Economic diplomacy in the institutional system of de-offshorization of international business activities

Abstract

The article is devoted to the study of economic diplomacy as one of the institutions of the national level, which actively interacts with similar institutions of other countries of the world community, performs, among other things, a few functions to de-offshore international business activities, ensures and lobbies the interests of domestic companies and firms in the global competitive space, creates a positive image of the state. It is noted that the contradictory influence of globalization processes and their consequences on the international business system, the growth of the level of turbulence, uncertainty and riskiness of the external business environment, the institutionalization of the international economy, the intensification of competition on the world and regional markets, which are accompanied by the growth of the scale of offshore business and the diversification of its mechanisms functioning, objectively determine the strengthening of the role of diplomatic institutions in protecting the interests of national companies, realizing national interests, ensuring transparency and openness of international capital movement in the form of direct and portfolio investments, coordinating efforts to de-offshore international business activities. Attention is focused on the fact that despite regional features and national differences in the theory and practice of diplomatic activity, three directions or models of economic diplomacy have been formed, which are actively used in the processes of de-offshorization of international business, each of which has its own mechanisms and tools. It was emphasized that for Ukraine, with a sufficiently high degree of business offshorization, a purposeful, coordinated policy on the de-offshorization of business activity, the creation of a favorable investment, tax, currency, and financial environment, balanced and consistent diplomatic support for domestic business is necessary.