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Introduction

Conclusion

List of used literature

Introduction

investment climate economic crisis

Assessment of the investment climate is the general atmosphere of understanding the economic situation and the need to attract additional resources, which prevails in various spheres of social economic development state, region.

The current formation of a favorable investment climate in the state will affect its future.

The logical result of the effectiveness of the investment climate is the achievement of certain investment goals. At the same time, the activity of various territorial institutions with the aim of creating, in their opinion, a more favorable investment climate is not always adequately accompanied by an increase in investment flows.

The effectiveness of the investment climate for a specific territory is manifested in two aspects: economic and social. In economic terms, through an increase in macroeconomic indicators, primarily GDP per capita and export capacity. Regarding the social: its manifestation is a reduction in social risks, an increase in wages, and therefore the purchasing power of the population of the territory.

Attracting investment in Russian economy is a vital means of eliminating the “investment hunger” in the country. However, in order to foreign investors made such investments, very serious changes in the investment climate are necessary.

Attracting foreign investment is important for Russia not only from the point of view of the opportunity to increase real assets. Perhaps even more important for our time is the fact that foreign investors bring with them a new, higher business culture, new technologies and modern methods management, and also contribute to the development of domestic investment. For the Russian economy, they are like aliens from tomorrow.

Relevance of the selected topic course work This is explained by the fact that the state of the investment climate in Russia can be judged by the attitude of foreign investors to work in the Russian market. Unlike domestic investors, who are limited by the rules of currency regulation, a different business culture, language and therefore focused on working in Russia, foreign investors are much freer in choosing where to invest their capital. Based on the dynamics of foreign investment, one can judge the real progress that is happening (or not happening) in the country in terms of investment.

The purpose of this course work is to assess changes in the investment climate in Russia over recent years, the trend of its development and the investment policy of the state, identifying the most weaknesses and instructions necessary measures to eliminate them.

Based on the purpose of the course work, it is necessary to solve the following problems:

Study the theoretical foundations of the investment climate.

Analyze the current state of the investment climate in Russia.

Consider the prospects for the development of the investment climate in Russia.

The subject of the study is to assess the investment climate in Russia as a step towards a serious improvement in the investment climate in the country, production growth and productivity.

1. Theoretical basis investment climate

1.1 The concept of investment climate and its components

The concept of investment climate is interpreted differently in scientific and educational literature. For example, in the textbook “International Capital Movements” the investment climate is considered as “a set of legal, economic, political and social factors, determining the attractiveness of the state for foreign investment" Anshin, V.M. Investment analysis: Educational and practical manual. - M.: Delo, 2009. - p. 213-216. With this approach, the concept of “investment climate” is reduced to investment attractiveness, which is hardly fair, since in this case it ignores investment risks, which largely determine the investment climate.

The investment climate (sometimes the entrepreneurial climate) is the situation in a country from the point of view of foreign entrepreneurs investing their capital in its economy. This climate consists of a large number of elements (so-called risk factors), which can be combined into the following groups:

1) the socio-political situation in the country and its prospects;

2) the internal economic situation and prospects for its development;

3) foreign economic activity and its prospects.

Each risk factor has its share and is assessed in points. Therefore, it becomes possible to quantitatively measure both individual groups of risk factors and the investment climate as a whole.

Factors favoring the influx of investment into a particular country include:

high potential of the domestic market;

high rate of profit;

low level competition;

stable tax system;

low cost of resources (raw materials, labor, financial);

effective state support.

Factors that hinder the development of investment processes and, thereby, worsen the investment climate in the country include:

political instability in the country;

social tension (strikes, mafia wars, ethnic and religious strife, etc.);

high level of inflation;

high refinancing rates;

high level of external and internal debt;

budget deficit;

passive balance of the balance of payments;

underdevelopment of legislation, including failure to comply with laws regulating the investment sector;

high transaction costs.

1.2 Assessment of the investment climate based on various methods

Analysis of the investment climate for the investment recipient is an important element in the development of state and regional policy attracting and using capital, since, firstly, it gives a systematic understanding of the factors affecting the investor, secondly, it provides an opportunity to better assess the situation in a country or in a particular region, and thirdly, it allows one to understand the motivation of a partner’s behavior.

In the economic literature there are different approaches to assessing the investment climate national economy, differing, depending on the objectives of the study, in the number of analyzed indicators and their qualitative characteristics, in the choice of indicators themselves Bard, V. S. Financial and investment complex: theory and practice in the context of reforming the Russian economy. - M.: Finance and Statistics, 2009. - p. 123-129.

1. A universal methodology for assessing the investment climate, covering the maximum number economic characteristics, trade indicators, characteristics of the political climate, and the legislative environment for investment allows us to deeply and comprehensively assess the situation in the country at the moment and judge the possibilities for its development.

2. For a comparative analysis of the investment climate in countries with economies in transition, specialized techniques are used that focus on the pace and prospects of reforms. The importance of such an assessment is determined by the fact that new opportunities for foreign companies in these countries directly depend on how decisively the reforms will be implemented.

These techniques include interviewing experts representing large banks developed countries and take into account statistical information about the state of a particular factor. Among the characteristics of these factors: forecasts of macroeconomic indicators; risk of non-payment for goods; risk of loan default; dividend payment risk; risk of nationalization, confiscation and expropriation of property; debt indicators; assessing the creditworthiness of countries; policy in the field banking assets, international bonds; policy regarding discounts and penalties. Russia occupies one of the last places in ratings based on these methods and is inferior in investment attractiveness to the Czech Republic, China, Hungary, Poland, Lithuania, Romania, Estonia, and Latvia. This rating to a certain extent corresponds to the volume of foreign investment flowing into Russia compared to other countries. However, these methods are not without drawbacks. First, they do not differentiate between direct and portfolio investments. Secondly, it is hardly legitimate to evaluate the investment climate in Russia with one set of indicators (taking into account the diversity of conditions in the constituent entities of the Federation), the USA, China, Germany, on the one hand, and Luxembourg, Estonia, Albania and other small countries, on the other. Thirdly, the indicators do not include the innovation component, which is playing an increasingly important role in the macroeconomic dynamics of many countries.

Assessment of the state and prospects for the development of the investment climate in the countries of Eastern and Central Europe, as well as the CIS, including Russia. The assessment was carried out on a 10-point scale (0 is the worst score, 10 is the best), according to the 10 most important economic and political indicators (economic growth, price stability, labor productivity, currency stability, privatization, infrastructure, trade prospects, natural resources, political stability, basic legislation) showed that Russia ranks high in terms of natural resources and trade prospects - 9.3 points, in the field of infrastructure - 4.9, political stability - 5, but lags behind most countries of Eastern Europe and the Baltics.

The advantage of this rating methodology is its comparative low cost of research and the clarity of the results. Such rating studies are more suitable for political processes than for specific economic research.

3. Scoring methods make it possible to quantitatively compare the main characteristics of the investment climate of countries and determine indicators that take into account the values ​​of all components and serve as a criterion for ranking countries according to their investment attractiveness.

These methods are universal and can be applied to different countries. They are effective when conducting research at the macroeconomic level, especially when comparing the levels of economic development of several states.

Using these methods, 15 criteria are selected that have a certain specific weight. These criteria are assessed by experts on a scale from “O” to “4”. The setting criteria are: political stability (share - 12), state of economic growth (10), currency convertibility (10), wage level and labor productivity (8), attitude towards foreign investment (6), possibility of nationalization (6), influence devaluation (6), balance of payments situation (6), level government regulation investments (4), state of infrastructure (4), possibility of cooperation in production (4), obtaining consulting services(2), project implementation (6).

Each criterion is given a rating index assigned by a group of experts; then these indices are summed up taking into account the specific weight of each. The advantage of such methods is that it is easy to use and universal, which allows it to be used in different countries, and is also quite visual and understandable - all this allows specialists from different fields of science to work with it. The result of research using such methods is a numerical indicator. These methods are convenient when conducting research at the macroeconomic level, especially when comparing the development of certain states or communities of states as a whole.

However, when studying sectors of the economy or regions of the country, these methods lead to errors in assessing the investment climate; their disadvantage is the subjectivity of the approach when calculating certain indicators. An expert assessment requires a large amount of information.

The methodology for assessing business risk in Russia was developed by the UNI-VERS agency. It allows you to assess the investment climate based on an expert assessment of the level of business risk, the components of which are the following indicators: socio-political, internal economic and external economic.

The ranking of indicators is carried out on a decimal scale of investment conditions: from 1 ("best") to 10 ("worst"). The investment climate is considered at the macro- and microeconomic level. The first determines indicators of the economic, social and political environment for investment.

For potential investors in Russia, when analyzing the political situation, the determining factors are the state’s policy towards foreign investment, the likelihood of nationalization of foreign property, the participation of the Russian Federation in systems of international treaties, the strength of state institutions, the continuity of political power, the degree of government intervention in the economy, etc.

The investment climate is negatively affected mainly by direct restrictions on the activities of foreign firms, fixed in legislation, and the vagueness or instability of the legislation of the host country.

When assessing the investment climate at the macro level, the main attention is paid to the state of the economy, the situation in the currency and credit systems, the customs regime, the cost of labor and its relationship with the average level of qualifications of workers, labor productivity, etc. Of great importance when assessing the social environment for investment is the foreign investment in society, the degree of its stratification, the level of unemployment, strike activity, etc.

At the micro level, the investment climate is influenced by the relationship between investor firms and specific government agencies, suppliers, buyers, banks, trade unions and labor collectives of firms in the host country. Macro and microeconomic levels in this technique are analyzed as a whole, and the results of the analysis are used to determine the investment risk assessment.

As can be seen from the above analysis, despite the large number of assessment methods, such a methodology for assessing the investment climate, which would allow us to objectively assess the overall investment situation in the region and the individual factors influencing it using mathematical methods, does not currently exist. Many of the methods discussed use expert assessments, either to determine the degree of influence of a particular factor on the investment climate (i.e., weights), or to assess the state of the factor at the time of analysis, which significantly reduces the objectivity of the result obtained with their help.

To assess the investment attractiveness of a country from the position of foreign investors, the concept of OML developed by J. Dunning and called the “eclectic paradigm” has become widespread.

This concept includes an analysis and assessment of three components of investment attractiveness of Zenchenko S.V. "Investment climate of the region and methods for its assessment" Collection of scientific works of North Caucasian State Technical University. Series "Economics", 2009, No. 11 http://science. ncstu.ru:

comparative advantages of the country's companies;

the presence of advantages of the national economy as a whole (high potential of the domestic market, low production costs, high level of personnel qualifications, high profit margins);

advantages of internalization - the presence of affiliated structures, competition between independent investors and companies accepting investments.

The first and third components of investment attractiveness characterize the characteristics of companies, the second - the characteristics of the country as a whole. If the country receiving investments is distinguished from other countries mainly by the first component, then investors are advised to choose a strategy of licensing and selling patents to enter its domestic market. If, as a result of the analysis, the presence of advantages in the first and third components of the investment climate is revealed, then foreign investors are recommended to make direct investments in the economy of the host country.

It should be noted that many institutions are involved in assessing the country’s political risks. Among them, we should highlight a specialized private organization called Political Risk Services Group, Inc., which is located in New York and annually publishes the International Country Risk Guide. Based on an assessment of political stability and the democratic nature of its political system, they determine political risk.

Many well-known consulting companies constantly assess the country's investment climate. Among them is the company A.T. Kearney, which annually publishes an index of investment confidence (FBI Confidence Index). When determining this indicator, data from a survey of 10,000 of the world's largest transnational companies included in the "Global 10,000" list, located in 41 countries, representing 24 sectors of the world economy, with a total annual income of more than 18 trillion, is used. Doll.

The index is calculated as a weighted average of four possible answers to the question about the foreign direct investment (FDI) investment strategy in the next one to three years.

Answer options: high level of interest in investing FDI in the country, low level of interest and no interest in investing FDI in the country.

Except specified information analytical studies of experts from international organizations are taken into account. First of all, we are talking about experts from the International Monetary Fund (IMF), World Bank(WB), European Bank Reconstruction and Development (EBD), Organization for Economic Co-operation and Development (OECD), UNCTAD.

The most widely known at present are the comprehensive ratings of investment attractiveness of countries around the world, periodically published by the world's leading economic magazines: "Euromoney", "Fortune", "The Economist". The most famous and frequently quoted comprehensive assessment The investment attractiveness of the countries of the world is the rating of the Euromoney magazine, on the basis of which the investment risk and reliability of countries is assessed twice a year (in March and September). Nine groups of indicators are used for assessment. Vladimir Pavlov “The outflow is almost invisible” www.rbcdaily.ru:

* economic efficiency;

* level of political risk;

* debt status;

* inability to service debt;

* creditworthiness;

* availability of bank lending;

* availability of short-term financing;

* availability of long-term loan capital;

* probability of force majeure circumstances.

The values ​​of these indicators are determined by experts or by calculation and analytical methods. They are measured on a 10-point scale and then weighted according to the importance of a particular indicator and its contribution to the final score. It should be noted that the methodological approaches for compiling this rating and the composition of assessment indicators are constantly revised depending on changes in world market conditions. Important guidelines for foreign investors are the assessments of World Bank experts and special financial or credit ratings of countries. The most famous expert agencies of the Big Six specialize in the development of such ratings: Moody's, Arthur Andersen, Standard & Poor's, IBCA, etc. Thus, the categories of credit ratings of the Standard & Poor's agency include: investment ratings: AAA - opportunities the issuer's ability to pay debt and interest is extremely high; AA - the issuer's ability to pay debt and interest is quite large; A - the issuer's ability to pay debt and interest is quite large, but depends on the internal economic situation; BBB - the issuer's ability to pay debt and interest depends on internal economic situation at the time of repayment. Speculative ratings: BB - instability of the internal economic situation may affect the solvency of the issuer; B - limited solvency of the issuer, corresponding, however, to the current volume of issued obligations. Outsider ratings: CCC - some protection of interests is present, but risks and instability is high; CC - the solvency of the issuer is highly dependent on the internal economic situation; C - the solvency of the issuer depends entirely on the internal economic situation; D - debts are overdue.

Along with assessing the investment climate of a particular country, at least important also has an assessment of the investment attractiveness of its regions. For countries with a federal structure, we are talking about the investment climate of individual subjects of the Federation.

In Russia, the most famous in assessing the investment climate of regions are the ratings of investment potential and investment risk published by the Expert magazine. According to his method investment potential the region consists of eight private potentials Zenchenko S.V. "Investment climate of the region and methods for its assessment" Collection of scientific works of North Caucasian State Technical University. Series "Economics", 2009, No. 11 http://science. ncstu.ru:

resource and raw materials (weighted average provision of balance reserves of the main types of natural resources);

labor (labor resources and their educational level);

production (total result economic activity in the region);

innovative (level of development of science and implementation of scientific achievements technical progress in the region);

institutional (degree of development of leading institutions market economy);

infrastructural (economic and geographical position of the region and its infrastructure provision);

financial (volume tax base and profitability of regional enterprises);

consumer (total purchasing power population of the region).

When summing up private potentials, "Expert" uses weights that reflect, in the opinion of experts, the degree of importance of each indicator in the total investment potential.

The rating agency "Expert" creates an informative picture in terms of the risk potential of Russian regions. On the one hand, it allows you to assess the scale of business for which the region is ready; on the other hand, how risky it is to develop this business.

The rating itself is the distribution of regions according to the values ​​of total potential and integral risk into 12 groups. According to the results of the study, all regions this year were distributed among the following groups: Blank, I.A. Investment management. -- Kyiv: MP "ITEM" LTD "United London Trade Limited", 2009. - p. 142-148:

maximum potential - minimum risk (1A);

high potential - moderate risk (1B);

high potential - high risk(1C, in this ranking not a single region is included in this group);

average potential - minimal risk (2A, this time there is also no region in this group);

average potential - moderate risk (2B);

medium potential - high risk (2C);

low potential - minimal risk (3A);

reduced potential - moderate risk (3B1);

reduced potential - high risk (3C1);

minor potential - moderate risk (3B2);

low potential - high risk (3C2);

low potential - extreme risk (3D).

The volume and growth rate of investment in fixed capital are indicators of the investment attractiveness of the region. Increasing investment attractiveness contributes to additional capital inflows and economic recovery. An investor, choosing a region to invest his funds, is guided by certain characteristics: investment potential and level of investment risk, the relationship of which determines investment attractiveness region.

The tasks of assessing the investment attractiveness of the region are Bard, V. S. Financial and investment complex: theory and practice in the context of reforming the Russian economy. - M.: Finance and Statistics, 2009. - p. 102-104:

definition of socio-economic development,

establishing the influence of investment attractiveness on the influx of investments,

development of measures aimed at regulating investment attractiveness.

IN Russian Federation The legislation does not define a specific methodology for assessing the investment attractiveness of regions, therefore Lately Various methods for calculating investment attractiveness indicators have begun to appear more and more often.

On assessing credit ratings Russian regions The already mentioned well-known international consulting agencies specialize, as well as the Russian Institute of Urban Economics. The main disadvantages of research into the investment attractiveness of Russian regions are:

1. Discrepancy in the very concept of “investment climate”.

2. Limited set of indicators taken into account.

3. Lack of consideration of the legislative conditions for investment, especially regional legislation.

4. Insufficient validity of the principles of aggregation of dozens of selected assessment indicators.

5. Episodic nature of the analysis: as a rule, these are one-time studies of various teams conducted on different dates.

6. Research is not carried out on the full range of 89 constitutional subjects of the federation, which have their own legislative framework and separate budgets.

2. Analysis of the current state of the investment climate in Russia

2.1 Influence economic crisis on the Russian economy

The current financial crisis is distinguished by both depth and scope - it is perhaps the first time since the Great Depression that it has gripped the entire world. The “trigger” that set the crisis mechanism in motion was problems in the market mortgage lending USA http://www.info-crisis.ru.

Information asymmetry played a key role in the development of the current crisis. Structure of derivatives financial instruments has become so complex and opaque that it is impossible to assess the real value of portfolios financial companies turned out to be almost impossible. Because the credit market could no longer effectively identify potentially defaulting borrowers, it fell into paralysis. Development of the situation in financial sector seriously affected real sector economy.

Figure 1 - Dynamics mortgage loan in USA

US GDP fell by 0.5% in the third quarter of 2008, which turned out to be the most significant drop since 2001, due to the largest contraction in 28 years consumer spending(by 3.8%). At the same time, the decrease this indicator was somewhat offset by increased government spending, increased exports and decreased imports. At the rate Budget Office US Congress, GDP growth in 2008 was 1.2%.

The volume of capacity employed in the US economy fell to 75.4% in November compared to 76.3% in October, which is 5.6 percentage points below the average level in 1972-2007. Index business activity in industry (ISM manufacturing index) in December 2008 decreased to 32.4 points compared to the October value of 36.2 points. This is the lowest index value since June 1980, when it was at 30.3 points. In 2007, its average value was 51.1 points.

According to the US Department of Labor, in December 2008 the American economy lost 524 thousand jobs, and for the year as a whole - 2.6 million. This is the maximum figure since 1945, when the country's economy was being rebuilt on a peaceful basis. The unemployment rate in the United States reached 7.2%, the highest level since 1992 (4.4% before the financial crisis). If we take into account the layoffs of part-time workers, it increased to 13.5% (at the end of 2007 - 8.7%).

The volume of new home construction in the United States in November 2008 decreased by 19% compared to the previous month. This is the lowest figure since the beginning of its observation. Compared to November 2007, the decrease was 47%. On an annual basis, new home sales in November 2008 were 35.3% less than in November 2007.

Events in the US economy have had a negative impact on stock markets in developed and developing countries. Figure 2 shows the dynamics in 2007-2008. one of the main American stock indexes S&P 500 and the stock index for emerging markets MSCI EM, developed by Morgan Stanley (the data in the figure does not reflect the intramonth dynamics of the indices).

Figure 2 - Stock indices USA and developing countries

A slow economic recovery is possible in 2010: real GDP will grow by 1.5%. BUK predicts further decline average cost real estate by another 14% between the third quarter of 2008 and the second quarter of 2010. The US budget deficit in 2009 is expected to be the largest since World War II. According to BUK forecasts, it will amount to 1.2 trillion. dollars, or 8.3% of GDP. The entry into force of the economic stimulus program will increase the budget deficit, but in 2010 it will decrease to 4.9% of GDP.

Spending by state and municipal governments will only slightly soften the decline in economic activity. In response to lower-than-expected revenues and the need to balance the budget, they are cutting spending on goods and services and, according to BUK estimates, no real increase in spending on these purposes is expected in 2009.

The expected level of world oil prices is also consistently decreasing. According to latest forecast, presented on January 13, 2009 by the US Energy Agency, the average price of 1 barrel of WTI oil in 2009 is estimated at $43 (which corresponds to approximately $40/barrel for the Urals brand). This means that compared to 2008, oil prices will fall by almost two and a half times. Figure 3 shows the dynamics of monthly forecasts of the US Energy Agency average price for oil for 2009. It is noteworthy that over the past four months (October 2008 - January 2009) it fell almost three times. This is explained by the expected decline in global oil demand.

Figure 3 - Change in the US Energy Agency's forecast for average oil prices for 2009 (dollars/barrel)

The International Energy Agency has revised its forecast for global oil demand in 2009 downward by 1 million bbl. per day after the reduction in forecast growth World GDP economy to 1.2%, taking into account the deteriorating environment. Global oil demand in 2009 is now adjusted to 85.3 million barrels. per day (a decrease of 0.6% compared to 2008, which corresponds to 0.5 million barrels per day on average for the year).

Lending to the economy has sharply decreased: the annual growth index of bank loans has entered negative territory since the beginning of 2009, which has not yet happened either in crisis-ridden Eastern Europe (Poland, Romania, Hungary, Estonia) or in other large developing countries. The share of enterprises complaining about the low availability of loans has grown from approximately 10% to 65% in a matter of months. Slowing down GDP growth already at the end of last year it was comparable to the rate of decline in Germany and Japan; in the first quarter the decline intensified. The speed of transition from growth to decline in GDP turned out to be three times higher than in 1997-98, when a sharp decline was preceded by long-term stagnation.

Russia's sharp decline is due to the fact that the blow was double. The inaccessibility of usual foreign financing could still have been survived if there had not been a sharp deterioration in the terms of trade (the dynamics of the prices of goods exported and imported by the country). According to OECD calculations, in the third and fourth quarters the terms of trade worsened by approximately 28%. No other OECD side has lowered its 2009 growth forecast as much as Russia - from +6% (December 2007) to -5.6% (March 2009).

The sharpness of the decline underscored the structural vulnerability of the Russian economy to export earnings and capital flows. Officials underestimated the strength of the country's economy's dependence on oil prices and capital inflows, he admitted. The crisis showed the power of connection.

Based on the share of exports in the economy or the dynamics of physical export volumes, such a reaction should not have occurred, he says. Nevertheless, internal indicators (industry, personal income, etc.) react to external receipts with a coefficient of 0.3-0.4, he is disappointed (that is, with a decrease in export income by 10%, these indicators fall by 3-4% ). There is a low level of stability and trust between companies, between banks and companies, etc.

The crisis was also intensified by internal imbalances: for many years, imports grew faster than exports (“we were eating up the trade balance”), and if not for the crisis that began in 2008, they could have become dependent on external financing.

All these factors greatly influenced the stable influx of foreign investment into the country, and Russia became far from the most attractive investment platform.

At present, the investment climate is extremely unfavorable: the influx of foreign direct investment is approximately 5 times less than the outflow of capital. The financial crisis made the situation even worse. Russia's position on international capital markets in the struggle for investment is significantly inferior to most countries in Central and Eastern Europe and Southeast Asia.

The net outflow of foreign capital from Russia in 2009 amounted, according to preliminary estimates of the Central Bank of the Russian Federation, to $129.9 billion - the maximum in the entire history of publishing Bank of Russia statistics. It is curious that this figure exceeded the December forecasts of the regulator itself: then the first deputy chairman of the Central Bank, Alexei Ulyukaev, predicted that capital outflow should not exceed $100 billion. What explains the record outflow of private sector capital from Russia last year?

The bulk of capital outflows in 2009 occurred in the last quarter - $130.5 billion. "It appears that financial authorities underestimated the scale of currency purchases by the corporate sector (non-financial sector assets in cash currency increased by $30 billion in the fourth quarter), - Kirill Tremasov, director of the analytical department of the Bank of Moscow, analyzes the situation. - It is obvious that economic entities at the end of the year stocked up on foreign currency for future use - some to repay external debts, some for speculative purposes, some simply placing free funds in this way.”

Capital outflow in the fourth quarter of last year was mainly caused by a lack of confidence within the country, according to Alfa-Bank analysts. "The main factor of outflow was not banking sector: it accounts for $56 billion, and half of this amount represents repayment of debt to foreign creditors, experts explain. “The rest of the outflow is related to other sectors.”

"In total private sector In the fourth quarter alone, the Russian Federation acquired so many foreign assets that it is now able to cover almost all of its obligations within the framework of payments external debt until the end of 2009 (about $120 billion for the current year),” says Evgeniy Nadorshin, chief economist at Trust Information Bank.

The economist also notes that the growth rate of direct investment in the non-financial sector of the Russian Federation has fallen significantly ($6.5 billion for the quarter compared to the same $15.2 billion last year). “In terms of portfolio investments of non-residents in the Russian Federation, in the fourth quarter there was an outflow of $7.5 billion, at the end of the year - minus $10.8 billion, but this is a pale figure against the background of the activities of residents to increase foreign assets,” believes Mr. Nadorshin .

In turn, analysts at Financial Bridge Investment Company recall that large-scale capital outflow from the Russian Federation in 2008 began in the first half of August against the backdrop of the armed conflict in South Ossetia, and the global financial crisis and expectations of ruble devaluation accelerated this process in the fall.

The very conditions for the outflow of capital from the Russian Federation had developed even earlier. "Russia has certain economic problems, due to the fact that a significant part of the economy’s income was tied to oil and metal prices, says Alexey Logvin, chief economist of Rus-Capital Management Company. - Now the flow of income in these sectors has decreased significantly, and accordingly, a lot of risks arise for industries related to oil and metallurgy (for example, mechanical engineering). And the growth of risks is, first of all, capital flight."

Political risks also continue unabated. The war with Georgia was replaced by a gas conflict with Ukraine. “The new war is still in the cold, that is, economic, phase, but its negative consequences are already being felt by most Europeans,” notes Mr. Logvin. “The conflict with Ukraine will have a very bad effect on the investment climate in Russia and much longer than the summer war.” with Saakashvili. It is very likely that until the situation is fully resolved, Russia will be viewed as a very risky region, where it is better not to invest money."

Unemployment will reach 3 million next year and the economy will shrink by almost 2%. Such pessimistic forecasts were made by the Confederation of British Industry, having carefully reviewed the September forecasts.

The organization predicts that the financial crisis, which began in the third quarter, will last through 2009 and the unemployment rate will reach its highest point at 2.9 million.

"What is clear is that the short and superficial crisis we had hoped for recent months, at the moment turned out to be deeper and longer lasting,” says John Cridland, CEO Confederation.

Members of the Confederation expect the economy to contract by 0.8% in the October-December period this year, and continue to contract for the next three quarters before it begins to grow slowly in 2010.

Falling inflation, however, will contribute to a subsequent reduction in banking discount rate. The Confederation forecasts a decline in inflation to 1.7% by the end of next year, falling short of the 2% planned by the Bank of England. The interest rate may be reduced to 1.5%.

2.2 Assessment of the investment climate in Russia

The investment climate is a set of factors specific to a given country and determining the ability of firms to expand the scale of their activities through productive investments, create jobs, and actively participate in global competition. The risk of investment decisions lies with the business community. The state has a significant impact on the investment climate in terms of guaranteeing property rights, legal regulation and business tax, operating conditions financial market and the labor market, creating market infrastructure, as well as solving problems such as corruption, crime, and political instability.

Stage of economic growth in Russia in 2000 - 2005. characterized by a rapid increase in exports and investment, the beginning of many investment projects, a significant increase in labor productivity in the private and public productive sectors. This was facilitated by macroeconomic stability, the stability of the state financial system, a noticeable decrease in inflation and unemployment compared to 1998 - 1999.

Thanks to the rise in world commodity and energy prices, extremely favorable conditions have developed for the domestic economy. In 2007, Russia's real GDP reached the level of 1990 (90% in 2005), although its structure will be completely different.

The message of the President of the Russian Federation to the Federal Assembly dated November 5, 2009 speaks of Russia’s extreme interest in a large-scale influx of private, including foreign, investment, which is strategic approach on the issue of accelerating the growth rate of the national economy.

In the context of the constant development of scientific and technical processes and the globalization of the world economy in general effective management national economy without investment injections becomes practically possible. Russia, being at the stage of joining the WTO, sets the goal of finally integrating into the international economic community, while having rather meager own, production, technical and financial opportunities. As a consequence of this, our country currently needs to develop a “transparent” investment strategy that allows us to solve the problems of overcoming the disintegration of the economy in order to prevent further capital flight from the production sector, and the development of the national economy in general.

Due to the fact that currently investment activity, despite some positive trends, is the weakest point in the Russian economy, Russia’s investment strategy should incorporate the absolute majority of proposals and wishes of potential foreign investors, which are based on many years of practice.

The use of foreign investment is an objective necessity, which is determined by the participation of our country in the global economy and the flow of capital into industries that are free for entrepreneurship.

It should be noted that attracting foreign investment will help accelerate economic and technical progress, renewal and modernization of fixed production assets, the depreciation of which in some industries, as noted above, has reached 80%. The transfer of capital to our country will make it possible to resolve issues of providing employment, mastering advanced methods of organizing production, and training personnel that meet the requirements of the new economy.

Revitalizing the economy, gradually overcoming the crisis, and creating production capable of preventing such phenomena require the implementation of a set of measures.

And yet, a real way out of the current situation in the country, structural restructuring, and then movement to higher levels, require the reconstruction of enterprises, their technical re-equipment, expansion of their profile (diversification), the creation of highly efficient production capable of quickly mastering new products. All this means the need for investment and innovation, which are practically impossible without each other. This is the only process whose goal is to create enterprises that occupy a solid niche in the market, ensuring (and for a long period) the competitiveness of their production and products, their higher quality, a wide and constantly updated range and low production costs.

Meanwhile, the Ministry of Economic Development predicted overall investment growth in 2008 - 2008 at 10% per year. In 2008, investment growth was 11%, thanks to the allocation of part of the funds retained by enterprises as a result of tax innovations since 2008 to investment. This is stated in the materials of the Ministry of Economic Development prepared for the government meeting.

The rate of investment growth is justified based on the demand for investment, as well as the forecast of sources of investment financing http://www.cbr.ru:

* the share of profits allocated to investments, as taxes are reduced and the investment climate improves, gradually increases from 16.5% in 2005 to 17.5% in 2009;

* the share of depreciation allocated to investments maintains an increasing trend from 55.3% in 2005 to 63.5% in 2009;

* there is also an increasing trend in the share of attracted bank loans in the total volume of investments from 7.3% in 2005 to 10.2% in 2009;

* share growth continues borrowed money other organizations from 7% in 2005 to 8.1% in 2009.

The main inflow of direct investment was in 2006 - 2007, and the level, relative to GDP, increased from 1.6% in 2005 to 2.5% of GDP in 2009. Despite the more than doubling of direct investment in dollar terms over four years, relative level is still significantly inferior to the parameters of the countries of Eastern Europe and Southeast Asia.

An important feature of the Russian economy remains the export of direct (legal) capital abroad and the large import of portfolio capital. The total volume of accumulated foreign investment in the domestic economy by the end of September 2009 was about $96.5 billion.

Attractive for foreign investors are industries, export or domestic demand for products, of which last years was persistently high: mining; real estate transactions; wholesale and retail; financial activities; food industry and others. Among the leaders in investment in the Russian economy are traditionally Cyprus, Luxembourg, the Netherlands, Great Britain and Germany, whose total share in both foreign direct investment (FDI) and the total volume of accumulated investments is close to 70%. A significant share of this amount apparently consists of previously exported Russian capital.

Investment processes in Russia are in deep crisis, and it cannot be done without serious government support. To revive investment activity, it is necessary to implement a number of radical measures, such as creating an investment mechanism for creating a favorable climate for investment, concentrating the necessary financial resources V banking system, with the help of which it would be possible to carry out the transfer of capital with a focus on priority, promising directions development of sectors of the national economy.

The investment process today is ineffective and unattractive for potential investors. This is also due to the lack of a clear investment strategy state, which should be aimed at boosting investment activity, supporting and improving the reproductive structure of the economy.

Overcoming the disintegration of the economy and preventing further capital flight from the production sector requires active and adequate efforts by the state. We need economic and organizational instruments to guide cash flows in the rise of industrial investment.

In order to improve the investment climate, the Government of the Russian Federation is implementing several areas of structural reforms.

Special attention currently focusing on system reform government controlled aimed at reducing excessive government intervention in the economy. Tangible results achieved in implementation administrative reform in terms of structure optimization federal bodies executive power and eliminating duplicating and redundant functions.

The reform also deserves special mention technical regulation, aimed at creating conditions for successful business development, harmonizing existing standards within the country with international ones. The basic law has been adopted, and the corresponding by-laws are now being prepared.

Having said all this, some favorable conditions and trends can be noted:

Russia has one of the most highly educated talent pools in the world;

Russia's formal R&D sector (1.17% of GDP) compares favorably with some countries, such as Brazil (0.98%) and India (0.85%);

Russian companies report fewer complaints than comparable companies in India and China regarding: tax rates, licensing procedures, permitting and tax rules, infrastructure;

As a result of the implementation of reforms in 2007-2008. administrative procedures for licensing, registration and taxation of enterprises have been simplified.

2.3 Prospects for the development of the investment climate in Russia

After all that has been said, several main conclusions can be drawn regarding the policy of improving the investment climate in Russia:

2010-2011 “should be years of serious improvement in the investment climate in Russia,” says Elvira Nabiullina, head of the Russian Ministry of Economic Development. She expressed this opinion today during the international conference “Russia and the World: Challenges of the New Decade.”

At the same time, she called the development of the institutional environment the main component of this work. In the minister’s opinion, “we have a lot of good groundwork for this, but not many completed reforms.” Thus, she called for the implementation of a “selective, targeted institutional policy” in the near future, which implies a reorganization of priority areas this moment institutions. According to her, the government is currently discussing with experts and business representatives which areas of this work should become priorities, PRIME-TASS reports.

E. Nabiullina identified three main such areas. The first, according to her, is connected “with a serious improvement in organizations related to obtaining permits for organizing new projects.” She named migration policy as the second direction, emphasizing that she considers it important to attract emigrants to high-tech sectors of the economy. In addition, E. Nabiullina suggests focusing “on insurance instead of permits, that is, on market institutions instead of administrative ones."

As E. Nabiullina noted, the creation of a special institutional environment to improve the investment climate cannot take place without “certain adjustments to the taxation system.” "At the same time, the potential for reducing tax burden we have almost exhausted it,” the minister stated, noting that “we have so far underutilized the potential of stimulating tax reforms.” E. Nabiullina especially emphasized that “new types of activities, in our opinion, need exemption from most taxes.”

Russia's protracted entry into the World Trade Organization (WTO), according to the minister, is also essentially intended to improve the investment environment. Answering numerous questions addressed to the government, “Why should Russia still join the WTO if, as it seems, they don’t really want to see us there,” E. Nabiullina noted: “In fact, the WTO for us is not only a question access to the market, but also the issue of creating an investment environment." She explained that investors investing their financial resources into the economies of participating countries trade organization, “you don’t have to make so much effort to recognize the investment environment.”

Conclusion

The investment climate (sometimes the entrepreneurial climate) is the situation in a country from the point of view of foreign entrepreneurs investing their capital in its economy.

An analysis of the situation in the global economy based on the results of 2008 allows us to predict a slowdown in global growth this year. In the November forecast of the IMF it is estimated at 2.2, and the World Bank - 0.9%. In the future, we can expect a decrease in these values. The most developed economies are facing a serious recession in the coming year.

Thus, the European Commission predicts a fall in eurozone GDP by 1.8%. According to estimates by the US Congressional Budget Office (hereinafter referred to as the CBO), presented in the 2009-2019 Economic and Budget Outlook, the US is expected to experience a strong contraction in economic activity in 2009. Real GDP excluding the economic stimulus program will decrease by 2.2%, and real consumption by more than 1%.

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Introduction

Investment climate

Introduction……………………………………………………………………………………….....

1. Components of the investment climate. Investment potential, investment risk, investment attractiveness………………………………………………………………
2. Investment climate assessment……………………………………………………….
3. Assessing the investment attractiveness of Russia………………………………..........
4. Investment climate of Russian regions………………………………………………………………...
5. Practical task………………………………………………………………………………….

List of used literature……………………………………………………...........

The educational goal of this work is to study the essence, goals and content of the investment climate for the investment process.

Investments (capital investments) are a set of costs of material, labor and monetary resources aimed at the expanded reproduction of basic assets of all sectors of the national economy. Investments also cover the so-called real investment, similar in content to our term “capital investments”, and “financial” (portfolio) investments, that is, investments in stocks, bonds, and other securities. Financial investments can become an additional source capital investments, and the subject of an exchange game in the securities market. Russia's transition to market system economic relations gives rise to many related problems, among which one of the dominant positions is occupied by investment problems. Without creating the interest of potential investors in expanding the volume of investments in the domestic economy, it is in principle impossible to solve the problems of forming new economic ties, developing production, improving the well-being of citizens, and reviving the country’s authority on the world stage. No country can develop its economy without foreign investment, not even the US can afford it. This is especially true for our country, in which domestic investment extremely small. After all, it’s no secret that our citizens do not invest their money in Russia; for security reasons, they prefer to invest money in foreign banks. The Economist magazine defines the main directions of investment policy: the formation of a favorable environment that promotes increased investment activity in the non-state sector, attracting private domestic and foreign investment for the reconstruction of enterprises, as well as governmental support the most important life-supporting industries and social sphere while increasing the efficiency of capital investments. Solving these problems should help improve the investment climate in Russia and, as a result, increase its investment attractiveness.

This paper contains a brief assessment of the investment attractiveness of Russia, as well as the investment climate of individual regions in comparison. The characteristics of the Kaliningrad region from the point of view of a potential investor are given.

In a market economy, a set of political, socio-economic, financial, socio-cultural, organizational, legal and geographical factors inherent in any country, attracting and repelling investors, it is customary to call it the investment climate.

The concept of investment climate is complex and comprehensive and can be considered at both the macro and microeconomic levels. Traditionally, the concept of investment climate means the presence of investment conditions that influence investor preferences in choosing a particular investment object. At the macro level, this concept includes indicators of the political (including legislation), economic and social environment for investment. For example, for potential foreign investors, when analyzing the political situation, the decisive role is played by the state's policy regarding foreign investment, the likelihood of nationalization of foreign property, the country's participation in international treaty systems on various issues, the strength of state institutions, the continuity of political power, the degree of government intervention in the economy and etc. The investment climate is negatively affected not only by direct restrictions on the activities of foreign firms contained in legislation, but also by the vagueness and, especially, instability of the legislation of the host country, since this instability deprives the investor of the ability to predict the development of events, which reduces the profitability of investments.

At the micro level, the investment climate manifests itself through bilateral relations between the investor (private or legal entity) and specific government bodies, business entities-suppliers, clients, banks, non-bank financial structures, as well as trade unions and labor collectives of the state (region) - the recipient of the investment. At this level, the generalized assessment of the investment climate is concretized in the course of real economic, legal, and cultural contacts of a foreign company with a new environment for it.

The concepts of investment climate at the macro and micro levels are perceived by investors as a single whole, since any legislative and regulatory efforts of the government to create a favorable investment climate are blocked by the rule-making of local authorities, and efforts at the local level to create preferential economic treatment for foreign investments can often be offset some action flaws central government. Recently, it is this aspect of the relationship between the investor and the state that has become decisive.

The object of investment can be a separate investment project, an enterprise, a corporation, a city, a region, an industry, or a state. It is not difficult to highlight what they have in common that puts them on a par, namely: the presence own budget and its own control system. An object of each level (and, accordingly, its investment attractiveness) has its own set of significant properties, but the region in this series occupies a special place: due to its characteristics, it has its own specificity and at the same time, due to the integrity of the structure, is not unique. It is this feature that allows regions to be compared with each other.

There are a number of indicators, without analysis of which it is impossible to make a decision on the advisability of investing in a particular enterprise in a particular region. Moreover, in the context of the ongoing economic crisis and the instability of the economic situation, most characteristics of socio-economic development at the regional level not only vary over a wide range, but are also influenced by multidirectional trends. In such conditions, assessing investment prospects based on the analysis of a certain set of indicators identical for each region is significantly difficult and may turn out to be practically useless. According to one indicator, a region or country will be classified as a zone of favorable investment, and according to another - to a zone of suppressed investment activity. For this reason, at present, integral criteria for assessing efficiency are usually used in economic investment theory and practice. investment activities in the regions. Most general characteristic prospects for investment activity is investment climate. It is in this regard that the concept of regional investment climate becomes extremely important.

Regional investment climateis a system of legal, economic and social conditions of investment activity, formed under the influence of a wide range of interrelated processes, subdivided into their own macro-, micro- and regional levels of management, reflecting both the objective capabilities of the region for the development and expansion of investment activity, characterizing its investment potential , as well as the operating conditions of investors (investment risk), which create the prerequisites for the emergence of sustainable investment motivations and have a significant impact on the profitability of investments and the level of investment risks.

There are several characteristics of the investment climate, namely: investment potential, investment risk, investment attractiveness.

Investment attractivenessdepends on three conditions: a favorable investment situation, the investment climate in the industry and region, as well as the presence of advantages that will bring additional profit to the investor or reduce risk.

Investment situationcharacterized by investment activity and efficiency of investment processes

Investment potentialis a qualitative characteristic that takes into account the main macroeconomic characteristics in the form of a sum of objective prerequisites for investment and depends both on the presence and diversity of areas and investment objects, and on the economic development of the region.

The investment potential of the region consists of the following basic private potentials (each of which, in turn, is characterized by a whole group of indicators):

- resource and raw materials(weighted average provision of balance reserves of basic types of natural resources);

- labor(labor resources and their educational level);

- production(the total result of economic activity of the population in the region);

- innovative(level of development of science and implementation of achievements scientific and technological progress in the region);

- institutional(degree of development of leading institutions of a market economy);

- infrastructure(economic and geographical position of the region and its infrastructure provision);

- financial(volume of the tax base and profitability of regional enterprises);

- consumer(total purchasing power of the region’s population).

Research shows that the greatest contribution to the formation of investment potential is made by factors accumulated in the process of long-term economic activity, such as infrastructural development of the territory, innovative potential and intellectual potential of the population.

There are several classifications of factors that have the greatest impact on investor preferences and relate to the most significant elements of the region’s investment climate.

1. According to a leading Western economist Barry:

· political stability;

· economic growth rates;

· currency convertibility;

· expenses for salaries and labor productivity;

· short term loan; long term loan and equity;

· attitudes towards foreign investments and profits;

· nationalization;

· payment balance;

· the possibility of implementing the contract;

· organization of communications and transport;

· local management and presence of a partner;

· the ability to use experts and services.

2. There is also another group of factors, classified from the point of view of complex analysis.

1.Political factors:

· distribution of political sympathies of the population based on the results of the latest parliamentary elections;

· overall rating stability of legislative and executive structures;

· distribution of power between various political groups and parties, influence of the opposition of regional political forces;

· the influence of various ethnic and religious groups, the state of interethnic relations;

· restrictive measures of a political nature necessary to retain power.

2.Social factors:

· social living conditions of the population (population density, living wage and etc.);

· social stability (level of social tension);

· presence of social conflicts (demonstrations, strikes, etc.);

· level of development of the social sphere;

· instability due to possible violent actions (unconstitutional changes, etc.).

3.Economic (most influential) factors:

· structure of the region's economy;

· trends in the economic development of the region;

· current level of investment activity;

· the capacity of the existing local and world markets and the possibility of their expansion (for the production of this type of product, service);

· sales conditions (state of the distribution network, remoteness of sales markets) and the level of prices for products, services in the local and international markets, as well as the volume of imports of similar goods and the position of competing suppliers;

· economic policy governments to develop investable industries;

· permissible share of foreign participation in the capital of the enterprise;

· the possibility of transferring dividends abroad;

· opportunities to obtain short- and long-term loans on the domestic and world markets for bank loan capital and capital of non-bank financial institutions;

· opportunities to mobilize financial resources through issuance valuable papers;

· inflation rate;

Convertibility national currency;

· activity in implementation economic reforms;

· availability of highly efficient investment facilities;

· presence of a promising partner.

4.Environmental factors:

· level of pollution environment;

· natural and climatic conditions in the region;

· level of radiation pollution of the environment.

5.Criminal factors:

· level of criminogenic danger (crime) in the region, taking into account the severity of crimes;

· contract killings;

· corruption of power structures;

6.Financial factors:

degree of balance regional budget and enterprise finance;

· taxation system (volume of the tax base; system of benefits, including regional and municipal);

· the state of the balance of payments;

· profitability of regional enterprises.

7.Resource and raw material factors:

· weighted average provision of balance reserves of basic types of natural resources;

· resource and raw material supply of the region.

8.Labor factors:

· availability of labor resources;

· professional and educational level of labor resources;

· Availability of qualified labor force.

9.Production factors:

· the total result of economic activity of the population in the region;

· features of industry specialization;

· results production activities;

· availability and placement of components (productive forces) necessary for production: energy, raw materials, equipment, infrastructure, etc.;

· presence of export potential.

10.Innovation factors:

· level of development of science;

· innovative level of development and implementation of scientific and technological progress in the region;

· intellectual and educational level of the population.

11.Infrastructure factors:

· economic and geographical position of the region;

· territorial location of the region (proximity to external borders, supplying regions and consuming regions);

· infrastructural development, development and security of the region;

· development of the infrastructure of the communications system in the given territory.

12.Consumer factors:

· consumer potential;

· total purchasing power of the region's population.

13.Institutional factors:

· the degree of development of leading institutions of a market economy;

· the degree of development of the infrastructure of a market economy;

· availability of investment infrastructure.

14.Legislative factors:

· legal terms investing in certain areas or industries;

· degree of development (state) legislative framework;

· availability of mechanisms for guarantees and protection of investments and the level of their coverage;

· the procedure for using individual factors of production.

Investment risk- this is the risk of losing all invested capital, as well as the expected income.

When assessing the investment climate of each region in general case The following types of risks are taken into account (related and largely predetermining investment risk):

- economic;

- financial;

- political;

- social;

- ecological;

- criminal;

- legislative.

The most important component of investment risk is legislation. The specificity of the interregional approach essentially lies in the fact that on the territory of most regions there is a single national legislative fund, which is modified in individual subjects of the state under the influence of regional legislative norms regulating investment activities within the limits of their powers. Legislation not only affects the degree of investment risk, but also regulates the possibilities of investing in certain areas and industries, determines the procedure for using individual factors of production, that is, it also affects the investment potential of the region. When calculating this risk, both state and regional laws and regulations, as well as documents directly regulating investment activity or affecting it indirectly.

Components of the investment climate. Investment potential, investment risk, investment attractiveness. - concept and types. Classification and features of the category "Components of the investment climate. Investment potential, investment risk, investment attractiveness." 2017, 2018.

Investment climate and its components

Introduction…………………………………………………………………………………..3

1. Theoretical foundations for the formation of the investment climate…………5

1.1. Investment climate as an economic category and its components…………………………………………………………………………………..5

1.2.Factors influencing the investment climate…………………………11

1.3.Analysis of existing tools for creating an attractive investment climate………………………………………………………13

2.Analysis of the investment climate of the Russian Federation on modern stage development and possibilities for its improvement……………………………...20

2.1.Assessment of the state of the investment climate in the Russian Federation……………...................20

2.2.Impact analysis external environment on the investment climate of the region………………………………………………………………………………………23

Conclusion………………………………………………………………………………….32

List of sources used………………………………………………………..33

Introduction

Attracting investment in the national economy is relevant, first of all, because it allows us to revive domestic production on a new technological basis, and thereby on a competitive basis. This involves building trust in the Russian government and reducing the riskiness of the investment environment. Russian market- one of the most attractive for foreign investors, however, it is also one of the most unpredictable. At the same time, foreign investors focus primarily on the investment climate in Russia, which is determined by independent rating agencies and serves as a guide for assessing the possible effectiveness of investments.

The problem of creating a favorable investment climate and attracting foreign investment into the Russian economy will become extremely acute in the coming years. Russia faces the important task of complete modernization and reindustrialization of the economy, the implementation of which will require colossal capital investments. According to estimates by the Ministry of Economic Development of the Russian Federation, this will require investments of at least 2.5 trillion over the next 20 years. rubles, which is about 100 billion rubles per year. It is obvious that in the near future fundamental changes will be required in Russia’s approach, both to attracting foreign investment and to the effective use of domestic ones. Consequently, when developing an investment policy, along with a program for improving basic factors, it is necessary to develop and implement individual programs in relation to direct and portfolio investors.

The purpose of this work is to analyze the essence of the investment climate, study its components, as well as study its management in Russia. To achieve this goal, it is necessary to solve the following tasks:

Reveal the essence of the investment climate as economic category and explore its components;

Identify factors influencing the investment climate;

Analyze the existing tools for creating an attractive investment climate;

Identify the problems of transition from an investment policy for the development of the region to the formation of an attractive investment climate;

Analyze the influence of the external environment on the investment climate of the region.

The subject of the study is economic, organizational and managerial relations that arise in the process of forming the investment climate.

The object of the study is the economic systems of various levels of management, including state, regional, and enterprises of the Russian Federation.

Investments play a key role in stabilizing the economic situation in the country. This has a positive effect on the work of enterprises, as it leads to an increase in gross product, thereby increasing the active actions of the state in foreign markets.

It is investment activity that can carry out various transformations in the country, creating all the conditions for economic growth. Thus, the issue of increasing the investment climate and investment attractiveness is key.

The investment climate of the country and its improvement - this issue should always be faced by the state.

The investment climate should be understood as a set of conditions that influence the investor at the time of choosing an investment object.

Considering the concept at the level of individuals, this is cooperation between the investor and any institutions. The investor is a company or an individual.

The role of the institution may be:

• banks;
• government agencies;
• various financial structures;
• labor collectives.

During real communication, the climate assessment that was made in absentia is clarified. At the macro level, the definition consists of an analysis of the situation as a whole.

The investment climate of a country is the situation in the country, which is assessed by potential investors. If such a situation is profitable from their point of view, they will attract their funds to the country to increase the efficiency of their use. But only on condition that the state provides a guarantee of their safety.

Coefficients characterizing the investment climate:

• investment risk. Uncertainty about future returns on investments. It is influenced by the situation in the country;
• investment potential. These are macroeconomic data: inflation, economic growth rates, key rate, rate of profit, demand indicators.

Why do we need an investment climate?

The essence of the investment climate lies in its main task: creating all conditions for the influx of capital into the state, which will contribute to economic development.

Policy in this area is focused on:

• calculation of the required volumes of investments and their structure for different periods of time;
• designation of the main directions of development;
• increase in investment efficiency.

The purpose of the investment promotion policy is to:

• support economic restructuring;
• stimulate entrepreneurship;
• reduce unemployment;
• get as many sources as possible, including foreign ones;
• create optimal conditions for a mortgage;
• develop a leasing system;
• create support for small businesses;
• create a favorable atmosphere for venture investments.

Important! Investment policy and government regulation of investments are not the same thing. The policy in this area operates on the principle of non-intervention. State regulation, on the contrary, has all the tools for direct control over investment activities, including investment policy.

What you should pay attention to

The investment climate and investment risks (see) depend on the country’s potential, which is an indicator that implies its main characteristics. The investment climate of the regions shapes the potential of the entire country.

Therefore, it is important to understand what factors it depends on:

• raw materials (availability of reserves of natural raw materials);
• labor (whether or not there is an economically active population of the country and what kind of education they have);
• production (operation of enterprises);
• innovative (availability of STP (scientific and technological progress));
• infrastructural (infrastructure development);
• financial (level of tax revenues to the treasury);
• consumer (consumer demand in the region).

Important! Most economists agree that favorable investment potential is formed due to the development of infrastructure in the region, the presence of both innovative and intellectual development.

Western economists propose to analyze the investment climate and its determining factors as follows:

• political stability;
• level of economic growth;
• the value of the national currency and its convertibility;
• labor costs and productivity;
• the ability to take out a loan, including for a long term;
• availability of own capital;
• local management level;
• freedom to enter into contracts;
• improved legislation in the field of foreign investment;
• developed infrastructure (transport and communications).

Is a climate assessment necessary?

Various factors of the investment climate ultimately influence its assessment, which can be:

• favorable;
• unfavorable.

In the first case, the investment climate and its components have a beneficial effect on the activities of investors and increase the flow of funds into the region/country. An unfavorable situation means increased risks for capital and a high probability of their loss.

Estimates of this indicator are very diverse. They are based on various indicators that characterize the region. The rating of the investment climate of the regions characterizes the country as a whole. Based on the sum of indicators, the country is assigned an overall indicator. The vast majority of methods were developed by Western countries.

• Moody's Investors Service;
• Standard & Poor's;
• Thomson Financial Bankwatch;
• Fitch Ratings FITCH IBCA.

Today it is impossible not to take them into account, since they are assigned to each country. The presence of this rating, especially a positive one, gives additional reason for investors to consider this region as an object for capital investment.

A credit rating, determined by an international organization, is an assessment of the issuer's ability to meet its obligations. The issuer can be not only a country, but also individual corporations (private organizations). As the rating falls, the risk of debt default also increases.

Indicators are calculated annually. And with a positive policy of the issuer within the framework of its economic activities international agency increases the rating. An emergency review is provided throughout the year if fundamental changes occur in the issuer’s position.

Important! On the investment climate of the Russian Federation in previous years factors such as the annexation of Crimea, Western and US sanctions, the war in Syria and others had a significant impact. All of them, as is known, had a negative impact on economic stability, reducing the already small influx of capital into the country.

Is there a chance to increase the investment attractiveness of the country?

Yes, there is always a chance. On the other hand, how to use it. Problems of regulating the investment climate have always been and will be key for any state.

Taking into account the global restructuring of the world, the growth of economic and geopolitical risks, mechanisms are needed that will support economic growth and at the same time reduce risks coming from outside.

Let us outline the main points that are worth paying attention to:

1. Improving tax mechanisms, development warranty obligations, which greatly reduce credit risks.
2. Carrying out transformations in economic terms. Implementation of mechanisms for the formation of “long” money, which will be available to commercial structures. Due to this, the implementation of innovative projects will be available.
3. Increasing the role of the country's Central Bank, the main purpose of which should be to control inflation and the level of the exchange rate. Their optimal position will support economic growth and employment. Policy Central Bank must be combined with goals in industrial sectors and with regional policies.
4. The banking sector must become the foundation For a strong financial system, it is important to increase its capitalization.
5. Constant analysis of capital flows both into and out of the country. It is important to understand its purpose, origin, goals, timing.
6. Forecasting the investment climate should become an important task for the country's leadership.

For example, the investment climate in China has shown its attractiveness over the past few years.

This was achieved through:

• total control over the implementation of decisions;
• rapid implementation of adopted programs;
• the presence of both a long-term strategy and current plans for implementation;
• multi-level nature of document flow.

As a result, we note once again that the investment climate represents the situation in the country, viewed from all angles. Before directing capital anywhere, it is important to study the potential of the country, region, or enterprise that has been chosen as an investment target.

This will help you understand the risks and develop a plan to minimize them. Perhaps this will prompt you to change the object.

The investment climate of a region is one of the most important parameters that determine investment decisions. The main components of the investment climate include two main functionally interrelated elements:

• - investment activity;
• - investment attractiveness.

The correlation of these elements allows you to make objective decisions about the possibility of conducting successful investment activities.

Investment activity

Investment activity is understood as the degree of intensity of investment processes within the region, taking into account the resource and realized investment opportunities of the regional economic system. Investment activity is generalized complex characteristics investment activity and an important indicator of economic growth. Investment activity, on the one hand, reflects the process of increasing the volume and pace of implementation of investment projects over a certain period and is the result of close interaction between the factor of investment opportunities and the factor of the probability of achieving investment goals. On the other hand, investment activity reflects not only the dynamics of attracting investment into the regional economy, but also the relationship between a number of macroeconomic indicators that characterize the degree of variability of investment activity. The level of investment activity in the region is influenced by many factors. One of these factors is the level of income of the population. High level income allows for savings to be made, which are a source of investment resources, which, in turn, can contribute to a significant increase in the volume of investments. Another factor on which investment activity depends is the size of bank interest rates. The higher this indicator, the more profitable it is to invest money in a bank rather than in stock market instruments, which leads to a decrease in the available volumes of investment resources. An important factor in investment activity is the level of inflation. Every investor must be sure that the funds invested will not depreciate over time, even taking into account the profits received. Particular attention is paid to such a factor as the rate of return that is expected to be received from investments. Thus, during a decline in production, hopes for profit are so slim that the level of investment will be low, and it may fall further, despite a significant reduction in the interest rate. Conversely, when the need for investment is extremely high, a decrease in the interest rate is not the main incentive to increase investment activity. The factor influencing the level of profit on investments always operates in conjunction with the safety factor. Generally, the higher the expected return on an investment, the higher the risk of the investment. Less risky investments tend to yield lower returns. However, even if the investment is risk-free, then these investments must have some minimum size profitability, below which investors will not be willing to invest.