We understand that under the conditions of transitional period, investments should have a special structure and be combined with measures to encourage national financial investments and foreign capital investments attraction. Investing policy, while using market leverages of influence, should not exclude state regulation.
The process of encouraging national reserves of investing is, in the first place, related to establishing efficient discount rate of NBU and new system of taxation.
Amortisation is viewed by us as an important domestic reserve of cumulative investments. Its significance should be restored in the process of regular re-evaluation of funds as an important source of production investment.
Personal savings are almost entirely overlooked as a considerable reserve of domestic investments. The state should make people interested in providing personal savings for economic turnover by introducing special measures that guarantee protection, saving and return of personal savings.
We realise that volume of investments sufficient for stable economic growth is impossible to provide for solely at the expense of domestic sources. Therefore, we consider it necessary to direct efforts of the state for creation of favourable conditions to attract foreign capital.
To resolve this issue, it is needed to improve investment climate, institutes of state and inter-state guarantees, development of appropriate funds, insurance, mortgage banking structures with participation of official foreign representation and capital. It also presupposes to develop the system of privileges, create conditions for placing and efficient turnover of currency, acquiring property in our country by foreign legal and physical entities. Among the measures to undertake to attract foreign investments, the most important is, in our mind, are to development and implementation of measure aimed at securing national currency stability and implementing land reform.
Simultaneously with attraction of foreign investments, the state should secure return of significant currency reserves of Ukrainian legal and physical entities that have been taken abroad and are kept at foreign banks. To do this it is necessary to develop programme of reinvestment into Ukrainian economy of the funds taken out of the country based on co-ordinated private and national interests.
Foreign investments should be used, in the first place to modernise the structure of national economy and for its technological reconstruction; to support national business both big and small businesses that contribute to the creation of new business environment. As world experience shows, 30 - 40% of real GDP growth is provided by investing into humane resources and development of scientific and technical potential.
We are convinced that setting up a unified state structure to co-ordinate inter-institutional activity on attracting investments will assist in increase and efficient use of foreign investments.
Under national programme it is necessary to determine a flexible system of national priorities as to attracting foreign investments; determine degree of their involvement in stabilisation and development of specific branches and regions. It is necessary to take into account that machine-building, coal industry and agriculture are in greatest need of foreign investments to completely restructure them and introduce modern technologies and means to organise production.
Decrease of import duty on goods for investments, privileged loans, centralised import and flexible customs policy that encourages importing goods that are not produced domestically, will contribute to restructuring and renewal of production.
The state should support development of the most important spheres of national economy - transport, fuel and energy complex by providing additional privileges for investing into their development, by financing applied scientific research and promoting creation of powerful transnational industrial and financial groups. National investment priorities should include: development and realisation of national programme of development of shipbuilding, aircraft construction, space equipment, information technologies, means of communication, telecommunication network that will enable Ukraine to strengthen its position in the world market.
We understand that development of fields that are not attractive for private investors should be ensured with the help of state capital investments. The state should take care of development of infrastructure, road construction according to European standards, and creation of the most advanced system of communication.