STRATEGY AND INVESTMENT POLICY OF JSC «UKRZALIZNYTSIA» IN THE CONDITIONS OF A MOBILIZATION ECONOMY

The relevance of the topic is determined by the necessity to adapt the strategy and investment policy of JSC «Ukrzaliznytsia» to the new realities of the mobilization economy, which requires a quick response to changes in the conditions of war and economic instability. During the full-scale aggression of Russia, rail transport plays a crucial role in ensuring national security, transporting critical goods, and supporting economic stability. Therefore, the issue of developing an effective strategy and investment policy for JSC «Ukrzaliznytsia», the largest national carrier, is extremely important for the sustainable operation of transport under conditions of limited resources and high uncertainty.The article examines the current state of JSC «Ukrzaliznytsia's» operations during the war, outlines its main competitive advantages, threats, opportunities, and weaknesses, and discusses the mechanisms for developing the strategy and investment policy of JSC «Ukrzaliznytsia» with the aim of becoming a modern, efficient, and integrated national operator in the European transport system, providing safe, convenient, and competitive transport services.The factors that determine the choice of optimal investment projects are evaluated, as well as the mechanisms of state support and international financing. It is determined that, in wartime, JSC «Ukrzaliznytsia» should develop its investment policy based on a detailed analysis of the current situation and forecasting investment needs for the coming years, as well as for 5-10 years; defining priority areas for investment; developing and implementing measures to attract additional investments, including through international cooperation, grants, and specialized financing programs from international organizations; and evaluating and monitoring the effectiveness of investments.The aim of the research is to substantiate the feasibility of forming a strategy and investment policy for JSC «Ukrzaliznytsia» that meets the requirements of a mobilization economy. The scientific novelty lies in the proposed system of strategic visions, which should form the basis for the development of JSC «Ukrzaliznytsia's» strategy, align with the national goals for the development of transport infrastructure, and simultaneously integrate with Ukraine's National Transport Strategy for the period up to 2030. It also includes a detailed description of the stages for developing and improving the investment policy of JSC «Ukrzaliznytsia» in the conditions of a mobilization economy. Keywords: strategy, investment policy, rail transport, mobilization economy, national security, innovation, state support