Investment support of the agrarian sector of the economy of Ukraine in the pre-war and post-war periods
Authors: Shust O. , Varchenko O. , Krysanov D. , Dragan O. , Tkachenko K. 
Published: January 2024

The article is devoted to the analysis of trends and shifts in the investment provision of the agrarian sector. The approaches of various scientists regarding the essence of the concept of "investment security" have been analyzed. It is established that it includes not only the forms, methods, levers and tools of investment support, but also their division into tools for investment forecasting, investment attraction and distribution, investment regulation and tools for evaluating the effectiveness/ efficiency of investment implementation. This allows you to reasonably choose the method of resource provision and ensure a comprehensive approach to solving the issue of investing in the agricultural sector.
The contribution of the agricultural sector to the creation of the country's gross domestic product was assessed and it was established that the current level is insufficient for achieving strategic goals and solving current problems. An important indicator of the investment process is the gross accumulation of fixed capital in the structure of the national GDP. It was established that Ukraine has a level almost twice as low as this indicator and belongs to the last group of underdeveloped countries. This shows that the deficit of capital investments for the agricultural sector was and is a constant problem.
It has been proven that direct investments grew until 2013, and then fell sharply due to the annexation of Crimea and the occupation of Donbas and fluctuated in a "narrow corridor", but at the same time, in primary production - it decreased by half, and in the food industry - it increased by a third. With the transfer of DI reporting from the State Statistics Service to the NBU in 2020, the methodology of their calculation also changed, which made it impossible to analyze the dynamics of direct investment over different periods of time.
It was established that the main source of investment in primary production was and is the own funds of enterprises and organizations, which are strengthened by bank loans, and in some years supplemented by funds from the state and local budgets. Regarding the national economy, the list is wider: funds of the population for the construction of their own apartments, loans from foreign banks, funds of foreign investors and domestic investment companies, funds, etc. When investing in material assets, the key positions are occupied by capital investments in machines and equipment (3/5-3/4), but significantly less (1/6-1/4) in the construction and reconstruction of buildings, which allows modernization of production.
The division of enterprises into separate groups according to the principle of attracting capital investments more/less than by primary production/food industry is systematized. Different types of enterprises have been obtained, depending on the gaps between their own capabilities and the volume of capital investments financed by them, which are covered by external borrowings.
The direct and indirect losses inflicted on the agricultural sector from Russian aggression are generalized and the key risks for its functioning are systematized. The main principles of the Plan for the Revival of Ukraine were revealed and the projects under the "New Agrarian Policy" direction, which have already begun to be implemented, were systematized. It was established that the volume of capital investments for their implementation in the average annual calculation is almost three times higher than the corresponding for the last five reporting years in primary production.
Key words: capital and direct investments, primary production, food industry, directions of investment, direct and indirect losses, economic potential of the industry.