The thesis focuses on the problems of foreign direct investment (FDI) in modern Ukraine. The main research questions are: has Ukraine managed to create an attractive legal environment for FDI? What legal transplants can be used in Ukraine to make its investment climate more attractive? The main emphasis of the research is placed on comparisons between Ukraine’s FDI-related legal framework and those of Germany and Bulgaria. The inquiry is predominantly based on comparative legal research and case study. The German institutional system is taken as a benchmark model, because it reflects a well established market economy with a legal framework which is sufficiently conducive to foreign investments to guarantee economic prosperity. Bulgaria is taken as an example from the group of transition economies which had to change and adjust its legal institutions so as to fit the requirements of becoming a Member State of the European Union. The study runs as follows. In chapter 1, the author describes the research topic and agenda, explains his methodology and reasons for selecting Bulgaria and Germany for comparisons with Ukraine and outlines limitations of the research. In chapter 2, the author makes a brief overview of international investment law history and development, with special emphasis on the existing controversies caused by the growing number of bilateral investment treaties (BITs) and absence of a global (multilateral) international treaty on foreign investments. As well, in chapter 2, he analyzes existing problems with defining FDI globally and in the countries of comparison. History of FDI-related laws and policies in Germany, Bulgaria and Ukraine is studied in chapter 3. In chapter 4, the author studies the most important branches of law which are of primary importance for foreign investors considering entering Germany, Bulgaria or Ukraine (constitutional guarantees, national investment laws and investment treaties, banking, insurance and currency regulations, property laws including privatization of state-owned enterprises, company law, customs ant tax law, contract law, immigration law, judiciary and enforcement law with special emphasis on alternative settlement of investment disputes). The thesis ends by recapitulating the findings and offering possible solutions for Ukraine based on German and Bulgarian experience. The results of the research demonstrate that, despite promising investment opportunities, Ukraine failed to create an attractive investment environment. Cumulative FDI inflows of a little bit more than US$ 40 billion can hardly be considered as an impressive achievement in almost 20 years of independence. On the one hand, Ukraine has a lot of opportunities to offer foreign investors, Ukrainian government is very generous in terms of promises and assurances addressed to prospective investors; on the other hand, realities of daily business aggravated by contradictory legal regulation, red tape, corruption on all public levels and inefficient enforcement make Ukraine a rather ambiguous investment destination. Apart from constant political tensions affecting foreign businesses operating in the country let alone the mentioned problems of corruption and red tape, Ukraine’s FDI-related legislation suffers from internal inconsistencies, frequent unpredictable changes. Ukrainian laws are overloaded with definitions and artificial restrictions. It is an obstacle to achieve balance between national interests and attractiveness of the country for inward FDI. With regard to the company law being the central category for FDI, the author identifies the necessity to eliminate remaining contradictions in the existing Ukrainian laws and the possibility to use German and Bulgarian legal transplants which proved their efficiency in practice. The thesis scrutinizes the new Ukrainian Law on Stock Companies, as well as the Draft Law on Limited Liability Companies (currently debated in Parliament) and identifies their flaws which may affect prospective foreign investors. The undertaken study also demonstrates the necessity to minimize administrative intrusion to business activities in Ukraine as well as urgency of drastic changes in the system of dispute resolution and prevention of corruption. The author dwells on similar problems faced by Bulgaria before and after accession to the European Union and argues that, due to historical and cultural similarities between Bulgaria and Ukraine, the former’s example is very instructive for Ukraine. weiterlesen