Versatility of Interaction between Private and Public Sectors of Economy as a Result of Balanced Partnership Policy

Abstract

The scientific article focuses on characteristics of public and private sectors of the economy in the context of considering their mutually beneficial long-term cooperation, as well as systematized approaches to the interpretation of the definition of «public-private partnership» (PPP). The works of foreign scientists in the field of researching the peculiarities of this form of partnership in the process of its evolutionary development are analysed, the experience of their implementation in different countries is presented, and the possibilities of implementing advanced scientific developments in modernization of economy and society in Ukraine are considered. The modern normative-legal support of the public-private partnership regulation is considered. The author argues that public-private partnership is a priority of government development programs which encourages strong and effective cooperation between government agencies and private business. Balance of interests between the studied sectors is a key factor in the success of public-private partnership in Ukraine, as the application of positive experience in PPP projects allows public and local authorities to address a number of important socio-economic issues. In the context of the formation of political, economic, legal and social attitude of public authorities to achieve partnership in the implementation of socio-economic development programs or investment projects, the researches of the diversity of public and private sectors, features of legal support of this interaction and identification of problems for its further development are extremely important. During the thematic research, the main relaxing (inhibitory) factors influencing the development of public-private partnership in Ukraine were identified, as well as key recommendations for improving the efficiency of public and private sectors of the economy. It is argued that the successful implementation of public-private partnership in Ukraine is possible only with mutual consideration of interests of the state and the private sector through trustful and transparent relationship between business and the state.