UDC 339.5:339.9; JEL F02, F13, F21, F6, O19
Ivashchuk, O. O., & Ivashchuk, O. V. (2023). Investytsiynyy ta torhovel'nyy komponenty ekonomichnoyi dyplomatiyi Ukrayiny v umovakh hlobal'nykh mehatrendiv [Investment and trade components of Ukraine’s economic diplomacy in the context of global megatrends]. In Sotsial'no-ekonomichni problemy suchasnoho periodu Ukrayiny [Socio-Economic Problems of the Modern Period of Ukraine]: Vol. 164 (6) (pp. 47-54). DOI: https://doi.org/10.36818/2071-4653-2023-6-7 [in Ukrainian].
Sources: 20

Authors



Ivashchuk (Okonska) Olha Olehivna

Ph.D. of Economics, Associate Professor

Associate Professor of the Department of financial technology and banking business of the Western Ukrainian National University

Contacts: ogaoolga@ukr.net, kaf_bs@tneu.edu.ua

Webpages:

Ivashchuk Oleh Valentynovych

Postgraduate of the Department of international economics of the Western Ukrainian National University

Contacts: oleg.iva12@gmail.com, olegiiva16@ukr.net, o.v.ivashchuk@wunu.edu.ua

Webpages:

Resume

The article analyzes the peculiarities of economic diplomacy in the context of global uncertainty. The authors argue that challenges for national economies are being developed under the influence of global megatrends. The main global megatrends affecting economic, social, and environmental outcomes are assessed. The article identifies the main trends that have long-term tendencies and highlights the areas they cover: nature, people, government, technology, and economy. The authors detail the main trends in the economy, in particular, the formation of a circular economy, the growth of corporate responsibility, rising inequality, changes in the labor market, the vulnerability of global value chains, etc. The world is experiencing not just crises but permanent crises, essentially creating a state of permanent instability. The impact of the war in Ukraine on global instability is argued. The main forms of economic diplomacy are analyzed. Emphasis is placed on investment, trade, and financial diplomacy. Significant differences in the positions of scholars on the components of economic diplomacy are revealed. The article argues that the emergence of new global trends and their transformation into global megatrends leads to the emergence of new types of economic diplomacy. The main changes in the investment and foreign trade policy of Ukraine in recent years are identified, with the intensification of European integration processes taking an important place among them. The authors confirm that the EU remains a leading partner for Ukraine, providing assistance in the economic, humanitarian, and military spheres. Changes in Ukraine’s foreign trade are analyzed and the need to strengthen export capacity and expand its presence in the markets of the world is substantiated. The changes in the geographical structure, primarily in the export of goods from Ukraine, are detected. The NAZOVNI platform is favorable for the development of Ukraine’s export capacity. The changes in the structure of foreign direct investment in Ukraine’s economy are identified as one of the trends. The Advantage Ukraine platform is positive for finding potential investors and implementing projects. Special attention is paid to ensuring the energy security of the state and the role of energy diplomacy as a component of economic diplomacy is substantiated since energy management has a direct impact on economic development and stability. The expansion of international partnerships and the attraction of funds for the reconstruction of Ukraine are noted, but this process requires support and guarantees from the state. The following priorities of Ukraine’s economic diplomacy in the current conditions and for the future are determined: the development of a foreign policy strategy adapted to external challenges, implementation of strategies to support and protect national interests, development of effective integration of Ukraine into the global economic space, diversification of trade relations, etc.

Keywords:

global megatrends, global uncertainty, economic diplomacy of Ukraine, investment diplomacy, financial diplomacy, energy diplomacy, foreign trade, foreign investment

References


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