
in the form of interest or increase in their  
market value, carried out by both professional 
investors and the population. Accordingly, this 
economic category covers a wide range of socio-
economic and financial-economic relations at 
micro and macro levels of broad stakeholder 
groups, which determines the complexity of 
systemic-structural features of investment activity.

The essence of investment activity in its systemic-
structural aspects can be identified through its 

essential components and drivers. In this study,  
the following drivers can be distinguished:
– investment risks and limiting factors;
– sectoral structure of foreign direct investment;
– structure of foreign direct investment by main 
countries of origin;
– structure of the development of foreign direct 
investment by sectors of economic activity;
– structure of investment financing.

It should be noted that due to the specific  
impact of micro and macro factors of short-term 
and long-term actions at the regional, national  
and global economic levels, which can be  
generally defined as the investment climate, 
investment activity in Ukraine faces many risks  
and constraints. Accordingly, these factors 
determine the volume and dynamics of  
investments in the country and shape the  
systemic-structural peculiarities of investment 
activity in Ukraine.

In this context, the EY (2021) study on the 
national strategy in the field of investment  
activity in Ukraine identifies several risks 
and limiting factors for FDI (foreign direct  
investment) in Ukraine from the investors' 
perspective in 2021. Among the main obstacles 
to the growth of FDI, EY experts highlight  
the following (out of a maximum of 10.0 points):
– corruption in Ukraine (8.8);
– low quality of the functioning of the national 
judicial system and the state of the rule of law in 
Ukraine (8.6);
– involvement of regulatory authorities in Ukraine 
(8.2);
– risk of restrictions on the free movement of 
capital from Ukraine (7.6);
– risk of state nationalization of companies (7.5).

Accordingly, the above-mentioned restrictions 
from the investor's point of view should be 
prioritized within the framework of the state  
policy of Ukraine in the sphere of investment 
activity – for all groups of stakeholders, not 
only for the central executive authorities and 
the parliament, but also for the expert and  
consultative-analytical communities in the  
sphere of investment, the financial sector, 
professional investors and enterprises of the real 
sector of the Ukrainian national economy.

These risks and limiting factors directly or 
indirectly affect the state of investment activity 
in Ukraine. EY experts conducted a comparative 
analysis of the total volume of FDI and its 



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distribution per capita in a sample of countries  
from Eastern Europe, the Middle East, North 
Africa and Central Asia.

As a result of this analysis, Ukraine shows 
significantly lower results compared to the 
benchmark countries in terms of FDI per capita. 
This indicates significant challenges for Ukraine's 
investment activity, especially in the systemic-
structural aspect. Detailed data and results of  
this comparative analysis are presented in Table 1.

In terms of sectoral breakdown, direct foreign 
investments in Ukraine are mainly directed to 
industrial enterprises (44% of the total volume 
as of 2021) and wholesale and retail trade 
organizations (15% for the same period) (Kapral, 
2016). Thus, FDI often flows into the developed 
sectors of the national economy. This pattern is 
typical for investment activity in both developed 
and developing countries.

From the perspective of countries from which 
direct foreign investments come, Ukraine's 
investment activity is significantly concentrated 
on direct foreign investments in a geographical 
context. The main countries from which direct 
foreign investments originate are Cyprus  
(31.5% as of 2021) and the Netherlands (21.7% 
for the same period) (Kapral, 2016). It should 
be noted that these European countries account 
for more than half of the volume of direct  
foreign investments in Ukraine in 2021. The list 
of the main countries from which FDI will flow  
to Ukraine in 2021 is presented in Figure 1.

As for capital investments until 2022, the 
investment activity of Ukraine was characterized  
by rather high growth rates. As of 2021, the 
volume of capital investment utilization in  

Ukraine amounted to 508.2 billion UAH,  
compared to 623.9 billion UAH for the same  
period of the previous year. This indicates 
unfavorable dynamics of capital investments in 
Ukraine. At the same time, in terms of sources of 
financing for capital investments, the dominant  
role will be played by the enterprises' own funds 
(68.6% by 2021). Another significant source of 
financing of capital investments in Ukraine is 
financing from the state and local budgets – at 
17.6% for 2021. However, bank and other loans  
will account for only 5.0% in 2021. Funds of  
foreign investors in the structure of financing 
of capital investments in the country constitute  
only 0.1% for 2021 (Kapral, 2016). 

Table 1
Volume of FDI and its distribution per capita for individual countries in the Eastern Europe,  
Middle East, and Central Asia region, 2021, billion USD, million people, thousand USD per person

Country Region
Volume of FDI,  

billion USD
Population,  

million people
Volume of FDI per capita, 

thousand USD/person
Czech Republic Eastern Europe 146,5 10,7 13,7

Slovakia Eastern Europe 57,2 5,5 10,5
Kazakhstan Central Asia 156,2 18,8 8,3

Poland Eastern Europe 235,7 38,4 6,1
Serbia Eastern Europe 41,5 6,9 6,0

Lithuania Eastern Europe 16,6 2,8 5,9
Romania Eastern Europe 81,5 19,3 4,2
Turkey Middle East 143,7 83,2 1,7
Tunisia North Africa 38,0 11,7 3,2
Ukraine Eastern Europe 71,2 41,8 1,7

Source: Based on (EY – USAID)

31,5%

21,7%
6,1%

4,5%
4,6%

3,0%
2,3%
2,0%

24,3%

Cyprus Netherlands Switzerland
United Kingdom Germany Austria
Luxembourg France Others

Figure 1. Structure of foreign direct investment in 
Ukraine by major countries of origin, %, 2021

Source: Based on data from the State Statistics Service of Ukraine, 
National Bank of Ukraine, Ministry of Finance of Ukraine, 
Ministry of Economy of Ukraine 



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The specific structure of investment financing 
in Ukraine leads to systemic and structural 
challenges in the short and long term.  
In particular, the dominance of own sources 
of financing combined with the low weight of  
attracted sources of financing indicates a  
significant limitation of financing of capital 
investments in Ukraine. As a result, firstly, 
there is no adequate transfer of funds from the 
financial sector to the real sector of the national  
economy of Ukraine; secondly, it limits the 
opportunities of Ukrainian enterprises to 
improve their production and operating facilities;  
thirdly, it artificially limits the pace of socio-
economic growth in Ukraine; and fourthly,  
it leads to the limitation of the work of certain  
sectors of the national economy of Ukraine, which 
could serve as business partners for Ukrainian 
enterprises in a more balanced structure of  
financing capital investments in Ukraine. 
Accordingly, this requires the implementation 
of active measures by the state to activate the 
attraction of other sources of financing to achieve 
higher and longer-term results in the context of 
Ukraine's investment activity. (Kapral, 2016)

3. Investment activity in Ukraine:  
sectoral analysis

Within the framework of the analysis of systemic 
and structural features of investment activity, 
the structure of capital investment utilization 
by economic activity sectors is of scientific and 
practical interest. It should be noted that the 
key areas of capital investment in Ukraine as of 
2021 are industry (35.5% of the total), compulsory 
social insurance (12.3%), and agriculture (10.0%). 
This reflects the structural features of the national 
economy and the priorities of the country 's  

socio-economic development. The detailed 
structure of capital investment utilization by 
sectors of economic activity in Ukraine for 2021  
is presented in Figure 2. (Kapral, 2016) 

Based on the analysis of systemic and structural 
features of investment activity in Ukraine, the 
article offers a set of scientific and practical 
recommendations aimed at strengthening the  
work of this institution in the short and long  
term, both at the level of the national economy as 
a whole and at the level of individual enterprises. 
These changes are intended to create a stable 
foundation for the development of investment 
activities in Ukraine based on competitiveness and 
a focus on creating value for various stakeholders: 
financial and non-financial corporations, 
households, and the state.

The proposed set of recommendations consists  
of three interrelated blocks:
– Block 1. Financial and economic measures;
– Block 2. Regulatory and legal measures;
– Block 3. Communication and popularization. 

Consider the proposed measures within the 
framework of the issue under study in more detail. 
Block 1 includes the planning and implemen- 
tation of comprehensive reforms to improve 
the state of the exogenous and endogenous 
environment of investment activity in Ukraine,  
thus attracting investors to more active  
participation in this process. This block also 
includes the development and implementation  
of targeted reforms aimed at improving the state  
of individual sectors as potential areas for  
activating investment activity.

Block 2, "Regulatory and legal measures", 
envisages appropriate changes in the regulatory, 
legal and legislative framework to provide a legal 
basis for the financial and economic measures  
to be taken. Such an approach is necessary to 

 

35,5%

12,3% 10,0% 8,2% 7,8%

industry compulsory social
insurance

agriculture vehicle repair construction

Figure 2. Key sectors of economic activity in terms  
of capital investment utilization in Ukraine, %, 2021

Source: Based on data from the State Statistics Service of Ukraine, National Bank of Ukraine,  
Ministry of Finance of Ukraine, Ministry of Economy of Ukraine 



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enable the appropriate implementation of the 
reforms in Block 1, the acceptance of these  
changes by key stakeholders, and the  
normalization of these changes.

The set of proposed measures to strengthen 
investment activity is presented in Block 3,  
which is aimed at deepening the acceptance 
of changes by key stakeholders – primarily 
households. This can be achieved by conducting 
various information campaigns to popularize the 
ideas of reforms focused on investment activity 
in Ukraine. This will lead to greater openness 
of citizens to interaction with professional 
investors and the state in the field of investment.  
These information and communication 
activities will also strengthen the trust of local  
communities in local investors.

At the same time, professional investors, the 
financial sector, and foreign companies need 
additional explanations that will increase their 
confidence in the prospects of the Ukrainian 
economy. These information and communication 
activities can be carried out within the framework 
of state export promotion, cooperation with 
industrial and business associations, and  
economic diplomacy. As a result, the level of 
stakeholder engagement will increase, activating 
the investment process in Ukraine. 

4. Conclusions
In summary, the function of investment activity  

in Ukraine has been studied in its systemic-
structural aspect. A special focus of the research 
is aimed at identifying key problem areas 
and, accordingly, ways to improve the state of  
investment activity in Ukraine. This analysis is 
carried out in the context of critical risks and  
barriers to the creation of a good investment 
environment at the micro and macro levels in 

Ukraine. As a result, a comprehensive study of  
this economic category in its essential aspects, 
namely systemic-structural features, is required.

It is important to note that significant challenges 
arising from the need for post-war reconstruction 
and activation of socio-economic development 
in Ukraine will only exacerbate the current need 
to strengthen investment activity – primarily in 
its systemic-structural dimension. Accordingly, 
this will require the implementation of deep and 
coordinated reforms to improve the favorability  
of the national socio-economic environment at 
both the micro and macro levels. These changes 
should be addressed to existing and potential 
investors and other key stakeholders.

In response, a set of solutions has been  
formulated that includes measures necessary to 
improve the micro and macro socio-economic 
environment in the context of activating  
investment activity in Ukraine. This set includes 
several blocks: Financial and economic 
measures, Regulatory and legal measures, and  
Communication and popularization measures. 
Accordingly, these blocks are coordinated  
and aimed at improving the socio-economic 
environment in the short- and long-term 
dimensions of time to activate investment  
activity in Ukraine on a systemic basis.

The prospects of future research in this  
direction include the deepening of the analysis of 
the essence of investment activity in the context 
of critical drivers for the creation of long-term 
results for the state and other economic agents. In 
the future research it will be necessary to expand 
the formed scientific-practical recommendations 
on measures for activation of investment 
activity in Ukraine taking into account changes 
in the exogenous and endogenous environment 
from the point of view of their implementation  
peculiarities.

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Received on: 03th of March, 2023
Accepted on: 10th of April, 2023

Published on: 28th of April, 2023