Assessment of the Economic Potential and Investment Attractiveness of the Dnipropetrovsk Region
The article analyzes the directions for Ukrainian economic recovery after the war. The successes stories of the countries, that restored their economies after the war, were explored. As a result the best practices of Israel seem most suitable for Ukraine. The methods of assessing the regions investm...
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| Published in: | Економічний вісник Донбасу |
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| Date: | 2022 |
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Інститут економіки промисловості НАН України
2022
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| Cite this: | Assessment of the Economic Potential and Investment Attractiveness of the Dnipropetrovsk Region / N. Osadcha, V. Zatyshniak // Економічний вісник Донбасу. — 2022. — № 4 (70). — С. 10-16. — Бібліогр.: 19 назв. — англ. |
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| citation_txt | Assessment of the Economic Potential and Investment Attractiveness of the Dnipropetrovsk Region / N. Osadcha, V. Zatyshniak // Економічний вісник Донбасу. — 2022. — № 4 (70). — С. 10-16. — Бібліогр.: 19 назв. — англ. |
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| description | The article analyzes the directions for Ukrainian economic recovery after the war. The successes stories of the countries, that restored their economies after the war, were explored. As a result the best practices of Israel seem most suitable for Ukraine. The methods of assessing the regions investment attractiveness are also described and adopted to evaluate the investment potential of the Dnipropetrovsk region. Nowadays, Dnipropetrovsk region is still the leader among the other Ukrainian regions in the production of industrial products and less suffered from the war than the other regions. We propose to use the Rasch model for the assessment of the regions' investment attractiveness for investors. Such assessment of Dnipropetrovsk, Kyiv, Kharkiv and Lviv regions was held within the framework of the study.
У статті аналізуються напрями відновлення української економіки після війни. Досліджено історії успіху країн, які відновили свою економіку після війни. У результаті кращий досвід Ізраїлю видається найбільш придатним для України. Також описано та прийнято методи оцінки інвестиційної привабливості регіонів для оцінки інвестиційного потенціалу Дніпропетровської області. Нині Дніпропетровська область як і раніше є лідером серед регіонів України з виробництва промислової продукції та менш постраждала від війни, ніж інші регіони. Для оцінки інвестиційної привабливості регіонів для інвесторів ми пропонуємо використовувати модель Раша. У рамках дослідження проведено таку оцінку Дніпропетровської, Київської, Харківської та Львівської областей.
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N. Osadcha, V. Zatyshniak
10
Економічний вісник Донбасу № 4(70), 2022
DOI: https://doi.org/10.12958/1817-3772-2022-4(70)-10-16
UDC 330.5+330.322(477.63)
N. Osadcha,
DrHab (Economics), Associate Professor,
ORCID 0000-0001-5066-2174,
e-mail: nosadcha86@gmail.com,
Institute of Industrial Economics of the NAS of Ukraine, Kyiv,
V. Zatyshniak,
PHD student,
Director,
ORCID 0000-0002-5865-722X,
interdnipro@gmail.com,
Dnipropetrovsk regional investment agency
ASSESSMENT OF THE ECONOMIC POTENTIAL
AND INVESTMENT ATTRACTIVENESS
OF THE DNIPROPETROVSK REGION
Introduction
After four months of the war, different ideas,
opinions and visions are increasingly being heard about
how to restore the destroyed infrastructure and economy
of Ukraine. "The post-war reconstruction of Ukraine
will have been one of the largest projects since the well-
known Marshall Plan. Its implementation will be the
issue of the entire civilized world, because today we are
fighting not only for ourselves, but also for global
security," said Yuliya Svyridenko, First Deputy Prime
Minister – Minister of Economy of Ukraine [9].
Ukrainian infrastructure and real estate suffered the
most from the Russian invasion. The final figures can be
specified after the war. It is advisable to conduct an
international audit of losses for understanding how to
put all this into practice. Ukrainian companies need two
things. The first one is a partnership with European and
American companies for technology transferring.
The purpose of the present research is to determine
priority directions for increasing investment
attractiveness of Dnipropetrovsk region and to test the
practical possibility of using results of regions
investment attractiveness assessment (mostly based on
the self-developed/novel approach for their marketing
promotion to potential. The novelty of this paper is
mostly about the proposed so-called territorial
investment marketing, based on the results of a
comprehensive monitoring of the regional investment
climate of Ukraine. Territorial investment marketing is
an assessment of the regions investment attractiveness
and the provision of information for investors,
indicators for measuring may vary according to the
investors’ requirements.
Methods
Research methods: analysis and synthesis,
abstraction and generalization, a systematic approach to
analysis of economic processes and phenomena,
economic, statistical, and mathematical analysis.
The Rasch model transforms measurements made
on dichotomous and ordinal scales into linear
measurements, and the resulting qualitative data are
analysed using quantitative methods.
Result. During the full-scale aggression of Russia,
the National Bank of Ukraine implements measures in
the monetary sphere, which are primarily aimed at
ensuring the uninterrupted functioning of the banking
system and payments in the economy. In June 2022, the
National Bank immediately raised the discount rate by
15 perc. pointsup to 25%. Therefore, the rate for
refinancing loans is equal to the discount rate plus
2 pers. points, and for deposit certificates – the discount
rate is minus 2 pers. points.
The National Bank expects that the increasing the
discount rate to 25% will be sufficient to ease the
pressure on the foreign exchange market and stabilize
inflationary expectations, that in the long-term
perspective will create the prerequisites for transition to
a cycle of the discount rate lowering. But this will lead
to increasing of credit rates and risks for entrepreneurs.
The measures of the National Bank had a
significant impact, in particular, fixing the hryvnia’s
exchange rate and limiting its fluctuations on the
interbank market, which was primarily reflected in the
prices of goods and services of critical import. Also, the
government's administrative restriction of the prices
inhibited the inflationary processes.
At the same time, production and logistics
disrupted by the war are fuelling inflationary processes.
High world energy prices also remain a significant pro-
inflationary factor and put pressure on consumer
inflation both directly and indirectly – through the
increasing of enterprises production costs. Inflation
rates have reached record levels in the world, in
particular, in the countries of the Eurozone and in the
USA – more than 8% in annual terms. It also fuels the
price growth in the domestic market of Ukraine.
N. Osadcha, V. Zatyshniak
11
Економічний вісник Донбасу № 4(70), 2022
World history has many examples of reconstruc-
tion of countries after military actions. After the end of
the Second World War, more than 30 major wars and
more than 250 military conflicts took place in the world,
in which no less than
Dnipropetrovsk region is traditionally known as
apowerful industrial, resource, intellectual and cultural
centre. As at the beginning of 2022, Dnipropetrovsk
region also leads in terms of indicators such as:
volume of foreign direct investment ($5,3 bln);
volume of capital investments ($2,3 bln);
volume of goods export ($12,2 bln);
volume of goods sold ($46,5 bln) [18].
Thanks to the decentralization reform, 86 territorial
communities were created in the region, which are
united into 7 districts. Local communities are points of
economic growth and centres of investment attraction.
Dnipropetrovsk region systematically works to promote
a positive image of the region on foreign markets. In
February 2022, the Dnipropetrovsk Region entered the
TOP-10 of the international ranking of the FDI
Intelligence magazine "European Cities and Regions of
the Future 2022/23" for the second time, increasing
its position in the "Strategy of attracting FDI" category
(Fig. 1).
Fig. 1. Rating of FDI Intelligence magazine "European cities and regions of the future 2022/23" [6]
The investment attractiveness of Dnipropetrovsk
region is ensured by the availability of appropriate
resources, in particular, skilled workforce. Dnipro-
petrovsk region is one of the main labour markets in the
South-East of Ukraine, with 1.5 million economically
active people. The region leads in terms of employment
of the working age population – 73%. At the same time,
the unemployment rate for 2021 year was only 7.7%.
The average salary for the past year was $470. The
highest wages were in the service sector – more than
$600 and industry – $514 [18].
In addition, Dnipropetrovsk region is one of the
leading academic centres of Ukraine. In 2021, higher
educational institutions of the region of various
accreditation levels, including vocational and technical
educational institutions, will train almost 40,000
specialists.
Since the beginning of the war, the Dnipropetrovsk
region has given a shelter for more than 280,000
internally displaced persons (IDPs). Almost 70
thousands of them are children and more than 100
thousands are women. Residents from Donetsk and
Luhansk regions mostly settled in Dnipropetrovsk
region. More than half of which are highly qualified
personnel.
It should be noted that the Dnipropetrovsk region
is one of the richest in minerals among other regions
of Ukraine. On the balance of the territory, there are
145 deposits (as of 2021) of non-metallic minerals, of
which 63 are being developed, that is 44%.
Development of the mineral and raw material base of
building materials does not exceed 50%.
Brown coal and gas are mined as combustible
materials. The following metals are mined: iron,
manganese, titanium ores, nickel, aluminium, dolomite,
gold, uranium. Among the non-metallic materials there
are talc, paint raw materials; flux limestone, kaolin, clay,
granite, staurolite, molding sand; cement raw materials,
building sand, facing stone; building stone; sawn stone;
expanded clay and brick and tile raw materials. There is
also mineral water in the region.
The availability of minerals, skilled labour,
industrial infrastructure, transport and logistics
infrastructure affect its investment attractiveness and the
development of export potential.
N. Osadcha, V. Zatyshniak
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Економічний вісник Донбасу № 4(70), 2022
The results of the Dnipropetrovsk region's foreign
economic activity in 2021 indicate the strengthening of
the integration of its economy into the world economy
and an increase in demand for domestic goods and
services.
The largest trade partners of the region in 2021
were the USA, Poland, Turkey, Germany and China.
The export of goods increased by 60.22%
compared to 2020, due to the increase in the volume of
export of the main types of goods: ferrous metals –
export amount to $4,8 billion, increased by 69.7%; ores,
slag – $4,7 billion, increased by 66.7%.
In turn, import increased by 26.72%. The business
of the region was most interested in the following goods:
oil and products of its processing – import is $1,2
billion, increased by 50.2%; machinery and equipment –
$1 billion, increased by 15.9%;chemical products –
$0,9 billion, increased by 23.6%.
In Dnipropetrovsk region, 153,200 subjects of
economic activity are registered: 30,800 enterprises and
122,400 individual entrepreneurs. Among them:
63 large enterprises (12.3% of Ukrainian enterprises),
1,437 medium enterprises (8%) and 29,327 small and
micro enterprises (8.2%).
Enterprises provide 92.8% of all products sold in
the region. Individual entrepreneurs account for 7.2%.
Trade enterprises (42.4%) and industrial enterprises
(41.9%) are dominating among the types of enterprise
activity in the region. As for individual entrepreneurs,
trade (48.1%) and services (42.7%) are the most
developed.
By the beginning of 2022, foreign direct
investments (FDI) in Dnipropetrovsk region were made
by 1,380 companies from 58 countries of the world,
amounting to $5,3 billion (accumulated since 1993).
According to this indicator, the region has been
leading in Ukraine for 10 years in a row. During 2021,
foreign investors put $110,6 million in direct
investments in the economy of Dnipropetrovsk region,
which was 9.3% of the all-Ukrainian figure.
Last year, enterprises and institutions of all forms
of ownership made capital investments in the amount of
$2,3 billion – this is 12.4% of the all-Ukrainian
indicator. Such indicators allowed the region to retain
first place in the rating of capital investments among the
regions of Ukraine and testify to the massive investment
activity of existing enterprises. Annual volumes of
capital investments make up almost half of foreign
direct investments, which are calculated from the
beginning of investing in Ukraine.
After February 24, 36 enterprises from Donetsk,
Luhansk, Zaporizhzhia and Kharkiv regions relocated to
Dnipropetrovsk region. 12 enterprises have already
started to work. Among them are a factory for special
fasteners, production of paper packaging and
polyethylene film, logistics and sewing companies. Two
large machinery factories are currently assembling
production lines. Another 28 enterprises have placed
their warehouses on the territory of Dnipropetrovsk
region.
The war in Ukraine fundamentally changed the
conditions of economic development and investment
attractiveness of regions; some of them are either
completely destroyed or occupied. Provided the
situation stabilizes and risks are minimized, the regions
will continue to compete for resources for recovery and
further development. An important factor in the
development of both territories and business will again
be investment attractiveness, the components of which
are the presence of economic potential, resource base,
infrastructure and operating enterprises as reliable
partners.
In the Development Strategy of the Dnipropetrovsk
region until 2027, the following strategic vision is
formed: Dnipropetrovsk region is a smart region,
attractive for investment and environmentally safe, with
high-tech industrial and agricultural complexes, strong
export, educational and scientific potential, with
European level of service, where residents of all
settlements will be provided with comfortable living
conditions, self-realization and personal development.
At the same time, the Focus of the Strategy does on
ensuring an investment-attractive and ecologically
correct image of the territory through the introduction of
a cluster model of development and effective using of
the innovative potential of the region.
Priority industries in which it is advisable to invest
for the Dnipropetrovsk region were determined
according to the concept of start-specialization, which
involves productive interaction between regional
authorities, business, science and the public. The
sectoral priorities chosen by the Dnipropetrovsk region
demonstrate the desire to transform the economy
through the development of high-tech industries and
types of economic activity with high added value. The
strategic goal of the Dnipropetrovsk region is innovative
development based on smart specialization, and its
sectoral priorities are the chemical complex, mechanical
engineering, and the production of building materials.
Dnipropetrovsk region is the leader among other
regions of Ukraine in production and sale of industrial
products. In 2021, the volume of industrial production
of the region was 18% ($23,9 bln) of the Ukrainian
volume ($128,5 bln). It should be noted that 50% of
Ukraine's exports are given by the Dnipropetrovsk
region (Fig. 2).
In the Fig. 3 it is illustrated the region is led by the
extractive industry that accounts for 41.2% of the all-
Ukrainian volume of extractive industry and the
metallurgical industry that accounts for 35.8%.
Products of the metallurgical and mining industry
are mainly exported; in 2021 the export indicators of the
metallurgical and mining industries were 68.8% and
55.3%, and those of the chemical industry and
engineering – 23.1% and 10.3% (Fig. 4).
N. Osadcha, V. Zatyshniak
13
Економічний вісник Донбасу № 4(70), 2022
Fig. 2. Volumes of sold industrial products by regions of Ukraine, 2021
Source: data compiled by the authors from [18].
Fig. 3. Volumes of sold industrial products in 2021
Source: data compiled by the authors from [18].
Fig. 4. Volumes of sold industrial products by types of activity, 2021
Source: data compiled by the authors from [18].
In the structure of the goods export of the
Dnipropetrovsk region in 2021, the largest share was the
export of ferrous metals -39.4% and the export of ore -
38.5% (Table 1). That is, the export of Dnipropetrovsk
oblast has a raw material nature.
N. Osadcha, V. Zatyshniak
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Економічний вісник Донбасу № 4(70), 2022
Table 1
Dnipropetrovsk region – the volume of goods exports in 2021
Name of goods % from total exports Export, $
Iron and steel 39.4 4 792,910,000
Ores, slag and ash 38.5 4 688,100,000
Articles of iron or steel 6.2 764,150,000
Animal or vegetable fats and oils and their cleavage products 4.1 500,300,000
Railway locomotives 1.7 217,710,000
Fertilisers 1.4 179,180,000
Cereals 1,1 144,910,000
Mineral fuels, mineral oils and products of their distillation 0.7 97,080,000
Plastics and articles thereof 0.7 94,760,000
Nuclear reactors, boilers, machinery 0.6 76,360,000
Others 5.05 614,270,000
Source: data compiled by the authors from [18].
Potential growth points for the Dnipropetrovsk
region are the industries of producing of building
materials and rubber and the chemical industry. Because
of, approximately 60 percent of these industries
products are imported. It is advisable to carry out import
substitution and cover the demand for these types of
goods at the expense of domestic production (Table 2).
Table 2
Dnipropetrovsk region – the volume of goods imports in 2021
Name of goods % from total imports Import, $
Mineral fuels, mineral oils and products of their distillation 20.0 1178,590,000
Nuclear reactors, boilers, machinery 9.9 582,470,000
Pharmaceutical products 8.7 512,970,000
Electrical machinery 7.7 456,020,000
Plastics and articles thereof 6.1 358,590,000
Iron and steel 5.5 327,050,000
Vehicles other than railway rolling stock 4.3 257,870,000
Rubber and articles thereof 2.5 149,160,000
Articles of iron or steel 2.4 145,880,000
Essential oils 1.7 100,090,000
Others 30.76 1 806,320,000
Source: data compiled by the authors from [18].
However, the largest demand in the domestic
market is in the field of mechanical engineering.
First of all, it is necessary to pay attention to this
when concluding international contracts for the
purchase of mechanical engineering products for
infrastructure projects that must contain the conditions
with a localization percentage of more than 50%. This
practice is generally accepted in the developed countries
of Europe and America. Therefore, the points of growth
chosen by the expert community in the pre-war period
are still relevant today and demonstrate sustainable
potential for development. In the period of economic
recovery after the war, it will be necessary to conduct an
audit of losses and make appropriate adjustments to the
Regional Development Strategy.
An international conference held on July 4-5, 2022
in the city of Lugano (Switzerland) was devoted to the
post-war reconstruction of Ukraine and its regions.
According to the recovering plan presented by the
Government of Ukraine, the country needs $750 bln in
investments, two-thirds of which should be supported
by partners – grants, loans and equity capital. At the
same time, the needs for financing priorities in 2022
amount to about $60-65 billion, excluding defence and
security sector expenditures. The plan declares the
desire to achieve sustainable economic growth of more
than 7% by 2032, the accumulation of $750 bln in
foreign investments, Ukraine's entry into the TOP-25 in
the ranking of countries in terms of human capital and
economic development, and a 65% reduction in CO2
N. Osadcha, V. Zatyshniak
15
Економічний вісник Донбасу № 4(70), 2022
emissions compared to 1990. It is planned to focus on
the development of economic sectors in the context of
Ukraine's competitive advantage and the Green Deal,
declared the intentions to launch "catalyst projects" to
unlock private investment in priority sectors. As wellas
ensuring competitive ecost of capital in the context of
military risks.
The lion's share of investments, as evidenced by
the "investment menu", until 2032 is planned in energy
($177,4 bln) and logistics ($122,5 bln), much less in
military industry ($43 billion) and agricultural industry
($33,9 bln). By contrast, investments in mechanical
engineering ($15,8), furniture and woodworking
($4,6 bln) and even metallurgy and metalworking
($26,3 bln) over a 10-year horizon are quite
insignificant. And the mining industry is generally
limited to $1 bln [2].
It is advisable to allocate investments taking into
account the priorities and growth points of the regions.
Further, we sum up the criteria by year and
evaluate the criteria according to the created model and
get an indicator that will reflect the investment
attractiveness of the regions. Based on the received data,
we present a table of investment attractiveness of the
regions of Ukraine/.
According to calculations, Dnipropetrovsk, Kyiv,
Kharkiv and L’viv regions are the most promising for
investments. After the end of the war, indicators of
security, destruction, damage, and energy independence
should be added to the model. At the moment, the war
continues and these figures cannot be calculated.
Conclusions
According to the assessment of regions, using the
Rasch model, the most attractive for investors are
Dnipropetrovsk, Kyiv, Kharkiv and L’viv regions.
These data may be recalculated in the future
depending on the situation at the front and changes in
the structure of each region’s economy.
After the war, it is necessary to assess the losses of
each region and carry out an international audit. In order
to restore the economy of Ukraine, it is necessary to use
the experience of countries which had military events.
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Осадча Н. В., Затишняк В. В. Оцінка економічного потенціалу та інвестиційної привабливості Дніпропетровської
області
У статті аналізуються напрями відновлення української економіки після війни. Досліджено історії успіху країн, які
відновили свою економіку після війни. У результаті кращий досвід Ізраїлю видається найбільш придатним для України.
Також описано та прийнято методи оцінки інвестиційної привабливості регіонів для оцінки інвестиційного потенціалу
Дніпропетровської області. Нині Дніпропетровська область як і раніше є лідером серед регіонів України з виробництва
промислової продукції та менш постраждала від війни, ніж інші регіони. Для оцінки інвестиційної привабливості регіонів для
інвесторів ми пропонуємо використовувати модель Раша. У рамках дослідження проведено таку оцінку Дніпропетровської,
Київської, Харківської та Львівської областей.
Ключові слова: інвестиції, інвестиційний потенціал, модель Раша, галузь, методи, оцінка.
Osadcha N., Zatyshniak V. Assessment of the Economic Potential and Investment Attractiveness of the Dnipropetrovsk
Region
The article analyzes the directions for Ukrainian economic recovery after the war. The successes stories of the countries, that
restored their economies after the war, were explored. As a result the best practices of Israel seem most suitable for Ukraine. The
methods of assessing the regions investment attractiveness are also described and adopted to evaluate the investment potential of the
Dnipropetrovsk region. Nowadays, Dnipropetrovsk region is still the leader among the other Ukrainian regions in the production of
industrial products and less suffered from the war than the other regions. We propose to use the Rasch model for the assessment of the
regions' investment attractiveness for investors. Such assessment of Dnipropetrovsk, Kyiv, Kharkiv and Lviv regions was held within
the framework of the study.
Keywords: investments, investment potential, Rasch model, industry, methods, assessment.
Received by the editors 18.11.2022
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| id | nasplib_isofts_kiev_ua-123456789-190174 |
| institution | Digital Library of Periodicals of National Academy of Sciences of Ukraine |
| issn | 1817-3772 |
| language | English |
| last_indexed | 2025-12-07T16:10:00Z |
| publishDate | 2022 |
| publisher | Інститут економіки промисловості НАН України |
| record_format | dspace |
| spelling | Osadcha, N. Zatyshniak, V. 2023-05-24T07:54:47Z 2023-05-24T07:54:47Z 2022 Assessment of the Economic Potential and Investment Attractiveness of the Dnipropetrovsk Region / N. Osadcha, V. Zatyshniak // Економічний вісник Донбасу. — 2022. — № 4 (70). — С. 10-16. — Бібліогр.: 19 назв. — англ. 1817-3772 DOI: 10.12958/1817-3772-2022-4(70)-10-16 https://nasplib.isofts.kiev.ua/handle/123456789/190174 330.5+330.322(477.63) The article analyzes the directions for Ukrainian economic recovery after the war. The successes stories of the countries, that restored their economies after the war, were explored. As a result the best practices of Israel seem most suitable for Ukraine. The methods of assessing the regions investment attractiveness are also described and adopted to evaluate the investment potential of the Dnipropetrovsk region. Nowadays, Dnipropetrovsk region is still the leader among the other Ukrainian regions in the production of industrial products and less suffered from the war than the other regions. We propose to use the Rasch model for the assessment of the regions' investment attractiveness for investors. Such assessment of Dnipropetrovsk, Kyiv, Kharkiv and Lviv regions was held within the framework of the study. У статті аналізуються напрями відновлення української економіки після війни. Досліджено історії успіху країн, які відновили свою економіку після війни. У результаті кращий досвід Ізраїлю видається найбільш придатним для України. Також описано та прийнято методи оцінки інвестиційної привабливості регіонів для оцінки інвестиційного потенціалу Дніпропетровської області. Нині Дніпропетровська область як і раніше є лідером серед регіонів України з виробництва промислової продукції та менш постраждала від війни, ніж інші регіони. Для оцінки інвестиційної привабливості регіонів для інвесторів ми пропонуємо використовувати модель Раша. У рамках дослідження проведено таку оцінку Дніпропетровської, Київської, Харківської та Львівської областей. en Інститут економіки промисловості НАН України Економічний вісник Донбасу International and Regional Economics Assessment of the Economic Potential and Investment Attractiveness of the Dnipropetrovsk Region Оцінка економічного потенціалу та інвестиційної привабливості Дніпропетровської області Article published earlier |
| spellingShingle | Assessment of the Economic Potential and Investment Attractiveness of the Dnipropetrovsk Region Osadcha, N. Zatyshniak, V. International and Regional Economics |
| title | Assessment of the Economic Potential and Investment Attractiveness of the Dnipropetrovsk Region |
| title_alt | Оцінка економічного потенціалу та інвестиційної привабливості Дніпропетровської області |
| title_full | Assessment of the Economic Potential and Investment Attractiveness of the Dnipropetrovsk Region |
| title_fullStr | Assessment of the Economic Potential and Investment Attractiveness of the Dnipropetrovsk Region |
| title_full_unstemmed | Assessment of the Economic Potential and Investment Attractiveness of the Dnipropetrovsk Region |
| title_short | Assessment of the Economic Potential and Investment Attractiveness of the Dnipropetrovsk Region |
| title_sort | assessment of the economic potential and investment attractiveness of the dnipropetrovsk region |
| topic | International and Regional Economics |
| topic_facet | International and Regional Economics |
| url | https://nasplib.isofts.kiev.ua/handle/123456789/190174 |
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