Increasing Investment Activity Research Articles

Asymmetry of the economic development of the Eurasian Economic Union: analysis and recommendations

The article analyses the asymmetry of the development of the Eurasian Economic Union countries (hereinafter referred to as the EAEU). The objective of the work is to analyse the symmetrical development of countries within the framework of the EAEU and to formulate measures and recommendations for increase of the economic potential of the countries. In order to achieve the purpose, the objective of comparative assessment on the basis of three indicators was set and overcome. The three indicators include gross domestic product per capita, investments per capita and average accrued salary. The corresponding calculations were done for each indicator, and graphs were constructed showing the general state of the economic development. During the study, the methods of factor and system analysis were applied. The initial data for the study were the official sources of the statistical authorities of the EAEU countries, the Interstate Statistical Committee of the Commonwealth of Independent States as well as publications and scientific articles related to this topic. The main problem is the uneven economic development of the EAEU member states which leads to negative consequences for strengthening the integration process. As a result of the study, some measures were proposed to achieve the symmetrical development of the countries within the framework of the EAEU, and recommendations were prepared for the effective development of interaction between the member countries of the integration association. Following the results of this work, a conclusion was formulated on strengthening ties between the countries by focusing on a mixed economy with government regulation, infrastructure development and increased investment activity.

Investment Attractiveness of Agriculture in Ukraine: Factors and Prospects for the Future

The article considers the current state and prospects of the development of innovation processes in the agro-industrial complex in the context of globalisation and integration into the world economic space. The relevance is determined by the fact that agriculture in Ukraine needs innovative and investment changes that will become one of the priority factors in the post-war recovery of the industry. The purpose of the article is to analyse the current situation in the agricultural sector of Ukraine, possible problems, and ways to increase investment activity. The most favourable and effective mechanisms for incorporating innovative activities into the agricultural sector of the economy are identified. The priority steps to transform the policy of agricultural production in the innovation sphere are formulated and substantiated. The main trends and possibilities of modern support for the development of innovation processes at all stages of product creation and sales are identified. The methodology includes primary research data and analysis of statistical data for 2017–2023. The basis for the further development of the agro-industrial complex and strengthening its competitiveness in the global food market should be a targeted state policy aimed at introducing innovative development models in the agricultural sector. Reforming the agricultural sector of Ukraine should be aimed at the organisational, technical and technological restructuring of agricultural production, creating the basis for dynamic, integrated, and development of enterprises, the industry, and the country. The article concludes that ensuring favourable conditions for the sustainable development of innovation in the agricultural sector should become a priority for the development of Ukraine's agro-industrial complex in the context of the country's integration into the global economic space. The main tool for achieving this goal is the development and implementation of optimal and effective mechanisms for restructuring economic and management processes in the agricultural sector of the national economy.

Was kann gegen die Investitionsschwäche in Deutschland getan werden?

Abstract In addition to an economic slump, Germany is suffering above all from structural problems such as energy supply uncertainties, an excessively high tax and contribution burden, rampant bureaucracy and a shortage of labour and skilled workers. As a result, German companies complain about weak investment. With the Wachstumschancengesetz (Growth Opportunities Act), the Federal Minister of Finance plans to promote the investment activities of companies. Some economists say the law is a step in the right direction, but other questions arise: Are the measures planned by the government su˚cient? What possibilities are there to promote and increase investment activity?

Acquisition of Customary Rights of Customary Communities In Customary Lands for Corporate Business Use Rights

Indonesia has regulations on land management related to the economy based on the public interest. The use of land by a corporation is carried out by granting cultivation rights (HGU) over the ground through a Government stipulation. However, with increasing investment activity, land has become essential to support capital inflows in Indonesia. With the shift in land requirements for investment, customary land has become an attraction for investors in business activities in the agricultural, fishery or plantation sectors. This research is legal research (doctrinal analysis) using a conceptual approach (conceptual approach) and statutory approaches (statute approach). The results of this study explain that the use of land in corporations located on customary land through HGU is a legal action and can be carried out as long as it does not interfere with or eliminate the essence of the characteristics of the customary land rights. Then, granting HGU over customary land can be done in consultation with the customary community with corporations through the government. However, the deficiency in granting HGU over customary land when this period expires threatens the loss of the status of customary land and customary rights.

Tax Policy Formation in the Context of European Integration Processes

The article deals with the study of the process of tax policy formation in the context of European integration. The relationship and influence of European integration processes on the formation of tax policy is determined. The analysis of the impact of European integration on the country's tax policy and the main aspects that have an impact on the formation of tax policy were investigated. The article emphasizes the role of European standards and recommendations in construction an effective tax policy.Prospective directions of tax policy formation in connection with European integration processes are considered. The main problems of tax policy formation and aspects of the obligations defined by the Association Agreement between Ukraine and the European Union are described, including: harmonization of tax legislation, efforts against tax evasion and tax avoidance, ensuring transparency and efficiency of the tax system. In addition, the article mentions the positive impact of European integration on the development of the business environment and the creation of conditions for investment attraction. Measures to be implemented to ensure a fair and efficient tax policy, as well as to reduce tax barriers to attract investment and prevent tax evasion are also defined. The main changes in the norms of tax legislation, which must be made in accordance with the requirements of the European Union, are considered. It is noted that the development and adoption of certain norms of tax legislation are insufficient, since it is also necessary to form the administrative potential of the tax administration. The challenges facing the country in adapting to European standards in the field of taxation are considered and described.According to the draft Plan for the Recovery of Ukraine, the main goals of tax policy formation are reflected, taking into account the requirements of Ukraine's integration into the European Union. The main areas of tax reform have been determined, including: formation of a favorable tax policy for economic growth; adaptation of the norms of tax legislation in accordance with the Association Agreement to the requirements of the European Union; improvement of tax administration to increase investment activity.

Іnnovative Priorities for the Development of Integrated Forms of Entrepreneurship at the Regional Level

The priority of innovative development at the regional level through the formation of innovative infrastructure is substantiated. We used system-complex and innovation-oriented approaches to determine the components of the regional development proposed. The work included the task of implementing the concept of modern regional development is defined. It was determined that the further expansion of the innovative infrastructure is objectively conditioned by the level of scientific, technological, and intellectual potential, the number of intellectual property objects, and other developments. The applied aspects of the operation of integrated forms of entrepreneurship at the regional level were considered, and directions for increasing investment activity and ensuring their competitiveness were determined. The expediency of forming an innovative infrastructure for the implementation of innovative priorities for the development of integrated forms of entrepreneurship at the regional level and ensuring its effective functioning and further expansion has been proven. The organizational possibilities for the implementation of innovative priorities at the regional level and innovative development projects with the aim of increasing investment income in the regional economy have been revealed.

Investment projects of Russia within the framework of the EAEU: problems and prospects

The authors of the study consider investment projects in Russia within the framework of the Eurasian Economic Union (EAEU). Such projects currently face challenges such as differences in economic policies and political tensions. However, Russia has already invested in a nuclear power plant in Belarus and oil and gas infrastructure in Kazakhstan, and has potential to invest in transport, logistics and agriculture. To increase investment activity, it is necessary to resolve differences in economic policies and improve the legal and business environment, as well as infrastructure and worker training. Investments within the EAEU are a necessary factor for the development of the region's economy and the strengthening of economic ties between the participating countries. Russia, as one of the leading economies in the region, is actively investing in various sectors of the economy within the EAEU. At the same time, despite some successes, there are problems that hinder investment activity in the region. One of the main problems is the difference in economic policies and legislation between the participating countries. This can significantly affect the attractiveness of investments in the region and create obstacles for business development. It is important that the member countries of the EAEU continue to work on resolving differences in economic policies and creating favorable conditions for investment and cooperation within the EAEU. Investments within the EAEU can become a powerful catalyst for the development of the region's economy and the strengthening of economic ties between the participating countries. An increase in investment activity and attraction of new investments can lead to the creation of new jobs, an increase in the standard of living of the population and an improvement in the economic situation in the region as a whole

ҲУДУДЛАРДА ИНВЕСТИЦИЯЛАР САМАРАДОРЛИГИНИ ОШИРИШ

This article highlights the specific features and importance of attracting investments to regions. Indicators on the sources of financing of investments directed to the regions were analyzed, and proposals were put forward for the development of directions for increasing investment activity

Research on the possibility of improving energy efficiency in the hospitality industry

In the structure of commercial real estate, hotel infrastructure facilities occupy a special position due to their dependence on related industries: tourism, both international and domestic, entertainment industry, event organization, business environment development, etc. Also, this industry is most affected by external factors: legal, political, economic, infrastructural, communication, cultural. Trends in the introduction of energy-efficient technologies in the processes of operation and maintenance of real estate objects of the hospitality industry allow to increase their competitiveness and increase the number of transactions. The leaders in the number of investment transactions in the hotel real estate segment for 2022 are traditionally Moscow and St. Petersburg, but the development of domestic tourism gives impetus to increased investment activity in other regions of the Russian Federation. The purpose of the study is to identify the impact of the energy efficiency level on the competitiveness of hotel real estate. Research objectives: analysis of trends in the hotel real estate market, determination of indicators of competitiveness of hotel facilities depending on the type of accommodation, consumer requests and the level of energy efficiency, calculation of the integral indicator of competitiveness of hotel real estate. Research methods: comparison, analysis and synthesis, generalization, expert evaluation method. As a result of the study, the key factors of the competitiveness of hotel facilities are identified and the methodology for calculating the integral indicator of competitiveness is given.

МИЛЛИЙ ИҚТИСОДИЙ ЎСИШНИ ТАЪМИНЛАШДА ИНВЕСТИЦИЯ ФАОЛЛИГИНИНГ УСТУВОР ЙЎНАЛИШЛАРИ

The article substantiates the need to increase investment activity in Uzbekistan, discloses scientific views on investment potential, analyzes investment growth. An assessment is given of the distribution of investments in recent years by region, the state of the share of foreign investment in the composition of investments in the regions. A number of recommendations have been made to increase the investment potential and improve the efficiency of investments

Regional features of investment activeness in the Republic of Uzbekistan

This article analyzes the regional features of investment activity in the Republic of Uzbekistan using data from the Agency for Statistics under the President of the Republic of Uzbekistan for the period 2013-2021 of Uzbekistan. In the article, methods of strategic planning, monographic observation, content analysis, systematic and comparative analysis, cross-analysis and statistical analysis were used to assess the investment attractiveness of zones in conditions of increasing investment activity. It has been established that increasing investment attractiveness to support investments in economic modernization by the state has a positive effect. A generalization of the system of indicators reflecting the investment potential of the region has been made , the specifics of trends in the development of the region's economy and the level of investment, their classification by sources and industries have been identified , a proposal has been identified on ways to increase investment potential and its effectiveness in the sustainable development of the region's economy, an econometric assessment of the impact of investment potential on the economy region and development of development prospects.

The role of digitalization and import substitution in improving the financial standing of St. Petersburg enterprises

Aim. The presented study aims to investigate the potential benefits of digitalization and import substitution for restoring the financial standing of St. Petersburg enterprises under the influence of crisis factors.Tasks. The authors conduct an economic analysis of the potential benefits of digitalization and import substitution for restoring the financial standing of enterprises in Russia in general and St. Petersburg in particular; analyze the financial standing of St. Petersburg enterprises in 2020–2022 to identify the most affected industries and beneficiaries of the current crisis; identify problematic aspects of the innovative development of St. Petersburg enterprises in the context of import substitution and digitalization; develop measures to improve its level.Methods. The study uses systems and logical approaches, economic-statistical and general scientific methods, including methods of comparative, economic, and financial analysis.Results. Trends in the development of the Russian economy under modern conditions are considered. The financial standing of St. Petersburg organizations are analyzed by type of economic activity and its dynamics in 2020–2022. Digitalization and import substitution are identified as factors affecting the development of the financial standing of enterprises. Emphasis is placed on the ways of using artificial intelligence systems and automation technologies in production processes. A SWOT analysis of macroeconomic factors affecting the innovative development of St. Petersburg enterprises in the context of import substitution is performed.Conclusions. Factors facilitating the restoration of the financial standing of St. Petersburg organizations include accelerated digitalization and import substitution. Analysis of the financial standing of St. Petersburg organizations in 2020–2022 shows that some industries have managed to adapt their business processes to the new conditions, while others remain in a difficult economic state and are looking for ways to recover. However, St. Petersburg enterprises have the opportunity to capitalize on the benefits of digitalization for recovery. Introduction of artificial intelligence is particularly important in the current crisis situation. A sound innovation policy for expanding import substitution and the range of available products is also an essential measure. The results of the study can be used to restore small and medium enterprises in St. Petersburg, increase investment activity in the region, solve economic problems, and implement measures to get on the path of sustainable growth of the city’s economy.

Agritourism sector of Kazakhstan: attracting foreign direct investment

The investment policy of each country is aimed to increase investment in potential areas of economy. Tourism in the world market, including in agricultural sector, has become an attractive industry for investors who are planning long-term income. The goal is to analyze how effective it is to attract foreign direct investment in agro-tourism complex of Kazakhstan. To achieve this goal, methods of organizing interviews with specialists and a survey of existing representatives of tourism business were used. The results were obtained by integrating qualitative and quantitative analysis in the course of survey with targeted audience selection. Results – the positive impact of investments of foreign countries in agritourism was revealed, since developing countries are most interested and need to invest in tourism activities. The initiative is justified by the fact that targeted bank deposits have both direct and indirect impact on other market segments, creating new jobs, developing services, and improving infrastructure. Conclusions – the estimated position of entrepreneurs in rural tourism revealed the low potential of the republic for external sources of financing, since there are a number of factors that reduce investment opportunities. Taking into account the negatively affecting inhibitors, recommendations have been developed to increase investment activity based on the analysis of secondary data with the study of foreign experience and primary materials obtained during the collection of information and interviews. For comparison, the example of Uzbekistan was used, with similar economic, cultural and historical characteristics. In addition, business tourism of this destination positions the tourist product, having resources similar to those of the Republic of Kazakhstan on the world stage.

Public Administration System in the Field of Finance Under the Influence of Digitalization

The effectiveness of the functioning of the state’s monetary system and the implementation of targeted economic policies with the help of the financial management mechanism depends on the organization of the management of the state’s funds. The study aims to find effective digitalization tools to improve public administration in the financial sector. To achieve the goal, the authors analyzed which countries are the most advanced in the use of digitalization tools in the public administration system, identified the most effective tools in terms of the feasibility of their implementation, and developed recommendations for improving the digitalization of the public administration system in the field of finance. Digitalization of public administration processes can potentially lead to a reduction in the number of officials, an increase in the efficiency of administration (by increasing the objectivity of decisions made and eliminating the possibility of technical errors when making legal decisions), an increase in the quality and accessibility of public services by transferring them to a digital format, as well as increasing their security level. The use of blockchain technology in the system of public financial management will help to cope with corruption, strengthen the state apparatus, increase citizens’ confidence in the authorities and thereby indirectly increase investment activity in the country.

CLUSTER APPROACH IN THE STATE POLICY OF SMALL BUSINESS DEVELOPMENT MANAGEMENT IN THE REGIONS

The article substantiates the scientific substantiation of the theoretical and methodological features of the cluster approach in the state policy of small business development management, taking into account a set of progressive requirements for the organization of entrepreneurial activity. The substantive essence of the small business sphere and its role in ensuring the stability of the country’s economy are described. The distinctive features of small business are mobility and maneuverability in a competitive environment, efficiency in terms of economic and investment costs, and all this allows to ensure a high return on investment, the ability to respond quickly to changes in investment, increasing investment activity. The importance of joint solution of economic problems in achieving the required level of growth, which should be embedded in the development and implementation of state policy for small business management. Targets for the introduction of a cluster approach and its importance in the system of establishing state support for small business development are revealed. The cluster approach identifies a set of elements that justify the targets of both small businesses and all stakeholders in this type of association. The importance of forming common functional directions of cluster participants development and building an effective system of public administration, which provides for the creation of favorable conditions for the implementation of such an approach in the field of small business. Functional directions of introduction of cluster approach in the system of state management of small business development concerning modernization of business activity, regulation of the environment of functioning, increase of a set of competitive advantages, maintenance of realization of social and economic interests are formed. The peculiarities of the state policy of small business development management, which were established in the context of the introduction of the cluster approach, are determined. It is proposed to consider the cluster as an institution that, by combining the resource capabilities of the participants, is able to form all possible tools to solve the problems of each of them. Such an association must first of all have an established institutional and legal plane, be supported by market participants, and meet the progressive standards of the international economy.

The influence of educational factors on attracting investors

A significant disadvantage of the current system of forming programs for the socio-economic development of municipalities is the orientation towards short- and medium-term goals, the lack of complexity in them, as well as uncertainty in the sources of financing of program activities. The topic of assessing the investment attractiveness of municipalities is relevant both at the national level and at the municipal level. The relevance of the research topic is determined by the fact that the problem of attracting investments is constantly in the spotlight in modern market conditions. This happens because investments are becoming an important resource for the development of the municipality. Due to the limited possibilities of federal investment support, municipalities need to focus on creating the investment attractiveness of their territory and, as a result, increasing investment activity.

Stylized life cycle of high-growth companies in Russia

The article is devoted to the empirical identification and analysis of the stylized life cycle of high-growth companies (gazelle firms, HGFs). The stylized cycle is calculated in real time by summarizing the dynamics of the main indicators of 11 generations of HGFs (7743 firms). On the basis of this analysis, the effects not previously described were established. (1) The presence of a trigger point at which a change in the business model causes a catastrophic deterioration in the main indicators, but at the same time opens the way to rapid growth in a new direction (the phenomenon of internal creative destruction). (2) Outstripping growth in profitability compared to revenue in the midst of a phase of rapid growth of HGFs. This fact explains the mechanism of self-financing of the rapid growth stage in the conditions of well-known discrimination of HGFs by external investors. (3) Preservation of increased investment activity of gazelles after the end of the stage of rapid growth. The high level of investment shows that ex-HGFs are making real efforts to resume growth and, therefore, have the potential as objects of state support.

Structure of GDP growth rates in Russia up to 2024

By the fall of 2021, the Russian economy had practically overcome the crisis caused by coronavirus pandemic and sharp drop in oil prices in the first half of 2020, having returned in terms of GDP, industrial production and investment in fixed assets to pre-crisis levels. At the same time, the prospects for further growth of the Russian economy remain uncertain, since both in the short and long term, the balance of factors affecting the growth rate of Russia’s GDP is shifted to a negative area. These external factors include the growing risks of a new financial and/or economic crisis in the world’s leading economies (including China), imposing large-scale sanctions against Russia in connection with a special operation in Ukraine, the instability of world commodity markets, as well as the processes of decarbonization and restructuring of the world economy. Internal factors of growth comprise increased investment activity of private and state-owned companies (and in the field of national projects), expansion of non-resource non-energy exports, while internal growth constraints comprise possible decline in the working-age population in Russia and slow growth of the real personal income. According to the official forecast by the RF Ministry of Economic Development, after the recovery acceleration of the economy by 4.2% in 2021 (the first estimate by Rosstat — 4.7%), GDP growth will stabilize at about 3% per year in subsequent years. However, it is lower than expected growth rates of the world economy, but it is significantly higher than the average growth rates of the Russian economy over the past decade (about 0.7% per year).To reveal the growth rates structure, which corresponds to anticipated economic dynamics in Russia, we have used an approach based on identifying three components of GDP growth rates — structural, foreign trade, and business cycle ones. In this article a new decomposition method was applied, which assumes the neutrality of the foreign trade component if the oil price is at the average long-term values.In case of achievement of the RF Ministry of Economic Development forecast, actual and structural unemployment indicators convergence may lead to a shortage of labor in certain sectors of the Russian economy in 2022—2023. The solution to this problem lies in the sphere of external and internal migration policy intensification and measures for promoting inter-sectoral labor mobility. Estimates of the output gap show that it is advisable to pursue a stimulating fiscal policy in 2022 with a transition to neutrality in 2023—2024. Supporting the global spread of vaccines against coronavirus infection and the recovery of the global economy will contribute to an increase in oil prices and in the foreign trade component of economic growth in Russia.

Инвестиционная привлекательность промышленного сектора России в условиях новой реальности

This article provides an analysis of the main directions of changes in the volume of investments in fixed assets, both in general industry, and by individual types of industrial activity of the Russian Federation for 2010–2019, as well as indicators of the effectiveness of their use. The dynamics of changes in the depreciation coefficient of the fixed capital of the industry of the Russian Federation, characterizing the state of fixed assets, is considered. The statistics of the volume of investments in the industries allocated by Federal Law are studied: mining, manufacturing and production and distribution of electricity, gas and water. To obtain more accurate readings, the 2019 data are recalculated to 2010 prices using Rosstat inflation data. The return-on-investment indicator is calculated based on Rosstat data. The main reasons for the identified changes, both negative and positive, are indicated. The current state of investment activity in the sphere of fixed capital in the industry of the Russian Federation is determined and conclusions about the shortcomings of state policy in this direction are drawn. A number of recommendations are given on possible measures of state activity necessary to improve the state of fixed assets of the industry of the Russian Federation by increasing investment activity in this direction.

МАХСУС ИҚТИСОДИЙ ЗОНАЛАРДА ИНВЕСТИЦИОН ФАОЛЛИКНИ ОШИРИШ МАСАЛАЛАРИ

THE ARTICLE DISCUSSES THE ECONOMIC CONTENT OF SPECIAL ECONOMIC ZONES, ISSUES OF INCREASING INVESTMENT ACTIVITY IN THESE ZONES, THE IMPACT OF UZBEKISTAN'S WORTHY PLACE IN INTERNATIONAL RANKINGS ON INVESTMENT FLOWS IN THESE ECONOMIC ZONES. СONCLUSIONS AND RECOMMENDATIONS WERE MADE ACCORDING TO THE RESULTS OF THE STUDY TO INCREASE INVESTMENT ACTIVITY IN SPECIAL ECONOMIC ZONES.