Influence of direct foreign investment on the development of economics of Visegrad group countries: conclusions for Ukraine

Abstract

Foreign Direct Investment (FDI) has played an important positive role in the development of national economies of the Visegrad group countries, in their rapid integration into the world economy. The Visegrad group countries on their own experience confirm the fact that the FDI inflow promotes a rapid economic growth on the basis of modernization in conditions of macroeconomic and political stability; the presence of favourable legislative and institutional base, the efficient system of the law usage; the minimal administrative and transaction expenses of realization of investment and enterprise activity; the liberalization of commodities movement, capital movement, resources movement, incomes movement; the presence of various attractions and so on. This article considers the methods and instruments of promoting foreign direct investment in the Poland, Czech Republic, Slovakia, and Hungary. Given the experience and practice of Visegrad countries in attracting investment, this article defines recommendations for Ukraine.