Факторы инвестиционной привлекательности регионов России

The theoretical and methodological principles for assessing the investment attractiveness of the regions are the subject of the research. The aims of the research consist in improving the existing approach for measuring the level of investment attractiveness of territorial systems in the direction of taking into account the possible multicollinearity and determining the share of investment attractiveness factors in the aggregate indicator on the basis of calculated values of determination coefficients, which respectively provide to distinguish the priority directions in the formation of regional investment policy aimed at raising the level of investment attractiveness of regions of Ukraine. Methodology. The article deals with the research of theoretical and methodological approaches to the definition of investment attractiveness of Ukrainian regions by means of general scientific methods of analysis: systematization and generalization, induction, deduction. Results. To assess the investment climate in the regions of Ukraine, an improved existing approach for measuring the level of investment attractiveness of territorial systems is proposed in the direction of taking into account possible multicollinearity and determining the share of factors of investment attractiveness, which is based, in particular, on the selected indicators, in particular: the volume of direct foreign investments per capita (FORINV); per capita net exports (NETEXP); the number of economically active enterprises per 10 000 population (ENTRP); volumes of industrial production (PROM); population income (REV); volume of retail trade turnover per capita (TOV); volume of completed construction work (BUD). It is proved that the priority and intensity of influence on the indicator of investment into fixed capital per capita of factors of investment attractiveness varies for different regions of Ukraine, therefore, according to the conducted analysis, the investment attractiveness of the researched regions are determined by such factors as the volume of direct foreign investments per capita, the volume of net exports per capita, the number of economically active enterprises per 10 000 population, volumes of industrial production, population income, and volume of completed construction work. The dynamics of values of general indicators of investment attractiveness for five regions of Western Ukraine are determined, which allowed substantiating the absence of a stable positive tendency in any of the regions to change the values of the general indicator of investment attractiveness, as well as establishing the existence of negative trends accumulation in the formation of investment attractiveness factors, which leads to a decrease of indicators of volumes of foreign investments per capita and volumes of investments in fixed capital per capita during the researched period. Practical significance. The use of the proposed approach made it possible to obtain competitive, scientifically substantiated results, which could become a methodological basis in the process of planning and practical implementation of the measures to create the investment attractiveness of regions and their territorial systems. The possibility of identifying the priority areas of influence on factors of investment attractiveness in order to increase the volume of investments attraction into the regional economic system is the determining positive side of the proposed approach.

Purpose. The purpose of the study is to develop a scientific and methodological approach to the formation of a strategy for increasing the investment attractiveness of the region using a SWOT analysis, as well as the formation of recommendations for the development of a program to improve the use of its investment potential within its limits, and its practical approbation on the example of the Lviv region of Ukraine. Design/methodology/approach. The article uses methods of analysis and synthesis, SWOT analysis to form approaches to the strategy of increasing the investment attractiveness of the region. Findings. As a result of the conducted research, it was found that the “investment attractiveness of the territory or region” can be characterized as a complex characteristic of the area, which determines the possibility of investor interest and investment attraction, taking into account such groups of factors as: economic, ecological, political and image. The main (internal) factors affecting the increase in investment attractiveness of the region are determined, namely: natural resources (available minerals, explored sources, etc.), labor resources, socioeconomic development of the region, labor resources, as well as auxiliary (external) factors of increase investment attractiveness of the region: marketing policy, management system of economic activity in the region, external infrastructure, tourist attraction; environmental quality, general image of the region, etc. A sequence of strategies for increasing the investment attractiveness of the region has been formed, which includes the following stages: information provision; defining the mission and goals; definition and analysis of internal and external environmental factors; forecasting the conditions of investment attractiveness of the region, which involves finding out opportunities and threats, as well as their changes in the future; strategy formation; analysis of the chosen strategy and decision-making. The SWOT analysis of natural resources showed that the Lviv region has sufficient potential, including unique resources, which gives grounds for forecasting an increase in the investment attractiveness of the region. However, for this, it is necessary to plan significant changes in economic and international activities, in particular: the development of new oil and gas fields; more efficient use of gas storages; change of owners of strategic enterprises; improvement of transport infrastructure; dissemination of information about the potential of the region, etc., taking into account threats and the state of affairs of competitors. A SWOT analysis of the socio-economic development of the Lviv region showed that significant potential is concentrated at its borders, in particular: favorable geographical location, the potential for improving the development of industry and agriculture, etc. However, due to significant threats (a full-scale war on the entire territory of Ukraine; the danger of hostilities spreading to the territory of the Lviv region), the investment climate in Ukraine, and therefore also in the Lviv region, is deteriorating. To improve the situation, it is necessary to improve the legislative field and investment policy, improve the promotion of the region's potential in the international. A SWOT analysis of the labor resources of the Lviv region showed that this region has a significant potential for labor resources. However, there remain problems and threats that should be addressed: it is necessary to improve the demographic situation in the region, create jobs, solve problems with the employment of internally displaced persons, etc. A SWOT analysis of the marketing policy in the process of increasing the investment attractiveness of the Lviv region showed that measures are being taken in this region to improve the information of potential investors, including international agreements on improving the use of the investment potential of the region, but there is still a threat of continued hostilities, including in this region. This complicates the task of attracting investment. Practical implications. Taking into account the results of the research, it is advisable to adopt a program for improving the use of the investment potential of the region, which may include the following components: rational use of natural resources; increasing the qualification of labor resources; implementation of marketing policy for attracting investors, etc. Originality/value. The article proposes new approaches to the formation of a strategy for increasing the investment attractiveness of the region, taking into account the tourist attractiveness factor.

The high functional role of investments in the process of regional development is confirmed not only by theoretical research, but also by the practice of functioning of specific regions, examples of which can be used to trace stable relationships between the successful development processes of individual industries and increasing the investment attractiveness of the region itself. Regions need to pay special attention to the formation of an innovative environment suitable for effective work, since in many ways the implementation of a cluster strategy will influence the investment attractiveness of the entire region. In this context, the author examined the main factors of investment attractiveness using the example of the regions of the North Caucasus Federal District, as territories that require the implementation of a cluster strategy and increased innovation activity. Procedures for introducing a cluster strategy into the regions of the North Caucasian Federal District cannot be effectively implemented without a proper assessment of the factors of investment attractiveness of the region.

The subject of this research is the procedure for assessment of investment attractiveness of the Russian regions. A favorable investment situation is an important factor for investors in making their decisions, and this requires a transparent, information comprehensible and methodologically simple tool for assessment of investment attractiveness of a region. There is a need to develop criteria for assessment investment attractiveness of the Russian regions, which would allow determining the competitive advantages or underachievement of the specific regions and formulating recommendations based on the acquired results of assessment of investment attractiveness of the Russian regions. The author proposes a 6-stage assessment procedure of investment attractiveness of the Russian regions, which would calculate the final indexes of the integral assessment of investment attractiveness for each region under consideration, with the possibility of further comparison of the indexes and their ratings. Each index is calculated on the basis of 6 to 11 variables, and reflects corresponding subsystem of the factors of investment attractiveness of a region. The developed assessment procedure of investment attractiveness of the Russian regions can be valuable for the potential investors for the purpose of minimization of possible losses, as well as or public authorities for analyzing the development trends of a region and investors’ behavior.

Исследованием привлечение иностранных инвестиций, а также вопроса инвестиционной привлекательности регионов России экономисты, ученые, аналитики и финансисты занимаются уже несколько десятков лет. Для того чтобы уметь дать прогноз в каком направлении будет развиваться регион страны и ее будущий потенциал, нужно в первую очередь уметь оценивать её инвестиционную привлекательность. Данная тема является актуальной в настоящее время, в силу того, что будущий иностранный инвестор при оценивании в какой регион вложить свои деньги смотрит на доходность инвестиции в отношении возможного риска. За последние 20 лет инвестиционная привлекательность регионов России показывала положительный рост. И это несмотря на экономические кризисы за этот период, санкции со стороны США, Евросоюза и мировую пандемию. Но уже вводимые Евросоюзом в 2022 году жесткие международные санкции требуют совсем иного подхода к выработке новой рабочей стратегии повышения инвестиционной привлекательности как на федеральном, так и на региональном уровнях. Проблема импортозамещения для многих отраслей экономики России является актуальной и расчет тут идет на переориентацию инвестиционных потоков на отечественные хозяйствующие субъекты. В данной статье рассмотрим вопрос инвестиционной привлекательности регионов России и ее инвестиционного климата в современных реалиях. Ведь если разрушить экономическую систему страны, то это негативно скажется и на её инвестиционном имидже. В таком случае будет логично рассмотреть вопрос влияния внешних и внутренних факторов на инвестиционную привлекательность региона, а также оценить её положительный и отрицательный эффект. Economists, scientists, analysts and financial experts have been studying the attractiveness of foreign investment and the attractiveness of Russian regions for investors for several decades. In order to make a forecast of the direction in which the country's region and its future potential will develop, one must first be able to assess its investment attractiveness. This issue is relevant in to-day's world, as a prospective foreign investor, when assessing in which region to invest his money, considers the profitability of the investment in relation to the possible risk. In the last 20 years, the investment attractiveness of Russian regions has developed positively. And this despite the economic crises during this period, sanctions imposed by the United States, the European Union and the global pandemic. But the tough international sanctions introduced by the European Union as early as 2022 require a completely different approach to the development of a new working strategy to increase investment attractiveness both at the federal and regional levels. The problem of import substitution is relevant to many sectors of the Russian economy, and the calculus here is to redirect investment flows to domestic economic entities. In this article we will consider the issue of investment attractiveness of Russia's regions and investment climate in modern reality. After all, if the economic system of the country is destroyed, it will negatively affect its investment image. In this case, it would be logical to study the issue of the influence of external and internal factors on the investment attractiveness of the region, as well as to evaluate their positive and negative impact.

The article describes the main components of the economy of the Krasnodar region, which provide leadership and a high level of competitiveness in the Russian economy. The investment climate of the Krasnodar region is estimated by many experts as quite high, which is confirmed by many authoritative interregional ratings. The analysis of priority sectors of the region’s economy to attract foreign investment, including: agriculture, food and processing industry, wine, health resort and tourist complex, manufacturing industry, information and communication technologies. The assessment of the dynamics of investment activity of the Krasnodar region, identified major investment projects currently being implemented. Analyzing the attraction of foreign investments, it is necessary to touch upon the issue of investment support, which is a multi-level process in the Krasnodar region, which has recently been ordered. Assessing the Krasnodar region as an attractive investment region and one of the leaders in terms of investment, with a very low investment risk, it is necessary to consider the existing problems in the region’s economy and attracting investors. Having studied the emerging problems on the way of investors, the possible directions of further development and improvement of the investment attractiveness of the Krasnodar region.

The theoretical and methodological approaches as to interpretation of the essence and methods of assessment of investment attractiveness of regions are examined, which allows to assert the absence of a generally accepted scientific approach and an objective valuation of the general investment situation in the regions. Based on the analysis of modern scientific approaches to the interpretation of the essence of the concept of «investment attractiveness of region», a conclusion has been drawn about its characteristics, which are: value of using the region as a domicile of company; a combination of location advantages that can be achieved in the process of doing business and are due to the specific characteristics of the region in which the activities take place; a set of regional location advantages that influence the achievement of investor’s targets (for example, operating expenses, sales revenue, profitability); the ability to rent a place in the region; the ability to convince investors to choose a region as a place to invest; the ability to stimulate investment by offering a combination of location advantages that can be achieved in the process of doing business. The method of analysis of the cost or number of investments accomplished (or jobs created) in a particular industry to assess the investment attractiveness of the region is substantiated, which will allow to objectively determine the spatial differentiation of the inflow of foreign capital to a particular region. It is specified that when determining the weight of certain factors of investment attractiveness, the obtained values should allow to carry out a preliminary analysis of investment attractiveness, which most coincides with the actual investment activity of the regions. A generalized grouping by the level of aggregation (region, subregion, territorial community, amalgamated hromada, cities) of the categories (factors) of potential investment attractiveness is proposed.

Subject and purpose of work: The subject of the work were business environment institutions as entities that affect the investment attractiveness of the region. The aim of the article was to identify and assess the role of business environment institutions in shaping the investment attractiveness of regions, with particular focus on park institutions and Regional Investor Service Centres. Materials and methods: The article highlights the significance of institutional factors in shaping the investment attractiveness, in the light of both the national and foreign literature. In addition, a presentation was made of the results of the qualitative research involving an assessment of the content posted on the websites of selected institutions that provide support for entrepreneurs in the provinces. Results and conclusions: Business environment institutions constitute an important factor for potential investment attractiveness of the region through their impact on the possibilities of acquiring, storing, transforming and sharing of knowledge between different entities. Institutional coverage of the regions also affects the ability to create cooperation networks, including the formation of cluster initiatives. It has also been proven that there is a dependency between institutional resources of the region and its actual attractiveness.

In the article the author focuses on the existing internal economic contradictions in regional development. The researcher indicates that classifying a region or including it into the regions lagging in economic development correlates with its resource supply taking into account the raw material nature of Russian economy. The article offfers the author’s interpretation of the concept of a “resource-deficient region”, as well as a gradation of the level of resource deficiency in the region: easy (acceptable) resource deficiency, sufficient (medium) resource deficiency, and deep resource deficiency. The author analyses one of the sources of more effective strategic development of resource deficit regions, it is the growth of investment attractiveness. The author has made a review of measures increasing the investment attractiveness of a region, developed by scientists and researchers. The strategic priorities of increasing the investment attractiveness of a resource-deficient region (depending on the degree of provision of resources) are proposed in terms of types of resources: financial, labor, natural, infrastructural, informational ones. The author has developed a system of principles for the growth of the investment attractiveness in a resource-deficient region (protection of investors’ interests, reasonable preferential conditions, economic feasibility of measures being developed, variability of measures increasing the investment attractiveness, optimal use of resources). The suggested principles allow optimizing the implementation of the tasks of forming the investment attractiveness of a resource-deficient region, creating the most comfortable conditions for internal and external investors, thereby increasing the competitiveness of the investment sector of a resource-deficient region, and developing measures to increase the investment attractiveness taking into account the specifics of a particular resource-deficient region. The author recommends reflecting the principles of increasing the investment attractiveness of a resource-deficient region in the main strategic documents that determine the development measures of a resourcedeficient region, linking them with tools to achieve strategic goals and objectives of the investment development of a resource-deficient region. The mechanisms of increasing the investment attractiveness of a resource-deficient region are studied based on the Chuvash Republic.

A central question in ecology is why alien species naturalize successfully in some regions but not in others. While some hypotheses suggest aliens are more likely to naturalize in environments similar to donor regions, others suggest they thrive in regions where certain characteristics are different. Using the native (i.e., donor) and recipient distributions of 11,604 naturalized alien plant species across 650 regions globally, we assess whether plants are more likely to naturalize in regions that are ecologically similar or dissimilar to their donor regions. Our results show that species are more likely to naturalize in recipient regions where climates are similar and native floras are phylogenetically similar to those of their donor regions, indicating that pre-adaptation to familiar biotic and abiotic conditions facilitates naturalization. However, naturalization is also more likely in regions with lower native flora diversity and more intense human modification than in the species’ native range. Among all predictors, climate similarity and difference in native flora diversity emerge as the strongest predictors of naturalization success. In conclusion, ecological similarity in some factors but dissimilarity in others between donor and recipient regions promote the naturalization of alien plants and contribute to their uneven global distribution patterns.

Active development of the region's economy is impossible without attracting investment. Investment activity is the most important determinant of effective social and economic development of the regional economy. It is important for potential investors to correctly assess the investment attractiveness of the region and determine the level of investment risk. The article examines the main factors of investment attractiveness of the regions of the Russian Federation. The analysis of the main methods of assessing the investment attractiveness of regions used in Russian practice is carried out. The article draws attention to the tendency of refusal from simple calculation of financial indicators towards in-depth economic analysis when assessing the investment attractiveness of regions. The conclusion is drawn about the relationship between the level of investment attractiveness and the presence of a strong regional management team capable of creating a favorable investment climate. On the example of the Kaluga region, which implements the cluster approach in the development strategy, an analysis of investment attractiveness is carried out using the rating methods of the Agency for Strategic Initiatives and the Rating Agency “Expert”. The role of the automotive, pharmaceutical and transport and logistics clusters in attracting direct investment to the region in 2017-2019 has been determined. The volume of investments in the regional economy and the change in the gross regional product of the Kaluga region for the analyzed period are analyzed. The study used a comparative method, analytical, method of economic and statistical analysis (use of statistical data). The main result of the study was to identify the reasons for the dynamics of factors of investment attractiveness. Recommendations are given for the optimal methodology for assessing investment attractiveness, in particular, on the need to provide open access to the rating results, to be adaptive, to realistically assess the regional gap and to take into account the investment and innovation activity.

Scientists and analysts have been studying the investment attractiveness of Russian regions for a long time. In order to be able to predict the development of regional economy and assess its prospective growth or possible stagnation, it is necessary to assess the investment activity in the country and the investment attractiveness of its subjects. The problem raised is quite relevant at the present time, since most often the main criterion for an investor when determining an investment object is the return on investment, which should be comparable to the level of possible risk from investing capital. Investment attractiveness of Russian regions in 2020-2021 grew, demonstrating a positive trend of change, despite the consequences of the protracted pandemic and the international sanctions imposed in 2014 by the EU and the USA. However, the unprecedented international sanctions imposed by Western countries in 2022 require the development of new strategic decisions, both at the federal and regional levels of government, to ensure the transformation of socio-economic course of development and ensure the investment attractiveness of business entities. The current problem of import substitution in many sectors of Russian economy is also relevant in the investment sphere, first of all, it requires a reorientation of investment flows towards domestic economic entities. In this article, we will consider the issues of the formation of investment attractiveness and the investment climate in the regions of the Russian Federation under the current international sanctions. The destruction of a large economic system always has a negative impact on its investment attractiveness. In this regard, it is advisable to consider the factors of external and internal orientation that affect the investment attractiveness of the region, as well as assess the favorable and negative impact of these factors.

This article deals with different approaches to the interpretation of the term investment potential, analyzes the factors of investment attractiveness of the enterprise. Invited to identify the degree of influence of gender on the investment attractiveness of the enterprise. This analysis allows is to estimate the influence of the gender factors on the state of the brand-capital of the territory. The gender component of the demographic potential way analyzed with regard to the age structure, educational level, span of life and differences in payment for labor. The role of women in the progressive development of the economic and social values of the territorial entities was closely analyzed. It has been proved, that taking into consideration the importance of the gender factor is crucial for the rise of the investment attractiveness of the territorial entity. DOI: 10.5901/mjss.2014.v5n18p79

Стратегический подход к управлению социально-экономическим развитием автономного округа в целом, а также в отдельных секторах экономики повышает значимость разработки долгосрочного прогноза социально-экономического развития, являющегося основой для планирования деятельности исполнительных органов государственной власти автономного округа и определения основных параметров долгосрочных бюджетных проектировок с учетом демографических и социально-экономических тенденций развития. Данное обстоятельство обусловлено фокусом экономического роста, что позволяет сосредоточивать ресурсы на первоочередных государственных проблемах и вырабатывать условия для совершенствования рыночных институтов. Вместе с тем современная ресурсоориентированная экономика сильно зависит от структуры и условий мирового рынка сырья импортных закупок. Авторский подход заключается в подробном анализе практики государственной поддержки развития инвестиционной привлекательности ХМАО-Югра. В настоящее время получает развитие многоуровневая система управления инвестиционной привлекательностью региона и происходит дифференциация задач органов управления по решению проблем в данной сфере. Такая многоуровневая система поддержки благоприятного инвестиционного климата предполагает и синхронное их взаимодействие. На основе вышесказанного можно сформулировать гипотезу исследования: административная среда субъекта Российской Федерации должна непрерывно совершенствоваться с целью притока в регион реальных инвестиций. При этом меры государственной политики в области повышения инвестиционной привлекательности регионов должны быть ориентированы на внедрение организационных механизмов, позволяющих увеличить результативность существующих программ, а также процесса внедрения целевых моделей. Настоящее исследование выполнено на основе ХантыМансийского автономного округа - Югры как одного из лидеров среди регионов-доноров и может быть использовано как практические рекомендации к формированию инвестиционной политики северных нефтегазодобывающих регионов России. A strategic approach to managing the socio-economic development of the Autonomous Okrug as a whole, as well as in certain sectors of the economy, increases the importance of developing a long-term forecast of socio-economic development, which is the basis for planning the activities of the executive bodies of state power of the autonomous okrug and determining the main parameters of long-term budget projections taking into account demographic and socio-economic development trends. This circumstance is due to the focus of economic growth, which makes it possible to focus resources on priority state problems and develop conditions for improving market institutions. At the same time, the modern resource-oriented economy strongly depends on the structure and conditions of the world market of raw materials for import purchases. The author's approach consists in a detailed analysis of the practice of state support for the development of investment attractiveness of KhMAO-Yugra. Currently, a multi-level system for managing the investment attractiveness of the region is being developed and there is a differentiation of the tasks of management bodies to solve problems in this area. Such a multi-level system of support for a favorable investment climate presupposes their synchronous interaction. Based on the above, we can formulate a research hypothesis: the administrative environment of the subject of the Russian Federation should be continuously improved in order to attract real investments to the region. At the same time, state policy measures in the field of increasing the investment attractiveness of regions should be focused on the introduction of organizational mechanisms that increase the effectiveness of existing programs, as well as the process of implementing target models. The present study is based on the Khanty-Mansiysk Autonomous Okrug - Yugra as one of the leaders among the donor regions and can be used as practical recommendations for the formation of investment policy in the northern oil and gas producing regions of Russia.

Rapid urbanization, population growth, and climate-induced water stress have made interbasin water transfers (IBTs) a central strategy for augmenting urban water supplies worldwide. Istanbul, Türkiye's largest metropolitan area, relies heavily on water transfers to meet its rising demand. However, concerns around the long-term sustainability, efficiency, and equity of these transfers, particularly their impact on donor regions, remain underexamined. This study investigates the hydrological and social performance of Istanbul's major water transfers, with a focus on balancing urban water security with environmental and regional justice considerations. A socio-hydrological case study approach was used to assess three major water transfers supplying Istanbul from Düzce, Tekirdağ, and Kırklareli provinces between 2000 and 2023. Two quantitative indicators were applied: the Natural Efficiency Index, which compares transfer volumes to renewable freshwater availability in both donor and recipient basins; and the Stress Relief Index, which analyzes social efficiency by evaluating the water demand- and population-weighted change in water stress resulting from each transfer. In addition, a document-based qualitative analysis grounded in hydrosocial theory was conducted to explore governance narratives, trade-offs, and regional impacts. Findings reveal substantial variation in both hydrological and social efficiency across the three IBTs. The Melen system transfer from Düzce demonstrates a relatively high efficiency in relieving Istanbul's water stress with moderate ecological cost. In contrast, transfers from the Istranca system in Tekirdağ, and Kırklareli exhibit lower natural and social efficiency, suggesting a disproportionate burden on already water-stressed source regions. The qualitative assessment highlights that these transfers, while effective in meeting Istanbul's supply needs, often reinforce centralized, supply-driven governance models and overlook the socio-environmental impacts on donor regions. Recurring droughts, reduced streamflow, and competition with local agricultural needs further exacerbate these tensions. The study demonstrates that water transfers can create uneven outcomes between donor and recipient regions, particularly when hydrological limitations and social vulnerabilities are not explicitly addressed in planning. While large-scale transfers may appear effective in securing urban water supply, they may also deepen regional inequalities and environmental risks. The findings call for a shift toward integrated and adaptive water governance models that consider long-term hydrological sustainability, ecosystem health, and inter-regional equity. For cities like Istanbul, this means rethinking reliance on external water sources and investing in demand management, local resilience, and participatory planning frameworks.