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Abstract
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.
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