Transformation of investment policy during the war and post-war recovery

Abstract

The features of the transformation of Ukraine's investment policy in wartime and at the stage of post-war economic recovery are studied. It is substantiated that the full-scale war caused a deep structural crisis in the investment environment, which is manifested in a decrease in investor confidence, capital withdrawal, disruption of logistics chains, destruction of infrastructure, and a general increase in risks. Investment policy is a key factor in ensuring sustainable economic development, structural transformation of the economy, and increasing the competitiveness of regions. It is determined that traditional investment policy in such conditions loses its effectiveness and requires a rethinking of goals, mechanisms, and priorities. The transformation of investment guidelines is considered, which involves concentrating resources on sectors that are critically important for national security and stability, particularly the defence-industrial complex, the agro-food sector, energy, healthcare, and critical infrastructure. Financial instruments for supporting investors during armed conflict are analysed, with special attention paid to state guarantees, preferential lending, tax incentives, war risk insurance, and institutional investor support. It is proven that investment policy in crisis conditions should be flexible, adaptive, risk-oriented, and coordinated at the inter-level. It is substantiated that post-war recovery opens up new opportunities for attracting investments in strategically important sectors with a high multiplier effect. Promising investment areas are identified, including construction, digital economy, renewable energy, agro-industrial complex, IT, logistics, and high-value-added production. It is concluded that effective transformation of investment policy in Ukraine is a prerequisite for the formation of a new model of economic development based on sustainability, innovation, and international partnership. Post-war reconstruction requires strategic planning, broad international coordination, and the use of innovative mechanisms for attracting capital, including public-private partnerships, international financial assistance, and guaranteed investment instruments.