Investment in the space industry: a comparative analysis of Ukraine and the EU

The identity and institutional capabilities of the European Union (EU) have changed over the years. As a global player in international politics, the EU has recognized the need to develop a comprehensive space policy perspective. This perspective is shaped by changes in the dynamics of the space ecosystem, the "New Space", and this phenomenon consists of new business models, new technologies, new markets, new value chains and new actors. New space actors (private investors) have fundamentally changed the dynamics of space activities. The subject of the research is the peculiarities of the influence of investment processes of the EU and Ukraine on the development of space industries. The methodological basis consisted of general scientific and special methods of knowledge, based on a systematic approach to the consideration of economic processes. The article aims to examine investment in the context of space management in the EU and Ukraine, and to examine in detail the trends in such funding of space companies. In order to better understand the European space system. The article concludes that, recognizing the indisputable importance of space applications and safety of space systems, the EU attaches great importance to taking into account the trend of "New Space" in its governance structure and stimulating changes in this sector. Unfortunately, Ukraine lags far behind in this respect. In the EU, in the initial stages of space research and use, space programs are financed from the general budget, and as individual activities reach a level of profitability, their public funding is reduced. Therefore, the sphere of commercial space activities and the share of private investments in their total financing are rapidly growing. The reduction of state expenditures is compensated by investments of private business in commercial projects. Thus, the article emphasizes the particular importance of private investments in the development of the Ukrainian space industry and points to the need to develop the commercialization of space activities, especially given the potential in the absence of budget financing. It is impossible to compare the sufficiently powerful and effective investment system of the EU and the lack of even state financing of the space industry in Ukraine. Against the backdrop of hostilities in Ukraine, there is a significant need to reconsider investments in this area on the basis of public-private and international partnerships. Conclusion. The main tasks for Ukraine are revision and change of the state policy, right accents on investments into the space industry, qualitative overcoming of bureaucratic obstacles, approval of a new Strategy of Space Industry Development. As an example, one could use the experience of the EU and refer to its previous experience in this sphere to have an opportunity to stay among the world space powers.