PROBLEMS OF PROTECTION OF FOREIGN INVESTMENTS IN UKRAINE

Abstract

The article examines the issues of protection and defense of foreign investments in Ukraine. As one of the strategic directions of improving investment legislation in the conditions of martial law and ongoing armed aggression by the Russian Federation, aimed at protecting foreign investments, insurance of foreign capital as an object of investment in the national economy is highlighted. The experience of the judicial systems of some countries in protecting foreign investments is considered, their advantages and disadvantages are analyzed. It is noted that in order to intensify foreign investment, it is advisable, first of all, to systematically update (reform) investment legislation, the basis of which is the laws of the period 1991-1996; to create a favorable tax, currency and banking climate; to introduce effective guarantees for the protection of foreign investments. Particular attention is paid to solving some of the problems by amending the Economic Procedure Code of Ukraine. For this purpose, it is proposed to simplify the commercial process, make it as fast and clear as possible, in particular: to reduce the terms of consideration of cases as much as possible; to clarify the subject and subject jurisdiction of commercial courts; to exclude the Chapter "Preparatory Proceedings", leaving one article; to exclude witnesses from the participants in the process, as well as their testimony from the means of evidence; to exclude court debates; to exclude the "deliberation room" as an atavism of the Soviet era. It is also advisable to include in the Economic Procedure Code of Ukraine separate proceedings; group claims; the possibility of electronic injunctive proceedings; written cassation proceedings. It is emphasized that the digitalization of the economy and economic turnover, the intensification of electronic trade and electronic document flow necessitate the improvement of the Civil Procedure Code of Ukraine in terms of the use of electronic evidence; the use of electronic correspondence, contracts concluded in electronic form, etc. as means of proof, as well as the development of electronic legal proceedings.