TRANSFORMATION OF FOREIGN ECONOMIC ACTIVITIES OF DOMESTIC ENTERPRISES IN THE CONDITIONS OF MODERN CHALLENGES

Abstract

When writing this article, the main attention is focused on the relevance of the issues of formation, improvement, transformation and assessment of the effectiveness of foreign economic activity of enterprises in modern business realities. This topic is interesting for both scientists and researchers. It has been established that research in this area has been going on for more than one decade, and the term "foreign economic activity" has different interpretations, which are constantly being refined taking into account modern challenges and requirements. The article provides a definition of this concept and indicates that foreign economic activity consists in carrying out foreign economic operations aimed at obtaining profit with competitive advantages both in the domestic and foreign markets. A modern enterprise engaged in foreign economic activity demonstrates its effectiveness through established partnerships, a high level of production processes, technical excellence, and the production of high-quality and competitive products. The purpose of writing the article is to analyze the challenges that create obstacles to the development of foreign economic activity of enterprises, to identify problem issues on this basis and to determine possible strategic prospects for the transformation of foreign economic activity of enterprises. The methodology for studying foreign economic activity provides a comprehensive approach that allows assessing the effectiveness, competitiveness, challenges and prospects for the development of an enterprise in an international environment. The paper presents the consequences of the full-scale aggression of the Russian Federation against our state, which have a negative impact on the implementation of foreign economic activity of Ukraine. In order to adapt to new challenges, the article presents promising strategies for the transformation of foreign economic activity of domestic enterprises. Such strategies include diversification of sales markets, activities in the field of innovation and cooperation, broad adaptation to international standards and the development of human capital. Such steps are certainly necessary conditions for the survival and development of Ukrainian enterprises in modern realities.