Concession as a Tool for the Implementation of Regional Investment Projects

Abstract

The implementation of promising investment projects is the most important task of the regions, since innovative ideas are being implemented, production and other promising areas for the regions are developing, new jobs are being created, regional product and budget occupancy are increasing. In Irkutsk region, a significant share of investment projects falls on the industrial sector. Projects in the field of agriculture, creating a comfortable urban environment, logistics and healthcare are also of great importance. A system of financial and non-financial institutions has been formed in the Irkutsk Region to support businesses in the implementation of investment projects. A promising tool for the implementation of investment projects is a concession. The purpose of this study is to study the modern possibilities of implementing concession agreements for the implementation of regional investment projects. The article discusses the concepts and approaches to the conclusion of concession agreements; legal aspects of the conclusion of concession agreements. Particular attention is paid to the problems of concluding concession agreements for the implementation of investment projects without attracting private capital. The research methodology is based on a theoretical analysis of the main aspects of investment design and its financing tools. The information base of the study was data on the development and implementation of investment projects in the Irkutsk region. The scientific novelty lies in the identification of a new mechanism for the implementation of concession operations, which involves the creation of quasi-public structures on the rights of private ones. The practice of concession operations with regional development corporations is being studied. The article examines the experience of concluding concession agreements in the regions of Russia. Special attention is paid to the creation of the Central cluster in the Irkutsk region on the terms of a concession. This is a major investment project that includes a waste sorting and recycling complex.