Luchechko Y. Promotion of investment activities in the field of processing of agricultural raw materials

The paper offers the author's concept of identification of components of the sphere of processing of agricultural raw materials, the structure-forming link of which is the sector of processing and food production, which covers the food industry and the complex of industries that process agricultural raw materials for the purpose of production of products for industrial and technical purposes (for the needs of industrial production and energy needs) and the processing of food waste and agricultural waste. It is determined that the main prerequisite for the formation of a set of incentives in the investment support of modernization, reconstruction and technical re-equipment of fixed capital of food processing industries is the modern institutional environment of investment activity in the field of processing agricultural raw materials, which is a symbiosis of institutions-organizations and institutions-rules. The level of formation of which determines the priorities of institutional transformation as an important condition for increasing the concentration of capital and financial investments in such links: processing of agricultural raw materials in the agricultural business sector; processing of agricultural raw materials in the food processing industry sector; disposal of agricultural and food industry waste. It is proved that one of the main reasons for the slow pace of introducing additional capacities in the field of processing agricultural raw materials is the lack of sufficient investment injections both at the expense of domestic and external sources, which does not allow to weaken the raw material orientation of the development of the national agro-industrial complex as a whole, in particular, to reduce raw material export flows and increase the sale of food products with high added value outside the country. Based on the application of regression-correlation modelling techniques, it was established that the amount of capital investment in the production of food, beverages and tobacco products in 2010-2018 was most determined by the output of livestock and crop production and the average monthly nominal salary of full-time employees of the processing and food production sector, which indicates the most determining influence of extensive (agricultural raw materials) and by-products (the level of remuneration of employed) factors on the investment activity of argi-food entrepreneurship entities. This requires taking into account scenarios for the development of the investment climate and the transformation of the institutional environment in order to ensure the diversification of tools and methods for stimulating investment activity in the field of processing agricultural raw materials in general. The author's approach to structuring the system of stimulating investment activity in the field of processing agricultural raw materials is formed. This provides for the allocation of the following components: diversification of tools and methods of tax incentives for investment activity; expansion of the specification of methods of state regulation of investment activity in agriculture and the processing and food segment of the agro-industrial sector; improvement of the institutional environment of investment activity in the raw materials and processing segments of the agro-industrial sector. Based on the natural resource and production-technical prerequisites, as well as global trends in the market of food products and energy resources from renewable sources, directions have been developed to increase investment flows in the alcohol industry, which cover the expansion of the product range and the conversion of unused in the production of excess production capacity, the improvement of technological schemes and the introduction of energy-saving measures, which will allow to get a multiplier effect in terms of ensuring the profitability of the alcohol industry and increasing revenues to budgets of all levels, reducing the state's dependence on energy imports and creating an internal biofuel market. A model version of the introduction of the tools formed in the dissertation work to stimulate investment in the in-depth processing of agricultural raw materials in domestic management practice through the establishment of bioethanol production at unused alcohol production sites, which will reduce the need of the national economy for aromatic compounds and methyltretinin butyl ether in the production of motor fuels, will form conditions for increasing the use of fuel ethanol in the production of high-octane automobile fuels. It will increase the production of fuel with phase stability due to the highest level of purification and dewatering of ethanol using molecular sieves, as well as create conditions for a significant reduction in emissions of toxic substances into the atmosphere from mobile sources.