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Investment climate as a factor of industrial development in Ukraine

The article deals with the provision of industrial development based the attraction of in-vestment depending on the changing characteristics of the investment climate. Since the problems of stagnation of the industrial production, its low productivity, excessive financial vulnerability (in view of high debt dependence and low solvency of the sector’s companies), capital losses, and the level of profitability, which is insufficient for reproduction, all remain relevant, the study offers those means of their solution that are related to attracting investments and improving the investment climate. The author highlights essential aspects of the investment climate and its impact on attract-ing investment in the industrial development. Conducted a comparative analysis of the indicators of industrial activities depending on the characteristics of the investment climate on the example of reference groups of foreign countries and Ukraine, which revealed various problematic aspects of the conditions of investment in Ukrainian industry. A set of econometric models was developed with whose help the author substantiates the effect of the system of factors of the investment climate (namely: macroeconomic stability, development level of the goods, financial and labor markets, innovative activities and technological transfer) on the industrial development and assesses the changes caused by thelong term shifts in the parameters of the industrial system. The author shows the feasibility of implementing a comprehensive approach to improving investment conditions with the use of various public policy instruments that determine the investment climate (including macroeconomic, monetary, and scientific and innovation policies as well as policies of the expansion of product inlets and regulation of the labor market) to ensure industrial development. In particular, in the context of the support of innovation, the article proposes the application of smart specialization strategies, which envisages modernization and diversification of regional industrial potential, and enhancing their entrepreneurial capabilities based on the introduction of technological innovations.