Investment support for the economic development of the western region of Ukraine in the context of sustainable development

Abstract

The relevance of this study stems from the need to intensify investment support for the economic development of the Western region of Ukraine amidst military challenges, the structural transformation of the national economy, and the implementation of sustainable development principles. Against the backdrop of business relocations, changes in logistics flows, and the growing role of the regional economy, the development of effective mechanisms for attracting and utilising investment resources takes on particular significance. The aim of the study is to substantiate the directions of investment support for the economic development of the Western region of Ukraine in the context of sustainable development. The methodological basis of the study consists of general scientific and specialised methods of economic analysis, in particular the systems approach, economic and statistical analysis, the comparative method, graphical and tabular methods, as well as the method of generalisation. The information base for the study consists of official statistical data from the State Statistics Service of Ukraine, regulatory and legal acts, and scientific works by domestic scholars on the issues of regional investment development. The study analysed trends in capital investment in the Volyn, Lviv, Ivano-Frankivsk, Rivne, Zakarpattia, Ternopil and Chernivtsi regions between 2015 and 2024. It was found that the largest volume of investment is concentrated in Lviv Oblast, which is linked to the development of transport and logistics infrastructure, the IT sector and industrial parks. It was determined that, in the context of the war, the Western region of Ukraine has strengthened its role as a strategic logistics and investment centre for the state due to business relocation and its proximity to the borders of the European Union. The results obtained confirm the advisability of using a comprehensive approach to the formulation of regional investment policy with the aim of ensuring the sustainable economic development of the Western region of Ukraine.