regional investment policy, goal-oriented investment policy, principles of regional investment policy, methods and tools for regulating investment activity

The article was prepared within the framework of scientific project No. 17-12-33002 supported by the Russian Foundation for Basic Research “Development of a goal-oriented investment policy for the region (using the example of the Vladimir region)”

Panyagina Asya Evgenievna

Goal-oriented regional investment policy: essence, principles and main elements// Regional economics and management: electronic scientific journal. ISSN 1999-2645. — . Article number: 5105. Publication date: 2017-08-21. Access mode: https://site/article/5105/

Panjagina Asja Evgen"evna
PHD, Head of Enterprise's Economy Department
Russia, Vladimir State University named Aleksandr Grigor"evich and Nikolaja Grigor"evich Stoletovyh
[email protected]

Abstract

In the article the essence, principles and main elements of a new type of regional investment policy - goal-oriented, the development of which allows for a targeted approach to investment management, reconcile the interests of participants of investment activity and boost its efficiency.

Regional investment policy, goal-oriented investment policy, principles of regional investment policy, methods and instruments for regulating investment activities

This article was prepared in part supported by RFBR, research project No. 17-12-33002 "Development of target-oriented investment policy of the region (on example of Vladimir region)"

Panjagina Asja Evgen"evna

Goal-oriented regional investment policy: the nature, principles and major elements. Regional economy and management: electronic scientific journal. . Art. #5105. Date issued: 2017-08-21. Available at: https://site/article/5105/

Investments

GOALS, OBJECTIVES AND PRINCIPLES FOR FORMING REGIONAL INVESTMENT POLICY

M.I. Samogorodskaya,

Candidate of Economic Sciences, Associate Professor Voronezh State Technical University

Among the complex and current problems, the solution of which is associated with the processes of stabilization of the domestic economy and its subsequent sustainable development, it is worth highlighting the formation of an effective regional investment policy. The relevance of solving this problem is due to the decentralization and regionalization of the Russian economy, increasing its openness and intensive inclusion in the system of world economic relations. These processes in the context of globalization are accompanied, along with industry, by fierce territorial competition for advantageous positions in the system of both the all-Russian and international division of labor, as well as for the investment resources necessary for the implementation of accelerated adaptation of regions to market conditions management. In the conditions of transition from the unitary type government structure From Russia to a federal one, the role of the subjects of the Federation is radically changing. Each region, each subject of the Federation strives to create the most attractive investment climate, Better conditions for investment activities. There is a growing understanding in the regions that an effective regional investment policy can play an important role in solving a number of pressing economic and social problems.

However, an analysis of the practice of developing regional investment policies indicates that such a process has a number of disadvantages: it is reduced mainly to operational decisions authorities at all levels, not focused on the future; does not provide full-fledged education

the specifics and competitive advantages of the territories; is not systemic in nature. This is largely due to the lack of conceptual work that defines the features and nature of the formation of regional investment strategy and policy.

After all, politics not only expresses common interests, but also consolidates different interests. Therefore, any policy is only as good as it manages to maintain a balance of different interests. Regional investment policy is no exception. And it is effective to the extent that a compromise is reached between the regional interests of the state and the local interests of the regions themselves. The unifying principle of state and regional investment policy is sustainability, stability of inter- and intraregional relations.

Regional investment policy, developed and implemented by the regions themselves, is a set of actions carried out for coordinated investment development in a specific territory, taking into account local conditions. The state investment policy is designed to ensure the viability of regional investment policy on the ground. However, it would be wrong to limit state investment interests only to this. The truth about the partial discrepancy between national and regional interests does not require proof. If we proceed from the unconditional priority of regional investment policy, this will lead to a violation of national

investment interests, the implementation of which in the long term should be of interest to the majority of constituent entities of the Russian Federation. In other words, when developing regional investment policy, the priority of national interests must be respected. Trends towards strengthening the economic independence of regions, improving the use of their investment potential, and more fully taking into account their specific interests should not lead to the isolation of regions. The proportions and resources of the economy of the constituent entities of the Russian Federation are such that the effectiveness of investments largely depends on the functioning of rational interregional connections. Therefore, the most important principle of regional investment policy can be considered the interaction of integration and independence of regions in a single economic space.

Only with this approach can a real basis be created for the establishment of a clear and consistent state investment policy that recognizes both the general ideology of consent and the presence of specific interests of the state and regions. The subject of state investment policy can be considered the coordination of the interests of the state and regions in the course of solving regional investment problems. That is, the subjects of the Federation must necessarily participate in determining the objectives of state investment policy and methods of its implementation.

There is no generally accepted definition of regional investment policy today. This is not accidental, since the very concept of “politics” is multifaceted and multivariate; many approaches to it are possible. Any policy is a set of ways to achieve goals and objectives pursued and solved by people in connection with their specific interests, as well as methods, means and institutions with the help of which these interests are formulated, defended and defended. From this methodological statement it follows: regional investment policy can be considered only such a system of intentions and actions that realizes the internal interests of the regions themselves and the investment interests of the state in relation to the regions using methods and means that take into account the nature of modern regional investment processes, and which implements all this mainly in the structure inter- and intraregional

connections. Moreover, the regional investment policy will be the more active, the more clearly it identifies the actual regional interests, ways and methods of their implementation; true subjects of regional investment relations.

Thus, regional investment policy (RIP) is a set of principles, methods and measures of government bodies and administrations of constituent entities of the Russian Federation to regulate the investment process, as well as a mechanism for their implementation, aimed at stimulating investment activity and creating a favorable investment climate in the region. The essence of RIP is to make maximum use of favorable investment opportunities and factors in the interests of the whole society and minimize the negative impact of investment risks on the socio-economic situation of a particular region.

It should be noted that RIP today is in a certain legal vacuum and chaos, since adopted laws, directives and decrees related to federal assistance, the fiscal system, often contradict each other, are more intended to resolve critical situations than to carry out RIP as consistent and logical system. Although gradually the contours of the regulatory and legal framework of investment policy are manifested in various laws, agreements on the delimitation of jurisdiction between government bodies of the Russian Federation and government bodies of the constituent entities of the Russian Federation, the Federative Treaty (to the extent that does not contradict the Constitution of the Russian Federation), etc.

RIP is developed and implemented through the interaction of government authorities at the federal and territorial levels, as well as local governments. Carrying out your own investment policy at the regional level is a necessary condition and an integral part of the implementation of regional socio-economic policy in order to achieve the effective functioning of the socio-economic system of both the country as a whole and the regions. The global goals of the RIP correspond to the goals of the general regional policy, namely: creating the most optimal living conditions for the population, achieving territorial justice in their living conditions. At that

At the same time, RIP appears where there are any problems in accordance with which investment tasks are solved: ensuring the investment attractiveness of the region, smoothing out territorial imbalances, redistributing resources between regions, stimulating various types economic activity, optimization of the territorial structure of society, solving various kinds of social problems, etc. The choice of specific RIP priorities should be determined, first of all, by the characteristics and needs of the regions. Consequently, the development of investment policy in the region contains both general principles of its formation and the need to take into account the specifics of individual territories due to the high differentiation of the socio-economic situation of the regions.

The need for the formation of RIP is due to the need to mobilize (concentrate) the region’s limited investment resources, as well as to attract additional investments (from public and private, domestic and foreign structures) to solve acute interterritorial problems of development of the region as a whole, as well as to ensure the effective use of existing and attracted resources in progress in the implementation of priority investment projects.

To implement the investment policy and intensify the investment process in the region, a number of prerequisites are necessary:

Regional legislation that stimulates investment in the region;

Activities to strengthen investor confidence and establish long-term partnerships with them;

Reasonable economic strategy regional development;

The presence of a regional investment program, formed on a competitive basis, based on the development programs of cities and regions;

Availability of control over the targeted use of public funds and cost-effectiveness analysis;

Availability of warranty regional fund;

Development of an investment insurance system, audit and examination of investment projects;

Availability of the necessary infrastructure for investment activities, scientific-innovative and information-marketing

a base capable of ensuring scientifically based development, effective implementation and subsequent monitoring of RIP; effectively current system management of socio-economic development of the region.

The general goal of RIP, in our opinion, is to create conditions for the influx effective investments into the regional economy; effective investment support for the process of comprehensive interterritorial development of the region. Effective investments usually mean those investments that, in addition to paying for the risk of investments, make it possible to obtain an economic benefit acceptable for the investor and for the region receiving the investment in the form of, for example, profit from investments. In this regard, the main criterion for the investor will be the expected return on invested capital in comparison with the degree of risk, and for the region - an increase budget efficiency regional economy. An increase in the region's budgetary efficiency is a positive change in the regional budget balance. That is, investments should lead to either an increase in income or a decrease in regional budget expenditures.

The general goal, in turn, defines a set of RIP subgoals:

development of the main directions of joint investment activities based on the selected priorities for the development of the region; formation of a regional investment program in the form of a set of large-scale investment projects and determination of its investment capacity; study of the existing investment potential and the possibilities of its mobilization for investment and resource support for the regional investment program; determination of the main directions and mechanisms for mobilizing existing and attracting additional investment resources for the implementation of the regional investment program.

In addition, goals related to: a primary focus on the implementation of large-scale long-term projects can be adopted as subgoals; with the elimination of irrational duplication of investment projects and shifting the center of gravity of competition for investments from intraregional to interregional

regional plane by using the competitive advantages of the region.

In practice, RIP is implemented as a consistent solution to specific long-term, medium- and short-term problems. Long-term objectives include:

Development of a regional regulatory framework aimed at improving the investment climate in the region, increasing the overall investment attractiveness of the region, reducing investment risks (including improving mechanisms related to the protection of investor rights);

Increasing the region's investment resources through budgetary and extra-budgetary sources at all levels of government, financial resources of private capital (including foreign), as well as savings of the population;

Creation of an efficiently operating infrastructure of the regional investment market;

Improving depreciation policy: legislative prohibition of using the depreciation fund for other purposes; development and lobbying at the federal level for the practical application of various accelerated depreciation schemes;

Formation of a healthy competitive environment; promoting the creation and effective development in the region of various forms of intra-industry and inter-industry organization of producers ( regional associations, corporations, unions, financial industrial groups, etc.);

Concentrating the region's investment resources on the development of priority sectors of the economy and solving the most pressing problems social development; formation of a register of priority industries and territories;

Expansion of effective demand, including demand for products of regional enterprises and demand for investment resources;

Search for objects and areas acceptable from the point of view of efficiency for investment; formation of new sources of tax and rent payments, etc.

These tasks and ways of their implementation are largely determined by the general economic and socio-political situation in the country. Solving a significant part of the problems associated with the medium- and long-term prospects for increasing investment activity in the region will

hanging from improvement federal legislation in the field of investment and entrepreneurship: development of a unified federal law on investment; development and adoption of regulations aimed at introducing various schemes for accelerating depreciation, etc.

Short-term investment tasks solved at the regional level change as the situation in the region and in the country as a whole changes. The most typical tasks solved by regional authorities include:

1) creation at the regional level of an infrastructure for settlements between subjects of the regional investment market, including testing of various means of payment;

2) saturating the needs of the real sector of the regional economy with liquid working capital, including through the issuance of corporate securities, regional securities, bill circulation;

3) mobilization of external resources for enterprises in the region financial sources;

4) creation of conditions that ensure an increase in internal sources of investment resources of enterprises - depreciation and profit;

5) creation of reliable channels for investing raised capital;

6) strengthening control by regional authorities over the targeted use of funds from the regional budget allocated for investment;

7) regulated distribution of preferential investments for individual projects, economic sectors and territories;

8) inclusion into economic circulation of resources available in the region, including rights to use natural resources, real estate, scientific and technical potential of the region, etc.

The practical implementation of the previously stated strategic and tactical objectives in the presence of formulated prerequisites is obviously possible if the RIP is built on the following principles:

Purposefulness, that is, the focus of the RIP on the implementation of the system of goals and objectives of the general socio-economic policy of the region;

Priorities for solving the most pressing problems of socio-economic development of the region;

Balancing the interests of all potential participants in the investment process (public and private interests, mixed public-private financing of highly effective projects);

Equal rights for investors when receiving government support and unification of public procedures; openness and transparency of the procedures for the formation and implementation mechanisms of the RIP;

Openness and accessibility of information for all investors;

Clarity and simplicity of procedures for formalizing relations between the investor and the authorities; mutual responsibility of authorities and investors; immutability decisions made;

Balancing the maximum use of the opportunities and advantages of the regional administration as a business entity;

The investment orientation of the budget policy, subject to the condition of reasonable sufficiency in other areas of expenditure;

Flexibility, based on the need to take into account changes in the investment environment and providing a mechanism for quickly adapting RIP to new conditions while strictly observing the interests of the subjects of the investment process;

Objectivity and priority economic efficiency in the decisions made. When forming investment policy in the region, the following must be taken into account: the features of the regional investment strategy; RIP time frame and financial capabilities of the regional budget; the possibility of obtaining objective information for the direct formation of RIP; the presence of a professional team capable of developing the RIP and its further implementation and management; features of the regional investment climate, industrial policy, export opportunities, living standards of the region's population; factors of the region’s investment potential necessary for the practical implementation of the RIP; available production capacities of enterprises in the region and their possible expansion based on integration; volumetric and cost parameters of production, social and economic factors of RIP.

The formation and implementation of investment policy in the region is a complex multi-stage problem, each stage of which requires separate study and constant adaptation to the changing conditions of the functioning of the regional investment system. The process of formation and implementation of RIP can be represented in the form of three interrelated and interdependent stages.

Stage 1. Formation of the RIP concept consists of solving a set of the following tasks:

creation of a regional coordination council for investments, consisting of representatives of regional authorities and commercial structures for the formation and subsequent coordination of the process of implementing the RIP, as well as the distribution of tasks among council members;

creation of regional specialized organizations to promote investments in the region and implement RIP (for example, such as a fund or agency for promoting foreign investment under the regional administration);

determination of regional investment priorities (social, environmental, industrial, commercial, etc.);

assessment of the investment opportunities of enterprises in the region and the extent to which they use their production capacities, investment opportunities of the regional budget;

analysis of the existing regional legislative and regulatory framework in the field of investment, strengths and weaknesses, opportunities and risks of the regional economy;

preparation and adoption by the highest legislative body of the region of the RIP concept.

The main provisions of the RIP concept, adopted by the highest regional legislative body, are:

goals of subjects of the regional investment market;

RIP priorities;

criteria for selecting regional investment projects and including them in programs that will be supported by the regional administration, and possibly partially financed from the budget;

the scale of investment policy and possible real sources of its financing;

elements of regional investment infrastructure necessary for the implementation of the RIP;

tasks of intensifying international investment cooperation, creating positive

a strong image of the region as a reliable consumer of investment resources;

the place of investment policy of the regional administration in the implementation of regional socio-economic policy.

It should be noted that at the stage of developing the RIP concept, the quality and reliability of the prepared information is more important than at subsequent stages. This is explained by the fact that further development of RIP is associated with the involvement of significant financial investments, and the time spent studying strategic markets, partners and programs, territorial, technical and technological, managerial, organizational and financial factors in order to find the optimal solution pays off many times over at the RIP implementation stage.

In general, the RIP concept is a pre-program document on the basis of which the corresponding regional investment program, which includes a system of short-, medium- and long-term measures and mechanisms for their implementation.

Stage 2. Development of /*///7 includes a wide range of consulting, expert, financial and design work. The main tasks to be solved at this stage boil down to the following: development and adoption of the organizational, legal, technological, information base of the RIP;

preparation and analysis of alternative RIP options and preliminary selection of the most effective one in accordance with the requirements formed in the initial version of the RIP concept;

performing preliminary technical and economic calculations of the effectiveness of alternative RIP options;

direct development of a program of activities that form the basis of the RIP;

detailed study of the RIP by the companies that form the basis of the regional investment advisory council;

definition strategic partners, authorized companies, banks and firms that will participate in the process of implementing the RIP;

development of the RIP project, transferring it for initial examination to consulting, expert organizations, regional governing bodies, federal specialized organizations;

assessment of the nature and extent of the impact of RIP activities on environment, social and demographic situation in the region;

development of technologies, methods and ways of cooperation with foreign investors; identifying the main sources of investment and ways to attract investment;

study financial opportunities region for financing RIP and identifying main (budgetary) and additional sources of financing;

optimization of the scale of RIP in accordance with the volume of possible financing;

formation of the final version of the draft RIP for submission to the regional legislative authorities for consideration;

making additions and changes in accordance with the comments of the authorities and final approval of the RIP with its transfer for execution.

Stage 3. Implementation of the RIP consists of solving the following tasks:

final selection of contractors for the implementation of RIP and conclusion of contracts with them;

drawing up calendar schedules for the implementation of RIP activities and their optimization;

direct implementation of RIP activities;

financial management of RIP; control and analysis of actual execution of RIP;

assessing the effectiveness of RIP implementation; prompt introduction of corrective changes and impacts;

preparation of a new next version of the RIP for the next period.

Assessing the effectiveness of investment policy in the region is a tool for regulating the regional investment process. The effectiveness of RIP should be understood as the ratio of the results of its implementation (implementation) and the costs associated with their achievement.

The main results of the RIP include quantitative and qualitative incremental socio-economic characteristics determined by the achievement of the goals and objectives of the RIP:

1) increase in the number of employees (increase in the number of jobs);

2) expansion of the tax base (increase in the number of business entities);

3) increasing the investment potential of the region (attracting additional domestic

national and foreign investment resources);

4) improvement of the environmental situation;

5) improving the quality of service to the population, etc.

Total costs include budgetary allocations at all levels, as well as funds raised from domestic and foreign legal entities and individuals.

It is advisable to evaluate the effectiveness of RIP using a system of general and specific indicators, among which are:

The socio-economic effect from the implementation of RIP, defined as the difference between the increase in gross regional product and total investment investments in the regional economy, multiplied by the investment efficiency standard adopted in the region;

RIP profitability, determined by the ratio of the total result of the implementation of the RIP to the total costs associated with this implementation (for example, the ratio of the increase in gross regional product to the total investment investments in the regional economy for the period of implementation of the RIP);

Coverage ratio of budgetary allocations due to direct and indirect budget revenues(additional tax revenues from the creation of new jobs and the opening of new industries; budget savings associated with the payment of unemployment benefits, costs of training and retraining of personnel and other costs that would have to be incurred in the event of non-implementation of a specific RIP measure).

Assessing the effectiveness of the RIP is an important element of the system for monitoring the implementation of the RIP. The latter provides for making adjustments to the main directions of the RIP in order to take into account the situation emerging during the development of the regional investment process (the emergence of new projects, changes in the implementation of existing ones, etc.).

It seems to us that the assessment of the effectiveness of the implementation of regional investment policy should be carried out not just according to a number of economic indicators, but according to a very specific management technology. Consequently, today there is an objective need to develop appropriate methodological provisions, which should become an important component of improving the scientific and methodological support of the regional investment process.

BIBLIOGRAPHY:

1. Leksin V., Andreeva E., Sitnikov A., Shvetsov A. Regional policy of Russia: Concepts, problems, solutions // Russian Economic Journal. 1993. No. 9.

2. On the concept of regional policy // Economist. 1995. No. 4.

3. Regional investments // 1Шр:// www.invest.delovoy.com/rus/academy/ri/.

4. Samgorodskaya M.I. Investment management: Monograph / Ed. B.G. Preobrazhensky. Voronezh. 2002.

5. Strategy for sustainable growth of the region’s investment attractiveness (coordinated support for investments) // http://www.tacis-Bupe^y. copy pe1;Das15.pYt1? Barm=1 &Op-=pPo1:.

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Course work

Regional investment policy

Completed:

4th year student

Gusev P.M.

Introduction

regional investment policy

The study of economic investment problems has always been the focus of economic science. This is due to the fact that in modern economic conditions, which are characterized by increased competition, the process of investment activity is becoming increasingly important, ensuring increased competitiveness of individual regions and the entire economy as a whole. Currently, they are the most important means of ensuring conditions for overcoming the current economic crisis, structural changes in the national economy, ensuring technical progress, and improving the quality indicators of economic activity at the micro and macro levels. The gradual formation of a promising investment policy in the region, the creation of a structure of market institutions that adequately meets the requirements of a market economy, which would meet the needs of all economic entities, is one of the most effective mechanisms of socio-economic transformations.

One of the conditions for the sustainable development of Russian regions and increasing the rate of economic growth is to increase the validity of economic, organizational, regulatory, financial and credit decisions taken at the regional level and aimed at developing a promising investment policy in the region.

The existing mechanism for making long-term investment decisions and forming a long-term investment policy in the region is currently characterized by a lack of consistency, which does not allow local, regional and federal economic management bodies to effectively use available investment resources, to ensure an increase in the investment attractiveness of individual regions and the entire national economy of Russia as a whole. , which negatively affects the pace of economic development of the national economic system.

The relevance of solving the problems of forming a promising investment policy in the region posed in the course work, creating conditions for increasing investment activity, interaction between various participants in the investment process is increasing in modern conditions and determines the need to create an effective mechanism for forming a promising investment policy through economic, regulatory, financial, organizational , social and other impacts from federal and regional authorities.

The object of the study is investment policy in the region.

The subject of the study is ways to improve the implementation of investment policy in the Nizhny Novgorod region.

The following methods were used during the study:

Study and analysis of scientific literature;

Comparison;

The purpose of the course work is to explore ways to improve the implementation of regional investment policy. To achieve this goal, it is necessary to solve the following main tasks:

Study the theoretical aspects of the development of investment activity;

Analyze ways to implement investment policy in the Nizhny Novgorod region;

Identify the main directions for improving the implementation of regional investment policy in the Nizhny Novgorod region.

When writing the work, the information and empirical base was used: legislative acts and government regulations; statistical data; scientific literature; methodological literature.

Chapter I. Theoretical foundations for the implementation of regional investment policy

1.1 Problems of formation of regional investment policy

Regulation of economic relations between the federal center and the regions has become one of the most acute and pressing problems of the Russian economy. This convincingly shows the constant reproduction of disagreements between the center and the regions on the distribution of income and deficits between them when adopting the federal budget.

Investment is a flow of investments of funds diverted from direct consumption for a specific purpose.

Investment policy is an integral part of the overall financial strategy, which consists of selecting and implementing the most rational ways to expand and renew economic potential. Regional investment policy should be understood as a system of measures and a mechanism for their implementation aimed at stimulating investment activity and creating a favorable investment climate in the region.

Investments are made in various forms, and for accounting, analysis and planning they are classified according to individual characteristics.

Firstly, according to the objects of investment of funds, real and financial investments are distinguished.

Real investments - aimed mainly at maintaining and developing material production and the service sector, include: capital investments, investments in the acquisition of land, etc. including working capital costs.

Financial - investing funds to purchase values ​​of the stock and money markets (stocks, bonds).

Secondly, according to the nature of participation in investment, as well as within the framework of foreign investment, direct and indirect investments are usually distinguished.

Direct - involve the direct participation of the investor in choosing an object for investment.

Indirect - carried out through financial intermediaries - commercial banks, investment companies. Portfolio investments are also distinguished - investments in stocks, bonds and other securities associated directly with the title of the owner, which gives the right to receive income from the property.

Thirdly, according to the investment period, investments are divided into short-term (for up to 1 year) and long-term (over 1 year).

Fourthly - by form of ownership:

Private investment expresses the investment of funds in the objects of entrepreneurial activity of legal entities, as well as citizens.

State - characterize the investment of capital of state unitary and municipal enterprises, as well as funds from the federal and regional budgets and extra-budgetary funds.

Fifthly, on a regional basis they are divided into investments within the country and abroad. Bocharov V.V. Investment management. S-P.2009.p.5

Equally important is the concept of investment climate, which includes the objective capabilities of a country or region (investment potential) and the conditions for an investor’s activity (investment risk).

It is clear why it is not enough to consider only potential or only risks to make decisions. A region may be first-class in terms of potential - for example, it has raw materials or a wealthy population - but if the political situation is unstable or the environment is so polluted that the population simply cannot stand another plant, for example, then few will dare to invest. And vice versa, the region may be quiet and calm, but there is simply nothing for an investor to do there.

Investment potential (investment capacity of a territory) is the sum of objective prerequisites for investment, depending both on the presence and diversity of areas and investment objects, and on their economic “health.” The potential of a country or region is basically a quantitative characteristic, taking into account the main macroeconomic indicators, the saturation of the territory with production factors (natural resources, labor, fixed assets, infrastructure, etc.), consumer demand of the population, etc.

Investment risk characterizes the probability of loss of investments and income from them. It shows why you should not (or should) invest in a given business, industry, region or country. Risk sums up the rules of the game in the investment market. Unlike investment potential, many of these rules can change overnight - just as a person's mood and opinion change. Therefore, in essence, risk is a qualitative characteristic. The degree of investment risk depends on political, social, economic, environmental, and criminal situations.

Classification of investment forms and types, clear formulation of tasks and goals, allows authorities and enterprises to more effectively manage investment flows both in the region and beyond.

In the field of investment, there is a progressive weakening of the position of the federal center, which is expressed in a systematic decrease in the share of funds from the federal budget in the total volume of investments in the country.

Before 2000, the dynamics of investment in fixed capital were unfavorable in the vast majority of Russian regions.

There is an extremely strong differentiation in the dynamics of investment in fixed capital in individual subjects of the federation.

Even more obvious than in previous periods was the trend of worsening investment dynamics as the country moved from the West to the East.

Moscow is the undisputed, absolute leader among the regions of the Russian Federation in terms of the volume of accumulated foreign investment, it accounts for slightly less than half of the total volume of foreign investment accumulated in Russia since the beginning of reforms, including 33.94% (almost a third) of the total volume of direct investment as of September 2001.

A number of regions, namely St. Petersburg, the Moscow region, the Republic of Tatarstan, the Tyumen and Sakhalin regions, the Yamalo-Nenets Autonomous Okrug and the Krasnodar Territory, are also leaders among other regions of the Russian Federation in attracting foreign investment.

About 10 regions, namely the Arkhangelsk region, the Komi Republic, Nizhny Novgorod, Belgorod, Samara, Omsk, Irkutsk regions, Krasnoyarsk and Primorsky Territories, have accumulated foreign investment in the amount of 280-480 million dollars. USA or from 1 to 1.7% each of the total volume of foreign investments made in Russia during the years of reforms. And finally, in more than 30 regions, the volume of accumulated foreign investment did not exceed 30-45 million US dollars (or no more than 0.1-0.16% in each of these regions of the total volume of foreign investment in Russia), which gives grounds to conclude that there is almost complete absence of influence of the foreign investment factor on the economy of these regions. Information on attracting foreign investment into the regional economy: the current situation and the main directions of state policy. 2010. p. 18

I would like to note that there is a belief in society that the main tool for shaping investment policy is tax regulation. And therefore, the most attractive are those regions where taxes are lower and benefits for investors are greater. This is why, many believe, investors prefer the Leningrad and Novgorod regions to other regions of the North-West.

From this point of view, the fiscal policy pursued by the federal center in recent years, which increasingly reduces the ability of regional authorities to regulate taxes, undermines the foundations of investment policy. Particularly strong changes have occurred in recent years: since 2002, the constituent entities of the Federation have been deprived of the right to reduce their part of the rate (16.5%) of the income tax by more than 4%, and since 2003, tobacco excise taxes will go entirely to the federal budget. The situation with the distribution of attracted investments across regions requires serious analysis and corresponding immediate actions on the part of legislative and executive authorities at both the federal and regional levels.

Practice shows that regional investment policy in the context of the emergence of a market environment is at the stage of formation from the point of view of the economic mechanism for its implementation. In addition, its organizational side is not fully debugged. In other words, many regions are not ready to conduct investment policies in market conditions. And one of the reasons for this situation is, unfortunately, the insufficient experience and qualifications of regional authorities in implementing investment policy.

During the period of the Soviet Union, regional investment policy was carried out by the union center. Moreover, the former union republics were not economically independent entities. It was the center that decided which republics and regions required additional financial resources. Over 90% of government capital investments were made from the union budget. Another feature of the regional investment policy pursued by the Union center was the predominantly subject (sectoral) specialization of the regional economy according to the type: Ural - metal, heavy equipment, Eastern Siberia - timber, Kuzbass - coal, Tyumen - oil and gas, etc.

Since investments serve as one of the main factors in increasing economic efficiency, in the context of a decline in production, the issue of finding a quantitative increase and qualitative improvement in investment projects has become particularly important. Analyzing the dynamics of the main indicators of the economy over the past few years, it is easy to conclude that the areas of investment processes are low and limited.

A characteristic feature of the Russian market is a noticeable differentiation of investment activity in individual sectors of the economy. A similar situation is observed at the regional level.

The key problem of investment policy for almost all regions has become the search for sources of financing. Theoretically, there are quite a few potential options for attracting capital to regional investment projects. However, at present, only a few are able to play a significant role in the investment process. Despite the fact that in most regions of the Russian Federation the budget situation remains very tense, perhaps one of the most realistic sources of financing is the own funds of regional budgets.

The experience of recent years has shown that one cannot count on financial support for regional investment projects from the federal budget. A number of regions actively invested their own funds in the development of the regional economy. Let me note that we are talking, first of all, about large financial centers, as well as about territories where industry has a pronounced export orientation. These are the cities of Moscow, St. Petersburg, Krasnoyarsk, Yamalo-Nenets Autonomous Okrug, Republic of Sakha (Yakutia) and others. Rating of investment attractiveness of Russian regions http://www.raexpert.ru/Expert/Regions10-11/data/region.htm

Another, more or less stable source of investment in the regions is capital investment from enterprises’ own funds through the accumulation of financial resources in specialized funds, equity participation, guarantee mechanisms, etc.

If we talk about large-scale sources of financing capital investments in the regions, then first of all we can name direct and private foreign investments. However, it should be noted that the influx of foreign investment into the regional economy has sharply decreased in recent years. This is due to a number of reasons. Imperfect economic legislation, high levels of taxation, high political risks, lack of a system of guaranteeing and insuring foreign investments, weak protection of the personality and property of investors - this is not a complete list of reasons for the reluctance of foreign investors to invest their financial resources in the development of the Russian economy and the regional economy in particular.

World practice shows that in developed countries in recent years, leasing has become increasingly important as one of the progressive forms of attracting and using investments. A leasing company is essentially a financial intermediary that attracts resources to purchase equipment, update the fixed capital of enterprises, expand production volumes, carry out technological modernization, etc.

However, leasing relations with Russian enterprises are developing extremely slowly. Vinokurov N.A., Sukhodolov A.P. “Economy of the Nizhny Novgorod Region”, Nizhny Novgorod, - 2009. The lack of interest in this form of attracting investment is explained by the fact that, along with problems of accessibility and the cost of financial resources, as well as problems of solvency, it is of no small importance that the majority of managers and financial directors of Russian enterprises have a rather superficial understanding of the conditions and advantages of industrial financial leasing.

When forming the RIP, Indrisov A.B. Investment policy in the territory of the municipality should be taken into account. M. 2010. p.50:

Characteristics of the strategic socio-economic orientation of the region;

Investment policy framework and its financial capabilities;

Availability of natural, demographic, production financial resources;

Features of the regional investment climate, industrial policy, export opportunities, living standards of the region's population:

Availability of a professional team capable of developing an investment policy and its further implementation and management;

Possible relationships between industry projects and other industries, both regional and federal;

Future demand for certain consumer goods, the consumption of which may increase due to increases in population or purchasing power, or the expected demand for newly created goods.

An analysis of scientific publications on the problem of forming investment policy allows us to formulate a number of main directions for its implementation at the regional level: the formation of a favorable investment climate; searching for sources of financing for structural reforms; increasing the role of enterprises’ own sources of financing investment projects; strengthening control by regional authorities over the targeted use of funds from the regional budget allocated for investment; reduction of investment risks, etc.

Of no small importance is the implementation of an investment policy taking into account specific conditions, as well as the desire of regions to use their comparative advantages to attract both domestic and foreign investors.

The use of the above tools will not only create a favorable investment climate, but also implement investment policy, which should be aimed both at finding the most effective sources of financing, and at supporting enterprises and maximizing the use of production, natural and scientific potential. Sapegina O.P. Problems of formation of RIP.”Region: economics and sociology” No. 2, 2010. p.29

1.2 Principles and instruments of regional investment policy

Regional investment policy implies the development and strict adherence to key investment principles, these include the following:

Strengthening state and municipal control over the targeted expenditure of budget funds allocated for investments in the form of non-repayable financing and lending;

Consistent decentralization of investment processes based on the development of diverse forms of ownership;

State support for enterprises operating within the framework of RIP, with a gradual shift in the center of gravity from non-repayable financing to lending on a repayable and paid basis;

Placement of limited centralized capital investments and state financing of investment projects exclusively on a competitive basis;

Priority use of an increasing portion of investment funds for the implementation of effective and quick-payback investment projects and small business facilities, regardless of the form of ownership;

Expanding the practice of joint financing of investment projects by both government and commercial structures of the region and other countries;

Conversion of debts into property in the absence of a method of mutual settlement agreed upon by the partners, etc. Indrisov A.B. Investment policy in the territory of the municipality. M. 2010. p.63

The principles listed above cannot be called general principles for RIP; they sound differently in different sources. The development of principles depends, for example, on the development model of the regional economy; the following principles can be identified:

Actively promoting the equalization of investment potential, creating equal competitive conditions for attracting investment resources and, on this basis, reviving investment processes in the regions;

Expanding the independence of regions in choosing directions and investment objects, taking into account local needs;

Development of regional investment legislation and regulatory framework in the field of business support;

Effective use of limited budget investments,

Providing guarantees, both economic and political;

Formation of information openness of the region;

Creation of a specialized market infrastructure that supports the investment process.

The implementation of these tasks and principles requires improvement of the legal, financial and economic foundations and organizational tools for investment interaction between the center and the regions. Certificate on attracting foreign investment in the regional economy: current situation and main directions of state policy. 2010. p.24

Economic policy must be uniform. Ensuring the unity of the economic space on the territory of the Russian Federation by suppressing and preventing its fragmentation by establishing administrative barriers (bans and restrictions on both the export and import of goods, excessive licensing, etc.). Individual regions should compete with each other only with benefits within the limits of their regional legislation.

There are a number of economic and administrative regulators or tools to attract investors to the region, on the basis of which RIP is based: 1) preferential treatment or tax breaks - are a more common way for investors to stimulate investment. The purpose of this policy is to attract investment while awaiting the expiration of tax incentives. In most cases, tax breaks include a temporary reduction or elimination of the income tax paid to the region. The size and timing of tax abolition vary greatly depending on the region; 2) state guarantees, which make it possible to attract funds to investment projects from the open resource market, without resorting to large-scale financing from the budgets of the subjects. Guarantees against non-commercial risks, unhindered transfer of dividends and repatriation of capital by foreign investors from the region are also provided; 3) competitive selection of projects for inclusion in the region’s investment programs and ensuring their participation in federal target programs; 3) infrastructure has a significant impact on the efficiency of private investment, so its provision is a means of attracting investors to the region. The ability to use buildings and land (the right of disposal, which often belongs to regional or municipal administrations) is also a significant determining factor for attracting foreign investment; 4) investment from the budgets of the constituent entities of the federation.

It is also advisable to create a system for informing potential investors, including foreign ones, about the regions’ policies to attract investment. The participation of federal authorities in providing investors with information about the regions could become one of the factors in increasing the investment attractiveness of individual regions, a mechanism for encouraging regions seeking to create “transparent” legislation favorable for economic development. It is possible that the well-known nature of regions with favorable legislation (of course, if such legislation exists) will become an incentive to attract investment to them.

Whether or not the investment policy in the region will have a structural investment character depends on the direction set by this economic regulator in the regulatory and legislative acts on investment activities. Tyaglov S.G. Kuznetsova N.G. Regional economics. Rostov-on-Don. 2011. p.139 I note that at the regional level, the constituent entities of the Russian Federation largely copy the measures taken by the federal authorities.

1.3 Features of regulation of regional investment policy

In addition to the instruments and principles of RIP, there are investment projects implemented in the region that regulate investment activities. These projects can be divided into the following three groups:

1. Projects supported and partially financed by the regional administration due to their social, environmental or other socially beneficial nature. This category includes projects related to the creation of regional infrastructure, including road construction, the development of communications and small-scale energy, the creation of modern market infrastructure, including the infrastructure of the regional investment market. Projects associated with the creation of a significant number of new jobs may also fall into this category if we are talking about depressed regions.

2. Projects supported by the regional administration, but financed only from other sources due to economic efficiency and, therefore, profitability for a potential investor. This category includes projects related to the development of new technologies and the release of new competitive types of products, as well as projects related to the involvement of material resources and the scientific and technical potential of the region into economic circulation.

3. Projects that are not supported by the regional administration, but are being implemented due to their exceptional profitability. This category includes projects, the implementation of which may lead to deterioration of the environmental situation in the region, as well as projects to organize the production of products that are in demand by the population, but are not recognized as useful (for example, the tobacco industry). Here it is necessary to take into account alternative options for meeting the demand for such products and choose the most appropriate one specifically for the region.

Consideration of alternative investment options and alternative options for developing the situation in the region should be considered as a key point in determining priorities and regulating investment policy. Depending on the attractiveness or, conversely, the attractiveness of alternative options for the development of the situation, it is possible to reconsider the attitude towards certain specific investment projects and the system of priorities as a whole. Indrisov A.B Investment policy on the territory of the municipality. M. 2010. p.48

The main provisions of regional investment activities adopted by the highest regional legislative body are:

Goals of participants in the regional investment market;

Priorities of the regional investment program;

Formation of criteria for the selection of regional investment projects and programs that will be supported by the regional administration, and possibly partially financed from the budget;

Determining the scale of the investment program and possible real sources of its financing;

The main development paths and elements of regional investment infrastructure necessary for creation and support, including state ones;

The place of the investment policy of the regional administration in the implementation of regional socio-economic policy;

The tasks of intensifying international cooperation, creating a positive image of the region as a reliable consumer of investment resources.

The process of regulating investment activities includes the formation of the regulatory and legal framework for RIP. Creation and development of a system of regulatory and legal support for RIP, reflection in the legislative and regulatory acts of the regional administration of the interests of RIP subjects and investment interests of the region. This allows the transformation of a region into a territory:

Favorable for the development of investment activities, the creation of investment institutions;

With a positive international image as a reliable and large consumer of investments, where the interests of a foreign investor are protected; The administration supports the investor and has a developed professional investment infrastructure, uses all progressive investment instruments, and cooperates with reliable investment institutions.

Financial and credit support for RIP. This support should combine the optimal implementation of tax benefits in the region; carrying out a balanced depreciation policy; a system of grants for the development of a system of regional investment institutions; direct budget financing of RIP activities, projects and programs; creation of regional investment funds, insurance, leasing, consulting companies, etc.

Information support for RIP is considered important, which is based on:

Professional information support for entrepreneurship and industrialists in the region through specialized information and analytical centers that have and maintain the relevance of investment information;

Implementation of measures to widely disseminate investment knowledge and investment information through federal, regional and international media, including electronic ones;

Creation of a special comprehensive program within the framework of the RIP, which will ensure openness of information in the region, its investment market, and contribute to the creation of a unified regional investment space.

Some sources touch upon such aspects of regulation as methodological and staffing of RIP, as well as safety issues.

All of the above listed features of regulation of investment policy in the region are decided in each specific case in relation to the characteristics of the subject.

Chapter II. Regional investment policy of the Nizhny Novgorod region

2.1 Investment attractiveness of the Nizhny Novgorod region

The investment climate of the Nizhny Novgorod region is one of the most comfortable in Russia. Regional investment legislation, which is recognized by experts as one of the most successful in the country, a powerful system of financial and non-financial benefits provided to business, as well as organizational support for investments, allow investors to effectively realize the region’s significant economic and resource potential of manufacturing industries and the innovation sector. The favorable geographical location and high capacity of the consumer market create good opportunities for the development of transport and logistics.

The Nizhny Novgorod region is one of the most attractive for the development of investment activity due to a number of integral, historically established competitive advantages:

The strategic location in the center of the European part of Russia, 400 km from Moscow, at the intersection of the international transport corridors “North-South”, which begins in Finland and extends to India, and “West-East”, connecting European countries and the Far East, determined the role of the region as a “crossroads of Russia”.

The Nizhny Novgorod region is the center of the greatest consumer demand in Russia. About 43 million people live within a radius of 500 km, and about 84 million people live within a radius of 1000 kilometers, which exceeds the similar figures for Moscow and St. Petersburg.

The Nizhny Novgorod region is one of the most important industrial centers of the Russian Federation. Thanks to its powerful production base (deep industrial traditions, highly qualified specialists, the presence of strategic enterprises for Russia in the region), the Nizhny Novgorod region occupies a leading position in terms of industrial production volumes. The basis of the region's industry is transport (aircraft, auto, ship) engineering, metallurgy, petrochemicals, and the defense industry.

The legislation of the Nizhny Novgorod region, which occupies one of the first places in Russia according to ratings, fully meets the interests of the investor. If an investment project is assigned priority status, the investor receives the maximum benefits allowed in the Russian Federation.

The Law “On State Support of Investment Activities on the Territory of the Nizhny Novgorod Region” defines the legal basis for investment activities on the territory of the Nizhny Novgorod Region, establishes forms of state support for investment activities, and the procedure for its provision by state authorities of the Nizhny Novgorod Region.

For the first time in Russian legislative practice, the law of the Nizhny Novgorod region on state support for investment activities formulates the very concept of state support and legislatively establishes preferential conditions for carrying out investment activities in the region.

The Law “On the Regulation of Land Relations in the Nizhny Novgorod Region” defines the powers of state authorities and local self-government bodies of municipalities in the region to dispose of land plots before the delimitation of state ownership of land in the territory of the Nizhny Novgorod Region.

In the region, an investment infrastructure has been developed and clearly functions in the interests of investors. The Ministry of Investment Policy of the Nizhny Novgorod Region organizes work with investors in a “one window” mode. This regime assumes that the ministry, having received an investor’s application containing initial information on the required land plot and engineering support, prepares the necessary documents for a preliminary assessment of the project (approximate investment agreement, conclusion on the socio-economic significance and budgetary efficiency of the project).

The Investment Council under the Governor of the Nizhny Novgorod Region reviews projects presented by the Ministry of Investment Policy. Upon approval of the project by the Investment Council, the ministry, together with the approving, supervising and controlling bodies and other authorized structural divisions of the Government of the Nizhny Novgorod Region, provides the investor with the documents necessary to begin the implementation of the investment project and provides comprehensive support throughout the entire period of implementation of the investment project.

An effective and transparent procedure for completing an investment application, operating on the “one-window” principle, allowing a business to receive a land plot for the implementation of an investment project within 104 days with preliminary approval of the location of the facility, or within 142 days without such approval (with bidding).

Each investor who has decided to work in the Nizhny Novgorod region and has a business project receives methodological and organizational support related to the allocation of land and the launch of the project, primarily with the formation of a package of documents for the start of design work. Particular attention is paid to projects that have social and economic effects, implemented in priority sectors, that is, projects that will further ensure the growth of the economy of the Nizhny Novgorod region. Such projects can count on full support, we are talking about the most complete organizational, information and consulting support from the authorities.

Investors whose projects are assigned the status of a priority investment project in the Nizhny Novgorod region additionally receive financial and non-financial support. In addition, they are subject to the principle of “non-deterioration” of the legislative conditions of investment activity for the period of validity of the investment agreement.

Forms of financial state support for priority investment projects:

Tax benefits. The validity period of tax benefits provided to investors implementing priority investment projects in the Nizhny Novgorod region is limited by the payback period of the investment project and is no more than five years from the date determined by the investment agreement, and this day is determined by the investor himself (after all, benefits are needed when the implementation of the project has already begun) , but not earlier than the entry into force of the law of the Nizhny Novgorod region approving the agreement.

Income tax benefits. The reduction in the rate of income tax to be credited to the consolidated budget of the Nizhny Novgorod region depends on the share of revenue received from the implementation of the priority investment project of the Nizhny Novgorod region, in the total revenue of the company ranging from 1 to 4%.

Property tax benefits. The property of organizations created, acquired or used for the implementation of a priority investment project according to the quarterly list approved by the Ministry of Investment Policy of the Nizhny Novgorod Region is not subject to taxation.

An investment tax credit can be granted for a period of one to five years. For regional taxes, the validity of the investment tax credit can be extended by decision of the Regional Government, but not more than for 5 years. Interest charged for using an investment tax credit is set at a rate of no less than one-half and no more than three-quarters of the refinancing rate of the Central Bank of the Russian Federation.

State guarantees of the Nizhny Novgorod region. On a competitive basis, investors implementing a priority project may be provided with state guarantees of the Nizhny Novgorod region as a full or partial obligation of the investor to repay borrowed funds. The guarantee period cannot exceed five years, and the fee for its provision is 2% of the amount of the guarantee received.

Partial compensation to investors for interest rates on loans attracted for the implementation of investment projects. This financial support is quite popular and in demand among investors. Reimbursement from the regional budget of part of the cost of paying interest for the use of bank loans is carried out on the terms stipulated by the investment agreement and the loan agreement between the bank and the investor, subject to strictly targeted use of credit resources for the implementation of a priority investment project in the Nizhny Novgorod region and is carried out by transferring budget funds to the investor in the amount of 1/2 of the amount of interest accrued in accordance with the terms of the loan agreement, but not more than 1/2 of the amount of interest accrued at the discount rate of the Central Bank of the Russian Federation, effective on the date of crediting credit resources to the loan account of the subject of investment activity.

The government of the Nizhny Novgorod region also provides for the following non-financial measures of state support for investments:

· support (direction) of petitions and appeals to the federal government bodies of the Russian Federation to provide assistance to investors in the implementation of an investment project;

· dissemination of positive information about the investor;

· assistance in creating business infrastructure.

The effectiveness of investment policy in the Nizhny Novgorod region can be judged by specific figures. At the end of 2008, the volume of investments in fixed capital of the Nizhny Novgorod region amounted to 195.6 billion rubles. (USD 5.8 billion), which allowed the physical volume index to reach 120.5% of the corresponding level of the previous year. As part of the new system for working with investors, from February 2006, from the beginning of the Investment Council, to January 1, 2009, 108 meetings were held, 1953 investment projects were approved, 54 of which received the status of a priority project in the Nizhny Novgorod region. This is more than 1.2 trillion. rub. ($35.8 billion) investment and 147,832 new jobs. The volume of foreign investments received in the non-financial sector of the economy of the Nizhny Novgorod region in 2008 amounted to 708.5 million US dollars (173.0% of the 2006 level).

2.2 Analysis of factors in the regional investment climate of the Nizhny Novgorod region

The investment climate is the environment in which investment processes take place. It is formed under the influence of an interconnected complex of geographical, climatic, economic, social, scientific, legislative, regulatory and other factors that determine conditions, etc. Investment climate assessments range widely from favorable to unfavorable. A favorable climate is considered to be conducive to the active activity of investors and stimulates the influx of capital. An unfavorable climate increases risk for investors, leading to capital flight and dampening investment activity. Let's consider the investment climate of the Nizhny Novgorod region based on some factors Lebedev V.M. Formation of the investment climate in Russia / Finance - 1995. - No. 4. P. 15, which form a favorable regional investment climate.

According to the objective geographical factor, the Nizhny Novgorod region is:

the capital of the Volga Federal District (the center of the European part of Russia);

the intersection point of the international transport corridors north-south" and the Eurocorridor MTC No. 2 (distance from Nizhny Novgorod to Moscow - 439 km);

area - 76.6 thousand km2 (0.4% of the territory of Russia);

population density - 44.1 people. per km2;

borders on the Ryazan, Vladimir, Ivanovo, Kostroma, Kirov regions, Mari, Mordovian and Chuvash republics;

rivers - Volga, Oka, Sura, Vetluga.

The region has developed transport infrastructure:

1300 km of railway tracks (network density 3 times higher than the Russian average);

more than 12 thousand km of roads (the density is 2 times higher than the average in the Russian Federation);

river ports and more than 900 km. waterways;

international Airport.

Analysis of the main socio-economic indicators Management of innovative development of the region: Ed. A.P. Egorshina. - N.Novgorod: NIMB, 2008. P.223 of the region in recent years (Table 1) has shown that it is developing steadily according to the subjective socio-economic factor.

The most significant factor determining the level of socio-economic development of the region is the development of industrial sectors.

From 2000 to 2008, the share of industry in the structure of GRP of the Nizhny Novgorod region grew and amounted to about 40.3% in 2008, where the main types of economic activity were: manufacturing; wholesale and retail trade; repair of vehicles, motorcycles, household products and personal items; real estate transactions, rental and provision of services; transport and communications. The Nizhny Novgorod economy, like the economy of Russia and most countries of the world, in 2009 was affected by the global financial crisis of 2008. From 2000 to 2009. the index of industrial production decreased by 14.6% by type of activity in 2009: “Mining” - 73.3%, “Manufacturing” - 76.9, “Production and distribution of electricity, gas and water” - 95, 6%. Product profitability on average for 2000-2008. increased by 9.9%, and in certain industries reaches 23.4% (metallurgy). In terms of the volume of shipped goods of its own production, work and services performed on its own in the extraction of mineral resources, the region ranks 62nd in Russia (in the federal district - 10), in manufacturing - 6 (1), in the production and distribution of electricity, gas and water - 19 (7). The region accounts for 64.0% of the all-Russian production of buses, 55.2 - trucks, 3.0 - passenger cars, 54.3 - thermoplastic sheets, 34.7 - vehicles for municipal utilities, 20.7 - steel pipes , 14.9 - polymer films, 11.6 - food concentrates, 7.3 - primary oil refining.

The labor resources of the Nizhny Novgorod region, its individual cities and municipalities, together constitute one of the richest territorial units in Russia. The economically active population in 2009 was 1,824 thousand people, which is 2.4% in Russia and 11.4% in the Volga Federal District, and the level of economic activity of the region's population was 69.3%.

The largest employment of the population is provided by the following activities: wholesale and retail trade - 355.7 thousand people; manufacturing - 346.6; construction - 159.7; operations with real estate, rental and provision of services - 159.6; education - 133.0.

Educational and innovation infrastructure. The Nizhny Novgorod region is the Russian center of automotive manufacturing, aircraft manufacturing, shipbuilding, instrument making, nuclear physics, defense industry and other high-tech sectors of the economy. The developed scientific complex is represented by 100 scientific, educational, and research organizations. Today the region ranks 3rd in Russia in terms of the number of people employed in R&D. More than 42 thousand personnel are engaged in research and development. In 2009, the total number of researchers with an academic degree was 2221 people. of which 1902 are candidates of science and 564 doctors of science.

One of the leading educational centers in Russia, including 7 state universities (5 universities, 6 academies, 6 institutes), 8 branches of non-resident and Nizhny Novgorod universities.

In terms of legislative and regulatory factors, the Nizhny Novgorod region is one of the leaders among the regions of the Russian Federation. Over the past few years, an investment legislative framework has been created that has absorbed all the best from the experience of Russian regions.

In the region, the investment activities of business entities are carried out in accordance with federal legislation, as well as in accordance with the laws and regulations adopted by local governments, and constituting regional investment legislation, which consists of the following regulations: Law of the Nizhny Novgorod Region of June 22, 2000 No. 116 -3 “On state support for investment activities in the Nizhny Novgorod region”; Law of the Nizhny Novgorod Region of November 15, 2002 No. 67-3 “On a single tax on imputed income for certain types of activities”; regulations on the procedure for leasing state non-residential facilities, approved by Decree of the Government of the Nizhny Novgorod Region dated July 2, 2002 No. 152; methodology for determining rent for the use of non-residential state property facilities in the Nizhny Novgorod Region, approved by Decree of the Government of the Nizhny Novgorod Region dated June 20, 2002 No. 137; Regulations on the Council for Scientific, Technical and Innovation Policy, approved by Order of the Government of the Nizhny Novgorod Region dated June 17, 2002 No. 307-r.

Favorable geographical location, developed infrastructure, open friendly policy of the regional authorities largely contribute to the formation of a favorable investment climate and increasing the investment attractiveness of economic activity in the Nizhny Novgorod region.

2.3 Implementation of investment projects of foreign companies in the Nizhny Novgorod region: successes and problems

The main competitive advantages of the Nizhny Novgorod region are: favorable geographical location, human capital, location of federal research centers in the region, strong educational base, relatively low level of wages even by Russian standards. The Nizhny Novgorod region, unlike many regions of Russia, has a developed transport system, represented by various modes of transport: land, air, water. Considering the high density and population of the Nizhny Novgorod region, as well as neighboring regions, this territory is one of the most capacious and concentrated centers of consumer demand in Russia.

The investment climate of the Nizhny Novgorod region is one of the most comfortable in Russia. Regional investment legislation, which is recognized by experts as one of the most effective in Russia, a powerful system of financial and non-financial benefits provided to business, as well as organizational support for investments, allow investors to effectively realize the region’s significant economic and resource potential of manufacturing industries and the innovation sector. In order to quickly make decisions, ensure interdepartmental interaction, and also reduce the bureaucratic burden on investors, special structures were created that became the organizational basis of investment policy. In 2005, a special Ministry of Investment Policy (MIP) was created. The main task of the SIE is to develop and implement a unified investment policy for the Nizhny Novgorod region, determine priority areas of investment, and the conditions for their implementation. It is the SIP that ensures the collection of approvals in relation to a particular investment project declared by the investor for implementation, and takes upon itself most of the administrative and bureaucratic procedures, as well as resolving issues that arise at the start of an investment project, freeing investors from “walking along the corridors.” It is assumed that when launching a project, it is enough for a business to contact only this ministry from all government bodies. In 2006, an investment council was created under the Governor of the Nizhny Novgorod Region (IC), which includes heads of structural divisions of the Government of the Nizhny Novgorod Region, heads of territorial and federal government bodies, heads of large municipalities, and heads of leading enterprises in the region. The rules of work of the investment council allow, in an open discussion mode, based on previously collected conclusions, to quickly make decisions on projects announced for implementation. Meetings are held at least twice a month. As of 02/12/2010, the total volume of investments in projects approved at 142 meetings of the investment council will amount to 1,401.9 billion rubles, and it is planned to create almost 167 thousand new jobs. Investors have been issued more than 1 thousand complete sets of permits. 55 investment projects have been given the status of a priority investment project in the Nizhny Novgorod region, which implies that investors receive tax benefits in accordance with the Law of the Nizhny Novgorod region dated 31. 12.2004 No. 180-Z "On state support for investment activities in the Nizhny Novgorod region."

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