Abstract
The article considers the current issues of regulatory and legal incentives for attracting investments in Ukraine’s critical infrastructure based on a sustainable model of inclusive growth. The purpose of the research is to identify systemic gaps in the legal regulation of investment activities in Ukraine’s critical infrastructure and to substantiate the author’s concept of a hybrid model of legal means of stimulating investments based on sustainable inclusive growth. The methodological basis of the research is formal-legal, comparative-legal, systemic-structural and functional methods, as well as an analysis of judicial practice and provisions in the EU. For the first time, the legal conflict between the fragmentation of national regulation of investment incentives and the requirements of European Union law is outlined. As a result, criteria for distinguishing four related legal categories were developed: state aid, special legal regimes, environmental, social and governance responsibility instruments (ESG instruments) and public-private partnership. The distinction was made based on the characteristics of selectivity, the volume of state intervention, the purpose, sources of financing and decision-making procedures. A comparative model of national and European approaches was built and the advantages of a hybrid structure that combines control over the compatibility of state support with the competitive environment and accelerated procedures for the implementation of infrastructure projects were substantiated. The gaps in the Law of Ukraine “On State Aid to Economic Entities” were analyzed, the legal positions of the Supreme Court in cases No. 910/18581/20 and No. 820/5476/17 were formulated, and proposals for amendments to four laws were formulated. The inconsistency of the current legislation with the task of attracting long-term private investments was confirmed. A model was proposed that is focused on the post-war reconstruction of Ukraine’s critical infrastructure, modernization of facilities, legal certainty, protection of investors and public interests. The practical significance of the results obtained lies in the possibility of their use during the improvement of the investment legislation of Ukraine and its further harmonization with EU law.
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