Actual problems of innovative economy and law

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Impact of state investment policy in the sphere of human capital on increasing the investment attractiveness of Ukraine in the condi-tions of post-war development

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УДК: 330.341.1:005.336.1:339.727.22(477)

DOI: https://doi.org/10.36887/2524-0455-2025-3-22

Larina Tetiana
Doctor of Sciences in Economic, Professor, Professor of the Department of Economics and Business
State Biotechnological University
https://orcid.org/0000-0003-3149-8430
Kozak Kateryna
Doctor of Economic Sciences, Professor, Director of Educational and Scientific Institute of Economics, Management and Business named after G.E. Weinstein
Odesa National University of Technology
https://orcid.org/0000-0002-8099-6607
Chevtayev Andriy
Researcher
Higher Educational Institution "International University of Business and Law", Kherson
https://orcid.org/0009-0000-9583-3627
Lagodiienko Nataliia
Doctor of Science in Economics, Professor, Professor of the Department of Digital Technologies of Financial Operations
Odesa National University of Technology
http://orcid.org/0000-0002-8472-1395
Demchenko Oleksandr
Doctor of Economics, Associate Professor of the Department of Aviation Management
Ukrainian State Flight Academy
https://orcid.org/0000-0002-0796-7164

The article provides a comprehensive analysis of the impact of public investment policy in the field of human capital on enhancing Ukraine’s investment attractiveness in the context of post-crisis recovery. It is argued that because of the full-scale war, the country’s human capital has suffered significant degradation, manifested in demographic losses, the destruction of education and healthcare systems, the reduction of labor resources, and the disruption of regional balance. Under these conditions, a strategic rethinking of the role of human capital in state economic policy becomes critically important not only from a social perspective but also as a tool for shaping a favorable investment environment. Based on the theoretical framework of institutional economics and empirical data from international organizations, the study proves that investments in human capital — including education, digital literacy, professional training, and healthcare — serve as a signal to external investors of stability, transparency, and the long-term orientation of public policy. Examples of positive foreign direct investment (FDI) dynamics in 2023 are presented, particularly in sectors highly dependent on skilled labor: IT, logistics, and high-tech manufacturing. The role of institutional mechanisms such as the “EOsvita” program, “Diia.Digital Education”, education hubs, and the active participation of international donors (World Bank, IFC, UNDP) in financing and managing human capital development programs is highlighted. Key barriers to the effective implementation of investment policy in the field of human capital are analyzed, including regulatory instability, limited institutional capacity, regional asymmetries, and underfunding. Strategic directions for overcoming these challenges are substantiated, such as institutional policy integration, the development of digital monitoring, transparency and accountability, and the synergy of social and investment policies. It is concluded that investment in human capital should become a systemic component of Ukraine’s post-war economic growth, enabling the country to be perceived as a modern, open, and intellectually capable jurisdiction.

Keywords: investment policy, human capital, investment attractiveness, post-war development, public regulation, foreign direct investment.

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The article was received 15.04.2025

Quote article, APA style

Larina T. , Kozak K. , Chevtayev A. , Lagodiienko N. , Demchenko O. 15.04.2025. Impact of state investment policy in the sphere of human capital on increasing the investment attractiveness of Ukraine in the condi-tions of post-war development. Actual problems of innovative economy and law. 2025. №3. 102-106 pp. https://doi.org/10.36887/2524-0455-2025-3-22

Quote article, MLA style

Larina T. , Kozak K. , Chevtayev A. , Lagodiienko N. , Demchenko O. Impact of state investment policy in the sphere of human capital on increasing the investment attractiveness of Ukraine in the condi-tions of post-war development. Actual problems of innovative economy and law. 15.04.2025. https://doi.org/10.36887/2524-0455-2025-3-22