STRATEGIC APPROACHES TO INCREASING INVESTMENT ATTRACTIVENESS OF THE REGION (ON THE EXAMPLE OF LVIV REGION OF UKRAINE)

Abstract

Purpose. The purpose of the study is to develop a scientific and methodological approach to the formation of a strategy for increasing the investment attractiveness of the region using a SWOT analysis, as well as the formation of recommendations for the development of a program to improve the use of its investment potential within its limits, and its practical approbation on the example of the Lviv region of Ukraine. Design/methodology/approach. The article uses methods of analysis and synthesis, SWOT analysis to form approaches to the strategy of increasing the investment attractiveness of the region. Findings. As a result of the conducted research, it was found that the “investment attractiveness of the territory or region” can be characterized as a complex characteristic of the area, which determines the possibility of investor interest and investment attraction, taking into account such groups of factors as: economic, ecological, political and image. The main (internal) factors affecting the increase in investment attractiveness of the region are determined, namely: natural resources (available minerals, explored sources, etc.), labor resources, socioeconomic development of the region, labor resources, as well as auxiliary (external) factors of increase investment attractiveness of the region: marketing policy, management system of economic activity in the region, external infrastructure, tourist attraction; environmental quality, general image of the region, etc. A sequence of strategies for increasing the investment attractiveness of the region has been formed, which includes the following stages: information provision; defining the mission and goals; definition and analysis of internal and external environmental factors; forecasting the conditions of investment attractiveness of the region, which involves finding out opportunities and threats, as well as their changes in the future; strategy formation; analysis of the chosen strategy and decision-making. The SWOT analysis of natural resources showed that the Lviv region has sufficient potential, including unique resources, which gives grounds for forecasting an increase in the investment attractiveness of the region. However, for this, it is necessary to plan significant changes in economic and international activities, in particular: the development of new oil and gas fields; more efficient use of gas storages; change of owners of strategic enterprises; improvement of transport infrastructure; dissemination of information about the potential of the region, etc., taking into account threats and the state of affairs of competitors. A SWOT analysis of the socio-economic development of the Lviv region showed that significant potential is concentrated at its borders, in particular: favorable geographical location, the potential for improving the development of industry and agriculture, etc. However, due to significant threats (a full-scale war on the entire territory of Ukraine; the danger of hostilities spreading to the territory of the Lviv region), the investment climate in Ukraine, and therefore also in the Lviv region, is deteriorating. To improve the situation, it is necessary to improve the legislative field and investment policy, improve the promotion of the region's potential in the international. A SWOT analysis of the labor resources of the Lviv region showed that this region has a significant potential for labor resources. However, there remain problems and threats that should be addressed: it is necessary to improve the demographic situation in the region, create jobs, solve problems with the employment of internally displaced persons, etc. A SWOT analysis of the marketing policy in the process of increasing the investment attractiveness of the Lviv region showed that measures are being taken in this region to improve the information of potential investors, including international agreements on improving the use of the investment potential of the region, but there is still a threat of continued hostilities, including in this region. This complicates the task of attracting investment. Practical implications. Taking into account the results of the research, it is advisable to adopt a program for improving the use of the investment potential of the region, which may include the following components: rational use of natural resources; increasing the qualification of labor resources; implementation of marketing policy for attracting investors, etc. Originality/value. The article proposes new approaches to the formation of a strategy for increasing the investment attractiveness of the region, taking into account the tourist attractiveness factor.