THE ESSENCE OF THE CONCEPT OF THE INVESTMENT ENVIRONMENT OF URBAN AGGLOMERATIONS IN THE CONTEXT OF ENSURING SUSTAINABLE DEVELOPMENT OF THE NATIONAL ECONOMY
Abstract
The article provides a comprehensive theoretical generalization and a systematic analysis of the concept of the investment environment of urban agglomerations in the context of ensuring the sustainable development of the national economy. It is demonstrated that the processes of urbanization, capital concentration, decentralization of governance, and spatial transformation of economic systems have led to the formation of a new paradigm of investment policy oriented toward economic efficiency, environmental safety, and social inclusiveness. The study proves that urban agglomerations function not merely as spatial forms of settlement but as key growth poles that concentrate investment flows, innovation activities, human capital, and high-technology industries. The quality of institutional, financial, and infrastructural conditions within agglomerations determines not only local competitiveness but also the overall resilience and sustainability of the national economy. The methodological framework of the research is based on systemic, institutional, spatial, and comparative approaches, which enable a multilevel analysis of the factors shaping the investment environment. The study applies methods of content analysis, classification, and comparative assessment, as well as synthesis of statistical and analytical data provided by leading international organizations such as the World Bank, OECD, UN-Habitat, EIB, WEF, and UNEP. A five-component structural-functional model of the investment environment was proposed, integrating economic, institutional, infrastructural-spatial, environmental, and socio-innovative subsystems, as well as their interrelations and performance indicators. The scientific novelty of the research lies in the theoretical clarification of the concept “investment environment of urban agglomerations” as a multilevel, dynamic system. The conceptual approach to the analysis of the investment environment has been advanced by incorporating the principles of sustainable development, network interaction, and ESG-based evaluation.
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