Investment attractiveness of agricultural machinery manufacturing: financial, institutional and technological aspects

The article presents a study of the investment attractiveness of Ukraine’s agricultural machinery manufacturing sector, considered one of the key industries ensuring food security and the technological independence of agricultural production. Taking into account current challenges caused by economic transformation, global market volatility, and the full-scale war, the research analyzes the impact of financial, institutional, and technological factors on the sector’s ability to attract investment and undergo modernization. The study emphasizes the critical importance of the sector in ensuring the technical re-equipment of the agro-industrial complex, which in turn serves as a foundation for enhancing the competitiveness of Ukrainian agriculture in both domestic and international markets. A number of structural barriers have been identified, including chronic underinvestment, lack of incentives for renewing production facilities, institutional fragmentation, regulatory instability, and a low level of technological cooperation with agricultural enterprises. An integral approach to evaluating investment attractiveness is proposed, based on considering the interconnections among three key components: financial potential, institutional capacity, and the level of production innovation. Within this approach, a logical model of industry analysis has been developed, enabling the identification of cause-and-effect relationships between structural characteristics of the environment and investment activity, as well as the assessment of the impact of specific regulatory or financial policies on the sector's development dynamics. Special attention is paid to the systematization of strategic directions for enhancing the sector’s investment appeal, including the mobilization of financial resources, institutional transformation, and technological modernization. The study demonstrates that the implementation of a coherent and coordinated state policy, adapted to the challenges of the post-war period, can transform the sector into a strategic, export-oriented cluster of the national economy.