Investment Climate Improvement as the Main Challenge of Regional Development

Improving the investment climate in the Russian regions is a priority area of cooperation between the authorities and businesses and aims to boost the territories’ socio-economic development. It is impossible to achieve the strategic goals of improving the well-being and life quality of citizens and facilitating business development without attracting investment for the implementation of major, ambitious projects. Aim. This study aims to pinpoint and substantiate the necessity of implementing an investment policy based on the substantiated strategy of improvement of regional personnel policy, development of municipalities and interterritorial cooperation, and indispensable use of project management mechanisms and regional branding. Tasks. This study analyzes the main conditions considered by investors when selecting a location for project implementation: (1) regional level economic development, (2) professional qualifications of the population, sophistication of infrastructure, (3) demand conditions, (4) political environment and transparency/accessibility of the authorities, and (5) methods utilized by local authorities to ensure a favorable investment climate. Materials. This study uses reference materials provided by the Federal State Statistics Service, statistical data on Russian Federation subjects, including data on regional socio-economic development, and materials from scientific workshops and seminars, which serve as the empirical basis for the study. Results. This study demonstrates the correlation between the a territory’s investment attractiveness and existence of institutional conditions stimulating business activity. This highlights the need regional and municipal authorities to support investment projects, particularly at the initial stage of project documentation drafting, including co-funding and assistance in obtaining certificates and ratifications as well as in accelerated allocation of land. The development of a personnel policy and promotion of territory recognition is equally important.

инвестиционная привлекательность, регионы Российской Федерации, бренд региона, кадровая политика, инвестиционный проект, инвестор, investment attractiveness, regions of the Russian Federation, region brand, personnel policy, investment project, investor

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