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The article is aimed at defining the basic elements of sustainable development of local self-government in view of foreign experience. Ways of introducing reforms to effectively mobilize and utilize the local government resources have been determined. Consideration was given to the theoretical aspects of decentralization, which served as the basis for the adoption of a democratic model of government in Ukraine. The introduction of decentralization of power was analyzed in the context of the real status of the reform, problems encountered in its implementation, and measures for their effective implementation at both the local and the State levels. The steps taken by the EU Member States towards decentralization and the possibility of applying foreign experience by Ukraine were compared. It is concluded that the introduction of decentralized processes would contribute to the strengthening of democracy in the State and enhancing its stability.

The article speaks about problems of formation of the investment and innovation potential in Ukraine. It identifies priority of development and introduction of the investment and innovation strategy for the national economy. It studies the role of state stimulation of the investment and innovation activity using direct and indirect methods. It considers foreign experience of tax stimulation of innovation activity. It analyses application of different tax preferences by different foreign states. It shows positive and negative sides of preferential taxation under conditions of financial instability of Ukrainian economy. In order to identify the level of investment activity the article analyses dynamics of change of the investment attractiveness index and shows problem aspects of attraction of foreign investments into the national economy. It identifies priorities of formation of efficient investment and innovation strategy of development of economy on the basis of a common system approach.