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Introduction
Investment policy
Conclusion
Introduction
A necessary condition for effective economic development is high investment activity.
It is achieved through an increase in the volume of investment resources sold and their most effective use in priority areas of the economy and social sphere.
Investments form production potential on a new scientific and technical basis and increase Russia’s competitive position in the world market.
Russia, being a country with great resource and intellectual potential, is not among the leading countries in terms of investment attractiveness, although recently there has been progress in trust in Russia on the part of foreign and Russian investors.
This is due to the fact that in Russia there are many risks that are an obstacle for Russian and foreign investors. The influx of capital into the investment sphere is hampered by imperfect legislation, inflation, underdeveloped production and social infrastructure, and insufficient information support. The interconnection of these problems increases their negative impact on the investment situation.
Measures to improve investment policy and stimulate investment activity have not brought any significant effect to date.
At the same time, Russia’s international image greatly influences the regions’ ability to attract investment. In our country there is a certain number of prosperous regions where the risk of investors losing their invested funds is minimized, and the resource potential is high. That is why the question of assessing the investment attractiveness of both the country as a whole and each region separately is urgent.
Thus, the problem of creating a favorable investment climate to attract investment into the Russian economy has become particularly acute in recent years. The corresponding investment policy is called upon to play a decisive role in solving it.
Investment policy
Investment policy is the purposeful activity of the state to provide favorable conditions for investment, effective use of the country's investment potential in order to boost the economy and solve the problems of socio-economic development. State investment policy is now aimed at providing investors with all the necessary conditions for working in the Russian market. State regulation of investment activities provides for the creation of favorable conditions by: - improving the tax system, the mechanism for using depreciation deductions; - establishment of special tax regimes for subjects of investment activities; - placement on a competitive basis of funds from the federal budget and funds from the budgets of the constituent entities of the Federation to finance investment projects; - carrying out examination of investment projects in accordance with Russian legislation; - protecting the interests of investors.
In its most general form, investments are all types of assets (funds) included in economic activities in order to generate income.
Investment is a concept that covers:
1. Real investments (investments in land, machinery and equipment, real estate, etc.), close to the term “capital investments”. Capital investments are the costs of creating new, reconstructing and expanding existing fixed assets (fixed capital).
The concept of "new" (or "net") investment means that the size of the fixed capital increases. “Investments in modernization” are funds allocated to compensate for the depreciation of capital. The sum of the "net" investment and the "recovery investment" is called the "gross investment."
2 Financial (portfolio) investments, i.e. investments in stocks, bonds, and other securities associated directly with the title of the owner, giving the right to receive income from the property.
An effective investment policy is designed to create a favorable investment climate not only for the state, but also for private investors. Without investment, it is impossible to increase the technical level of production and the competitiveness of domestic products in the domestic and world markets. Naturally, investment policy should be dealt with by the legislative and executive authorities not only at the federal, but also at the regional level. It is the regional authorities that are responsible for creating a favorable investment climate in the territory to attract private domestic and foreign investment.
It is necessary to distinguish between the concepts of “regional investment policy” and “investment policy of the region”.
The investment policy of a region is understood as a system of legal, economic and organizational measures aimed at developing and implementing strategies and tactics for forming and managing regional investment potential based on the socio-economic interests of the region (this policy is determined and implemented directly by the regions themselves).
Regional investment policy is determined by the federal center in accordance with the overall development strategy of the country. In the course of implementing investment policy, regional authorities strive to promote the development of the industry that they consider promising for the further development of the region and economic growth. To develop an effective investment policy, regions need to determine criteria for identifying certain areas of the economy as priorities for government support. For example, regional authorities should pay special attention to the following industries: with high added value per worker; playing the role of a “link” in the regional economy; with future growth potential.
Increasing the well-being of the region is ensured by the implementation of investment policy goals, which are to create conditions for effective investments in the economy of the region. Effective investments usually mean those investments that, in addition to paying for the risk of investments, allow you to obtain economic benefits that are acceptable both for the investor and for the region receiving the investment. In this regard, the main criterion for the investor will be the expected return on invested capital in comparison with the degree of risk, and for the region - increasing the efficiency of the regional economy.
The main conditions for regional authorities to pursue a reasonable and attractive policy for investors are the following:
o accessible and complete information about investment objects;
o prescribed procedure for obtaining investment rights;
o clear criteria for determining winners in the event of tenders;
o the presence of a state institution for registration of rights;
o government measures to stimulate and support investors.
In accordance with the given conditions, the following objectives of the region’s investment policy can be formulated:
Ш increasing the overall investment attractiveness of the region;
Ш formation of new sources of tax payments;
Ш creation of new jobs;
Ш infrastructure development;
Ш formation of a healthy competitive environment;
Ш maintaining a favorable environmental climate in the region;
Ш attraction of investment resources from various sources, including foreign investments;
Ш creation of conditions for the development of small and medium-sized businesses, venture investment;
Ш improvement of the system of benefits and sanctions during the investment process;
Ш stimulation of the creation of non-state structures for the accumulation of cash savings of the population for investment purposes;
Ш restoration of historical sites in the region.
An effective investment policy of both the state and the region should be based on the following principles:
· determination of priority directions for the development of science and technology;
· concentration of investments in strategic areas of development of science and technology;
· selection of effective investment projects taking into account risks;
· objective assessment of the investment potential of enterprises.
The following principles are also important:
Goodwill in relations with investors;
Balance of public and private interests;
Openness and accessibility of information for all investors;
Clarity and simplicity of the investment process in the region;
Equality of investors and uniformity of public procedures;
Objectivity and common economic sense in decisions made;
Mutual responsibility of regional authorities and investors.
Directions of investment policy of the regions
Regional investment policy is a strategic plan of action in the investment market of the region. It has goals and priorities - strategic and immediate directions and a system of interrelated measures to regulate the regional investment market. The goals and priorities of investment policy are determined by the development goals of the region. In accordance with them, the priority areas of activity of regional authorities in the investment market in the role of a borrower investor or institutional investor and methods of regulation are considered.
One of the instruments of regional investment policy aimed at improving the investment climate is legislative activity.
In recent years, the emphasis in the legal regulation of investment activities has shifted to the regional level. In an increasing number of regions of Russia, local administrations are actively working to stimulate and support investment activity. This is due to the strengthening role of the constituent entities of the Federation in the economic and legal spheres, the urgent need of the regions for investment resources and the lack of a sufficiently clear state strategy for attracting private investment into the domestic economy. A group of regions is gradually emerging - leaders in the field of formation of investment culture and organization of the investment process.
Legal regulation of investment activities at the regional level is carried out in a number of areas:
1. Issues of socio-economic development of the region - identification of priority sectors of the economy and priority enterprises. About a third of the regions have identified priority activities for investment. The detail of the development of priority areas varies from fairly general provisions (“industry and agriculture” in the Voronezh region) to more detailed ones, for example, the production of paper and cardboard and products made from them in the Penza region.
2. Formation of investment openness and attractiveness of regions, their investment image, including through the cultural compilation of enterprise catalogs, catalogs of investment projects, etc. The Republics of Tatarstan, Komi, and the Yaroslavl region stand out here.
3. Development and adoption of targeted investment programs in the region to create import-substituting industries, to increase the competitiveness of individual industries and individual facilities.
4. Active activities to attract foreign investment. It is characteristic that while the country’s overall attractiveness for foreign investors is still low, there are regions in which this attractiveness is comparable to European countries. The leaders in this regard include Nizhny Novgorod and the Nizhny Novgorod region, the Orenburg region, and the Komi Republic. Work is being carried out actively and effectively to attract foreign investment in the Novgorod region. Next come the regions of the Central Black Earth Region and the Volga region, where with government support it is possible to quickly increase investment attractiveness for foreign capital.
5. Organizational issues - the procedure for registering enterprises with foreign investment, licensing, creation of special structures in government bodies of the constituent entities of the Russian Federation, directly implementing programs to support and attract investments.
6. Issues of benefits and privileges - providing and ensuring guarantees of investor rights; creation of a preferential regime for investment activities (exemptions on taxes and fees, provision of investment tax credits). The most common types of tax incentives to stimulate investment were income tax (33 entities) and property tax (28 entities). Different entities use different mechanisms for providing tax benefits, for example:
For all investment projects (Kaluga, Tomsk, Belgorod, Tver and other regions);
Investment projects in priority areas of development (Yaroslavl and Rostov regions, Republic of Ingushetia, etc.);
Organizations created with the participation of foreign capital (Republic of Mordovia).
7. Issues of accelerated depreciation; preferential conditions for land use; preferential rental rates for real estate, for the use of subsoil, natural resources. For example, regarding the amount of land rent, the best solutions are:
Kaliningrad region, where the procedure and basic formula for calculating the amount of rent depending on the category of land are determined; - Republic of Tatarstan, where the amount of rent is fixed at 1.5%;
Nizhny Novgorod and Ulyanovsk regions, where exemption from rent is practiced in terms of payments credited to the regional budget for investment projects.
8. Practice of workforce training according to orders from entrepreneurs. For an investor, training is always associated with time and high costs, especially at the early stage of organizing a business. The role of supplier of personnel for business should be assumed by the authorities forming the education system in the region. Thus, in the Leningrad region, a catalog of regional organizations is maintained that provide training and advanced training for workers and specialists. In general, only in two regions were government proposals revealed about their readiness to take on some of the tasks of preparing labor resources for investment projects. These are the Rostov and Samara regions.
9. Direct participation of the constituent entities of the Federation in the financing of investment projects, provision of investment loans on preferential terms from the budgets of the constituent entities of the Russian Federation and local budgets (as, for example, in the Republic of Karelia, Pskov, Samara regions); issue of regional securities; creation of target investment funds, provision of state guarantees of the constituent entities of the Federation to ensure the fulfillment of obligations by investors; creation of a collateral fund for the subjects of the Federation. Thus, collateral funds have been created in five regions, the activities of which open up the possibility of providing state guarantees from the constituent entities of the federation. There is a reinsurance company in the Komi Republic. Of particular importance is increasing the level of economic justification for investment projects based on the standards laid down in modern, generally accepted methods in the world, as well as the selection of criteria for selecting these projects, taking into account the priority tasks of regional development. To increase the level of elaboration of programs, it is important to involve banks in this activity. It is also promising to draw up a so-called investment passport of the region, containing information necessary for potential investors.
The practice of investment activities in the regions largely depends on how organically the federal and regional legislation in this area are linked. An analysis of the Constitution of the Russian Federation and federal laws in the field of investment shows that on issues of financial regulation and civil law relations in the investment process, powers, including law-making, belong mainly to the Russian Federation, while the regions carry out law enforcement practice.
In general, it can be argued that at the regional level these and other specific issues of stimulating investment are being worked out better than at the federal level, which indicates that the authorities are interested in the influx of capital. In a short period of time, many regions of the Russian Federation have formed a more integral and consistent investment policy than at the federal level. However, there is no qualitative change: there is no large-scale influx of investment, despite the fact that a rather intense struggle is developing between regions for investors by providing more and more benefits, guarantees, etc.
Practice shows that for entrepreneurs investing in Russian regions, more important than the specific benefits and regional guarantees provided are the stability of legal and economic conditions common to the country and the transparency of economic processes, which decisively determine the reliability of investments.
Without combining the efforts of federal, regional and local authorities, the state and alternative sectors of the economy, it is difficult to count on the transition of the economy to the stage of sustainable economic growth.
investment climate regional politics
Investment attractiveness of the region
In order to make a decision to invest in a particular region, it is necessary to conduct a detailed analysis of the investment attractiveness of the region. Most leading foreign and domestic economic publications and large consulting companies regularly monitor information on the state of national and regional investment complexes and, based on it, publish ratings of the investment attractiveness of national economies and regions.
As initial information for compiling ratings of investment attractiveness, statistical data on regional development, legislative acts related to the regulation of investment activities, results of regional studies and surveys, and press publications are used.
Investment attractiveness is characterized by two components:
· the magnitude of investment potential - a set of investment resources that are capable of providing real investment demand, ensuring the satisfaction of the needs of capital reproduction;
· the level of investment regional risks - the probability of complete or partial failure to achieve (non-receipt) the result of investments planned by participants in the investment process. The presence of these risks indicates incomplete use of the territory’s investment potential.
The level of investment attractiveness acts as an integral indicator that sums up the multidirectional influence of indicators of investment potential and investment risk.
Investment attractiveness is realized in the form of investment activity in the region, which can be considered as the intensity of capital inflow. It, like investment attractiveness, can be either current (for the period of analysis), or forecasted, or long-term.
Investment activity and investment attractiveness are interconnected: investment attractiveness is a generalized factor characteristic, and investment activity is a resultant characteristic dependent on it
According to the ratio of the magnitude of the total potential and integral risk, each region of Russia belongs to one of 12 rating categories
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High potential - minimal risk |
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High potential - moderate risk |
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High potential - high risk |
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Average potential - minimal risk |
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Average potential - moderate risk |
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Medium potential - high risk |
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Low potential - minimal risk |
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Reduced potential - moderate risk |
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Reduced potential - high risk |
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Minor potential - moderate risk |
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Low potential - high risk |
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Low potential - extreme risk |
According to the analysis methodology of the Expert RA rating agency, investment potential is the sum of objective prerequisites for investment, depending both on the diversity of areas and investment objects, and on their economic “health”. Investment potential is a quantitative characteristic and includes nine private potentials:
1) resource and raw materials (weighted average provision of balance reserves of the main types of natural resources);
2) production (the total result of economic activity of the population in the region);
3) consumer (total purchasing power of the population);
4) infrastructural (economic and geographical position of the region and its infrastructure provision);
5) labor (labor resources and their educational level);
6) institutional (the degree of development of leading institutions of a market economy);
7) financial (the volume of the tax base and the profitability of enterprises in the region);
8) innovative (level of implementation of scientific and technological progress);
9) tourist (availability of places visited by tourists and vacationers, as well as places of entertainment and accommodation for them). All these types of potential are general in nature. Each of them is calculated as a weighted average of a number of statistical indicators, and the total investment potential of the region is determined as a weighted sum of private potentials.
Investment risk is a qualitative characteristic that shows the probability of loss of investments and income from them and is calculated as the weighted average of the following types of risk:
· economic - trends in the economic development of the region;
· financial - the degree of balance between the regional budget and the finances of enterprises;
· political - distribution of political sympathies of the population based on the results of the latest parliamentary elections, the authority of local authorities;
· social - level of social tension;
· environmental - the level of environmental pollution, including radiation;
· criminal - the level of crime in the region, taking into account the severity of crimes;
· managerial - the quality of budget management, the availability of program-target documents, the degree of development of the management system, the infant mortality rate as an integral indicator of the results of the social sphere;
· legislative - legal conditions for investing in certain areas and industries, the procedure for using individual factors of production. When calculating this risk, both federal and regional laws and regulations are taken into account, as well as documents that directly regulate investment activities or affect them indirectly.
The study of the investment attractiveness of individual sectors of the economy is aimed at studying their market conditions, dynamics and prospects for the development of society's needs for the products of these sectors. It is the needs of society that determine priorities in the development of individual industries. Thus, traditionally the priority sectors in the Russian Federation are the fuel and energy complex (FEC), mechanical engineering, transport and construction.
Conclusion
For any economic system, the axiom is true: “no investment - no economic growth, no economic growth - no growth in well-being.”
Investment resources are the main factor in updating and restructuring production, increasing their efficiency and competitiveness. Therefore, an integral condition for achieving sustainable socio-economic development of the region is investment activity in the required volumes and required directions.
Russia's modern investment policy is aimed at creating a favorable investment climate that will help attract national and foreign investment into the country.
Ultimately, it pursues long-term strategic goals of creating a socially oriented society, characterized by a high standard of living of the population, based on an economy that involves not only the joint effective functioning of various forms of ownership, but also the internationalization of the market for goods, labor and capital.
Solving the problem of intensifying state investment policy at the regional level will greatly contribute to socio-economic development.
With regard to policies to attract investment, local authorities can be given the following recommendations:
1. The region must have a clearly defined policy for attracting investment. The intention to attract investment must be formulated in documents (policy, strategy), and also enshrined in laws and development programs. The policy must reflect the significant aspects of investment activity.
2. The authorities must determine priority areas for investment. Understanding the potential of the subject and its strengths and weaknesses should be taken into account in the region’s development strategy, and should also determine priority areas for investment. The best option is to highlight priority areas in the short term (due to existing infrastructure and resources), and in the long term, taking into account global trends and the desired direction of development.
3. To overcome administrative barriers, the best options are: the practice of “one window”, supervision of investment projects.
4. Providing tax benefits to projects that correspond to priority areas of development of the region. It is advisable to link the period for granting tax benefits to the period of implementation of the investment project. Providing these benefits to various subjects of investment activity, in addition to enterprises investing their own or borrowed funds.
5. Organization of the market for vacant production and construction space. It is more profitable to implement new projects using existing infrastructure. This applies to both medium and small businesses, for which a register of nurturing office premises is being created, and large businesses with entire empty production sites.
6. Regulation of land relations. For large investments, the fundamental issue remains the need to acquire land ownership. To resolve this issue, the procedure for transferring land and the procedure for acquiring land ownership must be established. The size or at least the procedure for calculating the amount of rent for land must also be determined.
7. Assist investors in providing labor. In addition to developing the area as an attractive place for housing, the authorities must take on some of the issues of preparing a workforce with the required qualifications. This task can be solved either by issuing subsidies for partial financing of training or by organizing specialized training programs for approved investment projects.
8. It is advisable to have an investor’s guide that will help you navigate the territory of the subject, as well as find all the necessary organizations (financial, insurance, other participants in the investment process), also the section “what and how much does it cost for the investor” - the cost of office space, salary, cost of housing , cost per square meter of land, cost of industrial real estate, tariffs, cost of living, consumer basket.
9. Interest in attracting investment at the municipal level, especially in resolving the land issue.
List of sources used
1. Borisova N.V. Problems of developing an effective investment policy in Russia. Scientific brochure. - M.: Academy of Advanced Training and Professional Retraining of Education Workers, 2008.
2. bibliotekar.ru
3. http://www.vashsovetnik.ru/services/economic/investattractiveness/index.shtml
5. Malinovskaya O.V. State and municipal finances. - M.: Knorus, 2010
6. Legal reference system “Consultant Plus” [Electronic resource]. - Access mode: http:// www.consultant.ru
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FEATURES OF THE REGIONAL INVESTMENT POLICY
Zagudaeva Nina Vladimirovna
Lenginovich Svetlana Gennadievna
4th year student, socio-economic faculty, DITI NRNU MEPhI, Russian Federation, Dimitrovgrad
Gerasimova Svetlana Alexandrovna
scientific supervisor, Ph.D. econ. Sciences, Associate Professor of the Department of “Finance and Financial Management” DITI NRNU MEPhI, Russian Federation, Dimitrovgrad
The region has become a full-fledged subject of economic relations in Russia thanks to the development of federalism. The concept of regional investment policy can claim to be a new model of regional development, corresponding to a transition economy. The socio-economic development of the region contributes to the implementation of investment activities at the present time. Also, the level of investment activity determines the development of the region itself, the possibilities of its economic growth and the achievement of social well-being of the population.
The investment policy of the region is a set of actions determined by the choice of the method of implementing effective ways to update and expand the production, scientific, technical, and financial potential of the region and aimed at achieving financial sustainability in the current and future periods and creating conditions for the reproduction of capital resources in the region. When developing an investment policy, the total volume of investments, methods of rational use of own funds and the possibility of attracting additional funds are agreed upon. Investment projects are limited by the volume of resources and timing of implementation in order to achieve the maximum overall economic effect.
Investment policy should be developed at the level of municipal government (micro level) and government management as a whole (macro level). At the micro level, the development prospects of territorial units are determined, in accordance with which targeted programs and justified projects are developed. At the macro level, limited budget funds and support measures are distributed in the most promising industries and regions, and a balance is maintained in the economic development of the regions and the country.
When developing an investment policy, the total volume of investments, methods of rational use of own funds and the possibility of attracting additional funds are agreed upon. Investment projects are limited by the volume of resources and timing of implementation in order to achieve the maximum overall economic effect.
In the process of implementing its own investment policy, each region of Russia has the right to pursue various goals that do not contradict the principles of its internal policy and economic development of the country. Frequently encountered goals of the current investment policy of regions include:
· structural restructuring of the regional economy;
· achieving economic independence and ensuring the economic security of the region;
· rationalization of the location of productive forces in the region and strengthening of its own industrial base;
· highlighting priority investment projects based on the interests of the regional economic complex;
· creating conditions for effective investments in the regional economy.
Effective investments are understood as investments that allow one to obtain an economic benefit in the form of profit that is acceptable for the investor and the region. The main criterion of investment policy for an investor is the expected return on invested capital, and for the region - increasing the budgetary efficiency of the regional economy.
The development of a sound investment policy for the region is based on global targets for the development of this region. The principles for the formation of a sound regional investment policy are:
1. Efficiency. Investments should be made in projects that have proven effectiveness without additional risks and short payback periods. First of all, these include projects to create new non-capital-intensive or strategic enterprises focused on specific markets, or the reconstruction and modernization of existing enterprises.
2. Structural balance. It is associated with the determination of the structural relationship, because investment flows have structural limitations. Moreover, the structural relationship is established on the basis of establishing maximum levels of development or the current state, depending on the conditions for the implementation of a particular stage of the program.
3. Focus. Investments should be directed to the implementation of those projects that contain a specific rationale and practical benefits.
4. National significance. This will be achieved if the investment policy of the regions is concentrated and has a common focus of interests of the subjects of the investment process, responsibility for decision-making and program implementation.
Also, to achieve the goals of investment policy, the region must comply with the following principles: goodwill in relations with investors; balance of public and private interests; clarity and simplicity of the investment process in the region; immutability of decisions made; mutual responsibility of regional authorities and investors.
Most regions of the country set as their strategic goal the creation of a technologically advanced economy with a sustainable type of reproduction and the implementation of industrial policy related to the development of the real sector and the identification of priority areas for industrial growth.
Investment planning is the main means of implementing regional investment policy. An investment project is a document that describes actions aimed at achieving a set goal. The development of an investment project includes: the economic feasibility of the project, the volume and timing of investments, a description of practical actions for their implementation. A prerequisite for its implementation is the efficient use of investment resources, for this purpose the profit from the project, liquidity, sales growth, and competitiveness are calculated.
Investment design in the regions of the Russian Federation has specific features. Among them are:
· decentralization of the investment process;
There are two directions of the designated process here: the federal center - the region, the regional government - regional industrial and financial institutions. In the first case, there is a transfer of centralized management functions in favor of regional government structures and the formation of investment flows at the local level. In the second case, there is a gradual reduction in public investment and an increase in the number of privatized enterprises.
· transition to methods of influence that provide economic opportunities (formation of an investment budget, long-term government lending, etc.);
· emergence of new participants in the investment process.
The structure of participants in an investment project is branching out, which leads, on the one hand, to a complication of the process, and on the other hand, to the transfer of part of the state’s investment obligations to other project participants.
Thus, investment policy at the regional level is in the development stage and has its own features and characteristics, which are different for each region, since each of them has its own goals, economic potential and each determines its own level of government funding. As a result, differentiation of Russian regions is formed in terms of investment policy and its elimination should become one of the main areas of activity of the regions, which also includes:
· creation of a favorable investment climate; development of legislation regulating the investment process; investment risk management;
· formation of investment potential and expansion of the volume of funds raised from extra-budgetary investment sources;
· development of financial and investment infrastructure and markets for investment resources in the region;
· increasing the efficiency of investments from the point of view of regional development.
Bibliography:
- Lapygin Yu.N. Balakirev A.A. Investment policy: textbook. M.: Knorus, 2005. - 320 p.
- Sangadieva I.G. Economic problems of regions and industry complexes: article. Eurasian international scientific and analytical journal. Problems of modern economics, - 2005. - No. 1/2 (13/14).
- Essence, types and goals of investment policy // Labor Economics [Electronic resource] - Access mode. - URL: http://laboureconomics.ru/regioneconomics/117-2009-03-15-08-14-59 (date accessed 04/08/2014).
Investment policy is an integral part of the economic policy pursued by the state and enterprises in the form of establishing the structure and scale of investments, directions for their use, source of receipt, taking into account the need to update fixed assets and improve their technical level.
When forming investment policy in the regions, it is necessary to take into account the features of territorial development and analyze factor quantities that influence investment processes (Fig. 13.1).
Rice. 13.1.
Creating an effective system for managing the investment process in order to strengthen the economic and financial potential of the region is one of the main tasks of executive authorities. The essence of investment policy is to ensure the reproduction of fixed assets of production and non-production industries, their expansion and modernization. The nature of investment policy is determined by the degree of government intervention in economic processes, the degree of coordination of this policy with other government institutions, which include tax, financial and credit, licensing, pricing policies, income and employment policies for attracting foreign investment, the legal framework and the general administrative structure.
Depreciation policy is included in the general investment policy. The depreciation policy, in turn, should be linked to tax policy. In developed market countries, with a general increase in the level of taxes on corporate profits, as a rule, in the phase of economic crisis, methods of accelerated depreciation are encouraged and benefits are introduced for investment loans.
There are different types of investment policies (Table 13.2).
Characteristics of investment policy types
Table 13.2
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By the nature of the legal framework |
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Formalized state investment policy Peculiarities: the presence of a comprehensive legal framework; regulating parameters of the investment process, including prices, taxes, income, tariff system, depreciation periods for equipment, methods of accounting for fixed assets, etc. High degree of government participation in the economy |
Informalized state investment policy Peculiarities: unsystematized legal framework; low share of capital investment (up to 30%), large volume of private capital (up to 80% of all economic entities and industrial production volumes); free movement of capital, etc. |
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According to the form of management |
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Liberal Main features: application of economic methods of state regulation; a developed vertical system of investors (state - financial institutions - businessmen - small investors); various sources of investment; developed financial infrastructure The role of the state is to establish the rules of the game in the investor-state relationship, which allows the economic system to self-regulate and develop relatively freely |
Centralized Main features: the use of predominantly administrative management methods. Sources of investment are formed through the accumulation of resources by various government agencies, long-term forecasting is carried out centrally, the general legal field strictly regulates the development of the investment process. The participation of the stock market in the investment process is purely nominal |
Most subjects - regions of the Russian Federation are currently pursuing a formalized and centralized investment policy. The role of the state in this case is significant both in terms of the volume of controlled investments and in the degree of regulation of the investment activity of subjects.
Investment processes occurring in the regions of the Russian Federation have a number of features.
Decentralization of the investment process. Modern investment processes in the regions are characterized by a reduction in the share of public investment while maintaining state control over the overwhelming volume of capital investment.
Transition to predominantly economic methods of influence. The state loses its functions as the main planning and distributing institution and acquires other, previously unusual roles: owner, equal participant, equity partner, financial agent, guarantor, creditor.
New forms of government influence on the investment process in the regions of the country are gradually being introduced: the formation of an investment budget as a key element of planning, long-term government lending, government guarantees and regulation of the activities of corporatized enterprises through the management of stakes owned by the state, etc. There are reserves in the introduction of new forms of government managing the investment process and improving existing ones. Thus, mechanisms of state participation are practically not used, the stock market is poorly stimulated, and there is no clear system of incentives and preferences for domestic investors.
The emergence of new participants in the investment process. The controllability of the investment process is also affected by its structural development, which is characterized by the emergence of a large number of new entities. The existing system of reproduction relations “state-industrial enterprise” is developing into a branched structure of participants in the investment process. Changing quantitative and qualitative parameters, on the one hand, complicates the implementation of investment policy, on the other, allows the state to transfer part of its investment obligations and interests to other participants.
Currently, investment planning is the main means of implementing the region's investment policy. A “project” is understood as a set of actions (works, services, acquisitions, management operations and decisions) aimed at achieving the stated goal. The development of an investment project involves justification of the economic feasibility, volume and timing of investments, as well as a description of practical actions for their implementation.
Goals of the region's investment policy. In implementing its own investment policy, each region of Russia can pursue a wide variety of goals. The current investment policy goals for most regions are currently the structural restructuring of the regional economy; achieving economic independence and ensuring economic security of the region; rationalization of the location of productive forces in the region and strengthening of its own industrial base (primarily export-oriented industries, production of energy resources, food products); identifying priority investment projects based on the interests of the regional economic complex.
The development of a sound investment policy for the region for the future stems from the global target for the development of this region. In pursuance of the Decree of the President of the Russian Federation of May 7, 2012 No. 596 “On long-term state economic policy,” it is necessary to ensure an increase in labor productivity by 2018 by 1.5 times relative to the level of 2011 and to create by 2020 at least 25 million highly productive work places. The basis for this is investment growth and technological renewal of industry, development of competition, support for the development of science and technology, improvement of the qualifications of employed citizens and the creation of a flexible market for skilled labor, support for the export of manufacturing products, development of international integration.
The main condition for increasing labor productivity is increasing investment attractiveness Russian economy based on improving the institutional environment, improving the business climate, ensuring macroeconomic stability and reducing inflation, and increasing the availability of credit resources. In order to stimulate the influx of private investment in the creation and development of infrastructure facilities, it is planned to create a legislative framework for the use of the deferred payment mechanism when implementing investment projects under the terms of concluding concession agreements.
For most regions of Russia, the current problem is the development and implementation of industrial policy aimed at more effective development of the real sector, identifying priority areas of industrial growth, and intensifying investment in investment and financial resources. The industrial policy of the region should include three blocks: the policy of renewal and modernization of productive forces; financial and credit policy of joint participation; innovation policy. The main task of the first block is to strengthen and develop the industry of the region, consolidating existing positions. The second block should be aimed at more efficient use of traditional sources of industrial investment and attracting new financial resources. The task of the third block is to qualitatively update the industrial base based on the introduction of new resource-saving and efficient technologies in industry.
Innovative nature of investments. One of the most important requirements of our time is the innovative nature of regional economic development. Innovation is becoming the most important condition for the economic recovery of the country's regions. Ensuring the required level of innovation activity in the regional economy is a key economic problem for the success of its development. But in the Russian economy, innovation activity is still low, which is caused by the poor development of organizational and economic models of the activities of economic agents. The policy of innovation consists of anticipating changes in the production function of an economic entity and developing solutions that ensure sustainable development. The region's innovation strategy is formed on the basis of target economic guidelines adopted by enterprises for the long term. An innovation strategy, based on strategic marketing, should be ahead of market demand and, to a certain extent, shape it in the future.
Principles for the formation of regional investment policy. These include: a focus on effective investment, striving to achieve structural balance, targeted investment, and national significance.
A guide to effective investing. Investments directed into the regional economy must bring profit under conditions limited by the goals of each specific project, the period of its implementation and the resources attracted for it. Investments should be directed primarily to the creation of new non-capital-intensive or strategically important production facilities, focused on specific domestic and foreign markets, or the reconstruction and modernization of the traditional industrial base.
Striving to achieve structural balance. In the regional economy, investment flows have certain structural limitations. Each structural relationship needs to establish limiting levels of development or current state. Limit values must be set reasonably, depending on the tactical conditions of the implementation of the program stage and the possibility of government intervention in solving these problems, since manipulation of such relations is possible.
Purposeful investment. The need for this principle is associated with limited investment resources. Investments should be directed to the implementation of a finite number of projects that have a specific rationale and practical benefit.
National significance. The implementation of investment policy in the regions does not imply the implementation of one or another national ideology; it accumulates the materialization of corporate, group and private interests of the parties, indirectly representing the realization of the interests of society as a whole. The interests of various groups intersect and often hinder economic development. Therefore, the main conditions for the implementation of investment policy should be the concentration and general orientation of the financial and other interests of the main subjects of the investment process, their responsibility in making decisions and implementing certain programs. The formation of such an approach should be undertaken by the state authorities of the region.
Definition 1
Regional investment policy should be understood as a set of goals and measures of state and regional stimulation of investment activity, aimed at increasing investment attractiveness, enhancing the investment activity of all economic entities in the region, based on the use of effective investment mechanisms, the action of which is aimed at ensuring sustainable socio-economic growth of the region and improving the quality of life of the population.
Regional investment policy is based on the capabilities of the region’s economy, in particular on resource, labor, production, and financial potentials and is implemented through appropriate mechanisms.
Goals of regional investment policy
The main goal of the first level of regional investment policy is to ensure sustainable socio-economic development of the region, which will result in a corresponding improvement in the standard of living of the population.
The second level of regional investment policy goals is characterized by the following areas:
- creation of an economic structure that will increase the level of competitiveness of individual enterprises, industries and the region as a whole;
- development of the social sphere of the region and increasing the degree of its contribution to the growth of the economic potential of the region;
- increasing the level of integration of the region into the national and global economic space.
At the third level, the following tasks should be highlighted:
- ensuring state support for investment activities in those industries that for a particular region serve as “points of economic growth” (“economic breakthrough zones”);
- creation and support of enterprises that are components of intersectoral and interregional associations;
- creating conditions for the development of innovative activities of enterprises, including in the social sphere, which increases the level of competitiveness of manufactured products at the national and global levels;
- integration of scientific and educational institutions into the regional economic system, which will increase the degree of realization of scientific potential;
- development of the regional investment market, primarily with the aim of attracting capital from other industries and regions;
- formation of a system for supporting investment activity, primarily the development of enterprises providing consulting and communication services;
- formation and strengthening of interregional, international integration ties of enterprises in the region.
Mechanism for implementing regional investment policy
The mechanism for implementing regional investment policy consists of three main interdependent components.
- investment climate in the region, internal and external factors determining changes in its level;
- key indicators of the region's investment potential;
- possible investment risks and their level.
The second component includes processes related to the determination of goals, priority areas and components of the investment policy mechanism in the conditions of a particular region. The goals and priorities of regional investment policy are determined based on the general policy (goals, objectives and ways of implementation) of the regional leadership in the economic and social spheres.
The third component includes the means for implementing the region’s investment policy, i.e. a set of methods for regulating economic processes (market, administrative) and means of ensuring regulatory mechanisms (legal, information and organizational).
The first component includes the main factors that determine the investment potential of the region and, accordingly, the features of the implementation of investment policy:
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Course work
Regional investment policy
Completed:
4th year student
Gusev P.M.
Introduction
regional investment policy
The study of economic investment problems has always been the focus of economic science. This is due to the fact that in modern economic conditions, which are characterized by increased competition, the process of investment activity is becoming increasingly important, ensuring increased competitiveness of individual regions and the entire economy as a whole. Currently, they are the most important means of ensuring conditions for overcoming the current economic crisis, structural changes in the national economy, ensuring technical progress, and improving the quality indicators of economic activity at the micro and macro levels. The gradual formation of a promising investment policy in the region, the creation of a structure of market institutions that adequately meets the requirements of a market economy, which would meet the needs of all economic entities, is one of the most effective mechanisms of socio-economic transformations.
One of the conditions for the sustainable development of Russian regions and increasing the rate of economic growth is to increase the validity of economic, organizational, regulatory, financial and credit decisions taken at the regional level and aimed at developing a promising investment policy in the region.
The existing mechanism for making long-term investment decisions and forming a long-term investment policy in the region is currently characterized by a lack of consistency, which does not allow local, regional and federal economic management bodies to effectively use available investment resources, to ensure an increase in the investment attractiveness of individual regions and the entire national economy of Russia as a whole. , which negatively affects the pace of economic development of the national economic system.
The relevance of solving the problems of forming a promising investment policy in the region posed in the course work, creating conditions for increasing investment activity, interaction between various participants in the investment process is increasing in modern conditions and determines the need to create an effective mechanism for forming a promising investment policy through economic, regulatory, financial, organizational , social and other impacts from federal and regional authorities.
The object of the study is investment policy in the region.
The subject of the study is ways to improve the implementation of investment policy in the Nizhny Novgorod region.
The following methods were used during the study:
Study and analysis of scientific literature;
Comparison;
The purpose of the course work is to explore ways to improve the implementation of regional investment policy. To achieve this goal, it is necessary to solve the following main tasks:
Study the theoretical aspects of the development of investment activity;
Analyze ways to implement investment policy in the Nizhny Novgorod region;
Identify the main directions for improving the implementation of regional investment policy in the Nizhny Novgorod region.
When writing the work, the information and empirical base was used: legislative acts and government regulations; statistical data; scientific literature; methodological literature.
Chapter I. Theoretical foundations for the implementation of regional investment policy
1.1 Problems of formation of regional investment policy
Regulation of economic relations between the federal center and the regions has become one of the most acute and pressing problems of the Russian economy. This convincingly shows the constant reproduction of disagreements between the center and the regions on the distribution of income and deficits between them when adopting the federal budget.
Investment is a flow of investments of funds diverted from direct consumption for a specific purpose.
Investment policy is an integral part of the overall financial strategy, which consists of selecting and implementing the most rational ways to expand and renew economic potential. Regional investment policy should be understood as a system of measures and a mechanism for their implementation aimed at stimulating investment activity and creating a favorable investment climate in the region.
Investments are made in various forms, and for accounting, analysis and planning they are classified according to individual characteristics.
Firstly, according to the objects of investment of funds, real and financial investments are distinguished.
Real investments - aimed mainly at maintaining and developing material production and the service sector, include: capital investments, investments in the acquisition of land, etc. including working capital costs.
Financial - investing funds to purchase values of the stock and money markets (stocks, bonds).
Secondly, according to the nature of participation in investment, as well as within the framework of foreign investment, direct and indirect investments are usually distinguished.
Direct - involve the direct participation of the investor in choosing an object for investment.
Indirect - carried out through financial intermediaries - commercial banks, investment companies. Portfolio investments are also distinguished - investments in stocks, bonds and other securities associated directly with the title of the owner, which gives the right to receive income from the property.
Thirdly, according to the investment period, investments are divided into short-term (for up to 1 year) and long-term (over 1 year).
Fourthly - by form of ownership:
Private investment expresses the investment of funds in the objects of entrepreneurial activity of legal entities, as well as citizens.
State - characterize the investment of capital of state unitary and municipal enterprises, as well as funds from the federal and regional budgets and extra-budgetary funds.
Fifthly, on a regional basis they are divided into investments within the country and abroad. Bocharov V.V. Investment management. S-P.2009.p.5
Equally important is the concept of investment climate, which includes the objective capabilities of a country or region (investment potential) and the conditions for an investor’s activity (investment risk).
It is clear why it is not enough to consider only potential or only risks to make decisions. A region may be first-class in terms of potential - for example, it has raw materials or a wealthy population - but if the political situation is unstable or the environment is so polluted that the population simply cannot stand another plant, for example, then few will dare to invest. And vice versa, the region may be quiet and calm, but there is simply nothing for an investor to do there.
Investment potential (investment capacity of a territory) is the sum of objective prerequisites for investment, depending both on the presence and diversity of areas and investment objects, and on their economic “health.” The potential of a country or region is basically a quantitative characteristic, taking into account the main macroeconomic indicators, the saturation of the territory with production factors (natural resources, labor, fixed assets, infrastructure, etc.), consumer demand of the population, etc.
Investment risk characterizes the probability of loss of investments and income from them. It shows why you should not (or should) invest in a given business, industry, region or country. Risk sums up the rules of the game in the investment market. Unlike investment potential, many of these rules can change overnight - just as a person's mood and opinion change. Therefore, in essence, risk is a qualitative characteristic. The degree of investment risk depends on political, social, economic, environmental, and criminal situations.
Classification of investment forms and types, clear formulation of tasks and goals, allows authorities and enterprises to more effectively manage investment flows both in the region and beyond.
In the field of investment, there is a progressive weakening of the position of the federal center, which is expressed in a systematic decrease in the share of funds from the federal budget in the total volume of investments in the country.
Before 2000, the dynamics of investment in fixed capital were unfavorable in the vast majority of Russian regions.
There is an extremely strong differentiation in the dynamics of investment in fixed capital in individual subjects of the federation.
Even more obvious than in previous periods was the trend of worsening investment dynamics as the country moved from the West to the East.
Moscow is the undisputed, absolute leader among the regions of the Russian Federation in terms of the volume of accumulated foreign investment, it accounts for slightly less than half of the total volume of foreign investment accumulated in Russia since the beginning of reforms, including 33.94% (almost a third) of the total volume of direct investment as of September 2001.
A number of regions, namely St. Petersburg, the Moscow region, the Republic of Tatarstan, the Tyumen and Sakhalin regions, the Yamalo-Nenets Autonomous Okrug and the Krasnodar Territory, are also leaders among other regions of the Russian Federation in attracting foreign investment.
About 10 regions, namely the Arkhangelsk region, the Komi Republic, Nizhny Novgorod, Belgorod, Samara, Omsk, Irkutsk regions, Krasnoyarsk and Primorsky Territories, have accumulated foreign investment in the amount of 280-480 million dollars. USA or from 1 to 1.7% each of the total volume of foreign investments made in Russia during the years of reforms. And finally, in more than 30 regions, the volume of accumulated foreign investment did not exceed 30-45 million US dollars (or no more than 0.1-0.16% in each of these regions of the total volume of foreign investment in Russia), which gives grounds to conclude that there is almost complete absence of influence of the foreign investment factor on the economy of these regions. Information on attracting foreign investment into the regional economy: the current situation and the main directions of state policy. 2010. p. 18
I would like to note that there is a belief in society that the main tool for shaping investment policy is tax regulation. And therefore, the most attractive are those regions where taxes are lower and benefits for investors are greater. This is why, many believe, investors prefer the Leningrad and Novgorod regions to other regions of the North-West.
From this point of view, the fiscal policy pursued by the federal center in recent years, which increasingly reduces the ability of regional authorities to regulate taxes, undermines the foundations of investment policy. Particularly strong changes have occurred in recent years: since 2002, the constituent entities of the Federation have been deprived of the right to reduce their part of the rate (16.5%) of the income tax by more than 4%, and since 2003, tobacco excise taxes will go entirely to the federal budget. The situation with the distribution of attracted investments across regions requires serious analysis and corresponding immediate actions on the part of legislative and executive authorities at both the federal and regional levels.
Practice shows that regional investment policy in the context of the emergence of a market environment is at the stage of formation from the point of view of the economic mechanism for its implementation. In addition, its organizational side is not fully debugged. In other words, many regions are not ready to conduct investment policies in market conditions. And one of the reasons for this situation is, unfortunately, the insufficient experience and qualifications of regional authorities in implementing investment policy.
During the period of the Soviet Union, regional investment policy was carried out by the union center. Moreover, the former union republics were not economically independent entities. It was the center that decided which republics and regions required additional financial resources. Over 90% of government capital investments were made from the union budget. Another feature of the regional investment policy pursued by the Union center was the predominantly subject (sectoral) specialization of the regional economy according to the type: Ural - metal, heavy equipment, Eastern Siberia - timber, Kuzbass - coal, Tyumen - oil and gas, etc.
Since investments serve as one of the main factors in increasing economic efficiency, in the context of a decline in production, the issue of finding a quantitative increase and qualitative improvement in investment projects has become particularly important. Analyzing the dynamics of the main indicators of the economy over the past few years, it is easy to conclude that the areas of investment processes are low and limited.
A characteristic feature of the Russian market is a noticeable differentiation of investment activity in individual sectors of the economy. A similar situation is observed at the regional level.
The key problem of investment policy for almost all regions has become the search for sources of financing. Theoretically, there are quite a few potential options for attracting capital to regional investment projects. However, at present, only a few are able to play a significant role in the investment process. Despite the fact that in most regions of the Russian Federation the budget situation remains very tense, perhaps one of the most realistic sources of financing is the own funds of regional budgets.
The experience of recent years has shown that one cannot count on financial support for regional investment projects from the federal budget. A number of regions actively invested their own funds in the development of the regional economy. Let me note that we are talking, first of all, about large financial centers, as well as about territories where industry has a pronounced export orientation. These are the cities of Moscow, St. Petersburg, Krasnoyarsk, Yamalo-Nenets Autonomous Okrug, Republic of Sakha (Yakutia) and others. Rating of investment attractiveness of Russian regions http://www.raexpert.ru/Expert/Regions10-11/data/region.htm
Another, more or less stable source of investment in the regions is capital investment from enterprises’ own funds through the accumulation of financial resources in specialized funds, equity participation, guarantee mechanisms, etc.
If we talk about large-scale sources of financing capital investments in the regions, then first of all we can name direct and private foreign investments. However, it should be noted that the influx of foreign investment into the regional economy has sharply decreased in recent years. This is due to a number of reasons. Imperfect economic legislation, high levels of taxation, high political risks, lack of a system of guaranteeing and insuring foreign investments, weak protection of the personality and property of investors - this is not a complete list of reasons for the reluctance of foreign investors to invest their financial resources in the development of the Russian economy and the regional economy in particular.
World practice shows that in developed countries in recent years, leasing has become increasingly important as one of the progressive forms of attracting and using investments. A leasing company is essentially a financial intermediary that attracts resources to purchase equipment, update the fixed capital of enterprises, expand production volumes, carry out technological modernization, etc.
However, leasing relations with Russian enterprises are developing extremely slowly. Vinokurov N.A., Sukhodolov A.P. “Economy of the Nizhny Novgorod Region”, Nizhny Novgorod, - 2009. The lack of interest in this form of attracting investment is explained by the fact that, along with problems of accessibility and the cost of financial resources, as well as problems of solvency, it is of no small importance that the majority of managers and financial directors of Russian enterprises have a rather superficial understanding of the conditions and advantages of industrial financial leasing.
When forming the RIP, Indrisov A.B. Investment policy in the territory of the municipality should be taken into account. M. 2010. p.50:
Characteristics of the strategic socio-economic orientation of the region;
Investment policy framework and its financial capabilities;
Availability of natural, demographic, production financial resources;
Features of the regional investment climate, industrial policy, export opportunities, living standards of the region's population:
Availability of a professional team capable of developing an investment policy and its further implementation and management;
Possible relationships between industry projects and other industries, both regional and federal;
Future demand for certain consumer goods, the consumption of which may increase due to increases in population or purchasing power, or the expected demand for newly created goods.
An analysis of scientific publications on the problem of forming investment policy allows us to formulate a number of main directions for its implementation at the regional level: the formation of a favorable investment climate; searching for sources of financing for structural reforms; increasing the role of enterprises’ own sources of financing investment projects; strengthening control by regional authorities over the targeted use of funds from the regional budget allocated for investment; reduction of investment risks, etc.
Of no small importance is the implementation of an investment policy taking into account specific conditions, as well as the desire of regions to use their comparative advantages to attract both domestic and foreign investors.
The use of the above tools will not only create a favorable investment climate, but also implement investment policy, which should be aimed both at finding the most effective sources of financing, and at supporting enterprises and maximizing the use of production, natural and scientific potential. Sapegina O.P. Problems of formation of RIP.”Region: economics and sociology” No. 2, 2010. p.29
1.2 Principles and instruments of regional investment policy
Regional investment policy implies the development and strict adherence to key investment principles, these include:
Strengthening state and municipal control over the targeted expenditure of budget funds allocated for investments in the form of non-repayable financing and lending;
Consistent decentralization of investment processes based on the development of diverse forms of ownership;
State support for enterprises operating within the framework of RIP, with a gradual shift in the center of gravity from non-repayable financing to lending on a repayable and paid basis;
Placement of limited centralized capital investments and state financing of investment projects exclusively on a competitive basis;
Priority use of an increasing portion of investment funds for the implementation of effective and quick-payback investment projects and small business facilities, regardless of the form of ownership;
Expanding the practice of joint financing of investment projects by both government and commercial structures of the region and other countries;
Conversion of debts into property in the absence of a method of mutual settlement agreed upon by the partners, etc. Indrisov A.B. Investment policy in the territory of the municipality. M. 2010. p.63
The principles listed above cannot be called general principles for RIP; they sound differently in different sources. The development of principles depends, for example, on the development model of the regional economy; the following principles can be identified:
Actively promoting the equalization of investment potential, creating equal competitive conditions for attracting investment resources and, on this basis, reviving investment processes in the regions;
Expanding the independence of regions in choosing directions and investment objects, taking into account local needs;
Development of regional investment legislation and regulatory framework in the field of business support;
Effective use of limited budget investments,
Providing guarantees, both economic and political;
Formation of information openness of the region;
Creation of a specialized market infrastructure that supports the investment process.
The implementation of these tasks and principles requires improvement of the legal, financial and economic foundations and organizational tools for investment interaction between the center and the regions. Certificate on attracting foreign investment in the regional economy: current situation and main directions of state policy. 2010. p.24
Economic policy must be uniform. Ensuring the unity of the economic space on the territory of the Russian Federation by suppressing and preventing its fragmentation by establishing administrative barriers (bans and restrictions on both the export and import of goods, excessive licensing, etc.). Individual regions should compete with each other only with benefits within the limits of their regional legislation.
There are a number of economic and administrative regulators or tools to attract investors to the region, on the basis of which RIP is based: 1) preferential treatment or tax breaks - are a more common way for investors to stimulate investment. The purpose of this policy is to attract investment while awaiting the expiration of tax incentives. In most cases, tax breaks include a temporary reduction or elimination of the income tax paid to the region. The size and timing of tax abolition vary greatly depending on the region; 2) state guarantees, which make it possible to attract funds to investment projects from the open resource market, without resorting to large-scale financing from the budgets of the subjects. Guarantees against non-commercial risks, unhindered transfer of dividends and repatriation of capital by foreign investors from the region are also provided; 3) competitive selection of projects for inclusion in the region’s investment programs and ensuring their participation in federal target programs; 3) infrastructure has a significant impact on the efficiency of private investment, so its provision is a means of attracting investors to the region. The ability to use buildings and land (the right of disposal, which often belongs to regional or municipal administrations) is also a significant determining factor for attracting foreign investment; 4) investment from the budgets of the constituent entities of the federation.
It is also advisable to create a system for informing potential investors, including foreign ones, about the regions’ policies to attract investment. The participation of federal authorities in providing investors with information about the regions could become one of the factors in increasing the investment attractiveness of individual regions, a mechanism for encouraging regions seeking to create “transparent” legislation favorable for economic development. It is possible that the well-known nature of regions with favorable legislation (of course, if such legislation exists) will become an incentive to attract investment to them.
Whether or not the investment policy in the region will have a structural investment character depends on the direction set by this economic regulator in the regulatory and legislative acts on investment activities. Tyaglov S.G. Kuznetsova N.G. Regional economics. Rostov-on-Don. 2011. p.139 I note that at the regional level, the constituent entities of the Russian Federation largely copy the measures taken by the federal authorities.
1.3 Features of regulation of regional investment policy
In addition to the instruments and principles of RIP, there are investment projects implemented in the region that regulate investment activities. These projects can be divided into the following three groups:
1. Projects supported and partially financed by the regional administration due to their social, environmental or other socially beneficial nature. This category includes projects related to the creation of regional infrastructure, including road construction, the development of communications and small-scale energy, the creation of modern market infrastructure, including the infrastructure of the regional investment market. Projects associated with the creation of a significant number of new jobs may also fall into this category if we are talking about depressed regions.
2. Projects supported by the regional administration, but financed only from other sources due to economic efficiency and, therefore, profitability for a potential investor. This category includes projects related to the development of new technologies and the release of new competitive types of products, as well as projects related to the involvement of material resources and the scientific and technical potential of the region into economic circulation.
3. Projects that are not supported by the regional administration, but are being implemented due to their exceptional profitability. This category includes projects, the implementation of which may lead to deterioration of the environmental situation in the region, as well as projects to organize the production of products that are in demand by the population, but are not recognized as useful (for example, the tobacco industry). Here it is necessary to take into account alternative options for meeting the demand for such products and choose the most appropriate one specifically for the region.
Consideration of alternative investment options and alternative options for developing the situation in the region should be considered as a key point in determining priorities and regulating investment policy. Depending on the attractiveness or, conversely, the attractiveness of alternative options for the development of the situation, it is possible to reconsider the attitude towards certain specific investment projects and the system of priorities as a whole. Indrisov A.B Investment policy on the territory of the municipality. M. 2010. p.48
The main provisions of regional investment activities adopted by the highest regional legislative body are:
Goals of participants in the regional investment market;
Priorities of the regional investment program;
Formation of criteria for the selection of regional investment projects and programs that will be supported by the regional administration, and possibly partially financed from the budget;
Determining the scale of the investment program and possible real sources of its financing;
The main development paths and elements of regional investment infrastructure necessary for creation and support, including state ones;
The place of the investment policy of the regional administration in the implementation of regional socio-economic policy;
The tasks of intensifying international cooperation, creating a positive image of the region as a reliable consumer of investment resources.
The process of regulating investment activities includes the formation of the regulatory and legal framework for RIP. Creation and development of a system of regulatory and legal support for RIP, reflection in the legislative and regulatory acts of the regional administration of the interests of RIP subjects and investment interests of the region. This allows the transformation of a region into a territory:
Favorable for the development of investment activities, the creation of investment institutions;
With a positive international image as a reliable and large consumer of investments, where the interests of a foreign investor are protected; The administration supports the investor and has a developed professional investment infrastructure, uses all progressive investment instruments, and cooperates with reliable investment institutions.
Financial and credit support for RIP. This support should combine the optimal implementation of tax benefits in the region; carrying out a balanced depreciation policy; a system of grants for the development of a system of regional investment institutions; direct budget financing of RIP activities, projects and programs; creation of regional investment funds, insurance, leasing, consulting companies, etc.
Information support for RIP is considered important, which is based on:
Professional information support for entrepreneurship and industrialists in the region through specialized information and analytical centers that have and maintain the relevance of investment information;
Implementation of measures to widely disseminate investment knowledge and investment information through federal, regional and international media, including electronic ones;
Creation of a special comprehensive program within the framework of the RIP, which will ensure openness of information in the region, its investment market, and contribute to the creation of a unified regional investment space.
Some sources touch upon such aspects of regulation as methodological and staffing of RIP, as well as safety issues.
All of the above listed features of regulation of investment policy in the region are decided in each specific case in relation to the characteristics of the subject.
Chapter II. Regional investment policy of the Nizhny Novgorod region
2.1 Investment attractiveness of the Nizhny Novgorod region
The investment climate of the Nizhny Novgorod region is one of the most comfortable in Russia. Regional investment legislation, which is recognized by experts as one of the most successful in the country, a powerful system of financial and non-financial benefits provided to business, as well as organizational support for investments, allow investors to effectively realize the region’s significant economic and resource potential of manufacturing industries and the innovation sector. The favorable geographical location and high capacity of the consumer market create good opportunities for the development of transport and logistics.
The Nizhny Novgorod region is one of the most attractive for the development of investment activity due to a number of integral, historically established competitive advantages:
The strategic location in the center of the European part of Russia, 400 km from Moscow, at the intersection of the international transport corridors “North-South”, which begins in Finland and extends to India, and “West-East”, connecting European countries and the Far East, determined the role of the region as a “crossroads of Russia”.
The Nizhny Novgorod region is the center of the greatest consumer demand in Russia. About 43 million people live within a radius of 500 km, and about 84 million people live within a radius of 1000 kilometers, which exceeds the similar figures for Moscow and St. Petersburg.
The Nizhny Novgorod region is one of the most important industrial centers of the Russian Federation. Thanks to its powerful production base (deep industrial traditions, highly qualified specialists, the presence of strategic enterprises for Russia in the region), the Nizhny Novgorod region occupies a leading position in terms of industrial production volumes. The basis of the region's industry is transport (aircraft, auto, ship) engineering, metallurgy, petrochemicals, and the defense industry.
The legislation of the Nizhny Novgorod region, which occupies one of the first places in Russia according to ratings, fully meets the interests of the investor. If an investment project is assigned priority status, the investor receives the maximum benefits allowed in the Russian Federation.
The Law “On State Support of Investment Activities on the Territory of the Nizhny Novgorod Region” defines the legal basis for investment activities on the territory of the Nizhny Novgorod Region, establishes forms of state support for investment activities, and the procedure for its provision by state authorities of the Nizhny Novgorod Region.
For the first time in Russian legislative practice, the law of the Nizhny Novgorod region on state support for investment activities formulates the very concept of state support and legislatively establishes preferential conditions for carrying out investment activities in the region.
The Law “On the Regulation of Land Relations in the Nizhny Novgorod Region” defines the powers of state authorities and local self-government bodies of municipalities in the region to dispose of land plots before the delimitation of state ownership of land in the territory of the Nizhny Novgorod Region.
In the region, an investment infrastructure has been developed and clearly functions in the interests of investors. The Ministry of Investment Policy of the Nizhny Novgorod Region organizes work with investors in a “one window” mode. This regime assumes that the ministry, having received an investor’s application containing initial information on the required land plot and engineering support, prepares the necessary documents for a preliminary assessment of the project (approximate investment agreement, conclusion on the socio-economic significance and budgetary efficiency of the project).
The Investment Council under the Governor of the Nizhny Novgorod Region reviews projects presented by the Ministry of Investment Policy. Upon approval of the project by the Investment Council, the ministry, together with the approving, supervising and controlling bodies and other authorized structural divisions of the Government of the Nizhny Novgorod Region, provides the investor with the documents necessary to begin the implementation of the investment project and provides comprehensive support throughout the entire period of implementation of the investment project.
An effective and transparent procedure for completing an investment application, operating on the “one-window” principle, allowing a business to receive a land plot for the implementation of an investment project within 104 days with preliminary approval of the location of the facility, or within 142 days without such approval (with bidding).
Each investor who has decided to work in the Nizhny Novgorod region and has a business project receives methodological and organizational support related to the allocation of land and the launch of the project, primarily with the formation of a package of documents for the start of design work. Particular attention is paid to projects that have social and economic effects, implemented in priority sectors, that is, projects that will further ensure the growth of the economy of the Nizhny Novgorod region. Such projects can count on full support, we are talking about the most complete organizational, information and consulting support from the authorities.
Investors whose projects are assigned the status of a priority investment project in the Nizhny Novgorod region additionally receive financial and non-financial support. In addition, they are subject to the principle of “non-deterioration” of the legislative conditions of investment activity for the period of validity of the investment agreement.
Forms of financial state support for priority investment projects:
Tax benefits. The validity period of tax benefits provided to investors implementing priority investment projects in the Nizhny Novgorod region is limited by the payback period of the investment project and is no more than five years from the date determined by the investment agreement, and this day is determined by the investor himself (after all, benefits are needed when the implementation of the project has already begun) , but not earlier than the entry into force of the law of the Nizhny Novgorod region approving the agreement.
Income tax benefits. The reduction in the rate of income tax to be credited to the consolidated budget of the Nizhny Novgorod region depends on the share of revenue received from the implementation of the priority investment project of the Nizhny Novgorod region, in the total revenue of the company ranging from 1 to 4%.
Property tax benefits. The property of organizations created, acquired or used for the implementation of a priority investment project according to the quarterly list approved by the Ministry of Investment Policy of the Nizhny Novgorod Region is not subject to taxation.
An investment tax credit can be granted for a period of one to five years. For regional taxes, the validity of the investment tax credit can be extended by decision of the Regional Government, but not more than for 5 years. Interest charged for using an investment tax credit is set at a rate of no less than one-half and no more than three-quarters of the refinancing rate of the Central Bank of the Russian Federation.
State guarantees of the Nizhny Novgorod region. On a competitive basis, investors implementing a priority project may be provided with state guarantees of the Nizhny Novgorod region as a full or partial obligation of the investor to repay borrowed funds. The guarantee period cannot exceed five years, and the fee for its provision is 2% of the amount of the guarantee received.
Partial compensation to investors for interest rates on loans attracted for the implementation of investment projects. This financial support is quite popular and in demand among investors. Reimbursement from the regional budget of part of the cost of paying interest for the use of bank loans is carried out on the terms stipulated by the investment agreement and the loan agreement between the bank and the investor, subject to strictly targeted use of credit resources for the implementation of a priority investment project in the Nizhny Novgorod region and is carried out by transferring budget funds to the investor in the amount of 1/2 of the amount of interest accrued in accordance with the terms of the loan agreement, but not more than 1/2 of the amount of interest accrued at the discount rate of the Central Bank of the Russian Federation, effective on the date of crediting credit resources to the loan account of the subject of investment activity.
The government of the Nizhny Novgorod region also provides for the following non-financial measures of state support for investments:
· support (direction) of petitions and appeals to the federal government bodies of the Russian Federation to provide assistance to investors in the implementation of an investment project;
· dissemination of positive information about the investor;
· assistance in creating business infrastructure.
The effectiveness of investment policy in the Nizhny Novgorod region can be judged by specific figures. At the end of 2008, the volume of investments in fixed capital of the Nizhny Novgorod region amounted to 195.6 billion rubles. (USD 5.8 billion), which allowed the physical volume index to reach 120.5% of the corresponding level of the previous year. As part of the new system for working with investors, from February 2006, from the beginning of the Investment Council, to January 1, 2009, 108 meetings were held, 1953 investment projects were approved, 54 of which received the status of a priority project in the Nizhny Novgorod region. This is more than 1.2 trillion. rub. ($35.8 billion) investment and 147,832 new jobs. The volume of foreign investments received in the non-financial sector of the economy of the Nizhny Novgorod region in 2008 amounted to 708.5 million US dollars (173.0% of the 2006 level).
2.2 Analysis of factors in the regional investment climate of the Nizhny Novgorod region
The investment climate is the environment in which investment processes take place. It is formed under the influence of an interconnected complex of geographical, climatic, economic, social, scientific, legislative, regulatory and other factors that determine conditions, etc. Investment climate assessments range widely from favorable to unfavorable. A favorable climate is considered to be conducive to the active activity of investors and stimulates the influx of capital. An unfavorable climate increases risk for investors, leading to capital flight and dampening investment activity. Let's consider the investment climate of the Nizhny Novgorod region based on some factors Lebedev V.M. Formation of the investment climate in Russia / Finance - 1995. - No. 4. P. 15, which form a favorable regional investment climate.
According to the objective geographical factor, the Nizhny Novgorod region is:
the capital of the Volga Federal District (the center of the European part of Russia);
the intersection point of the international transport corridors north-south" and the Eurocorridor MTC No. 2 (distance from Nizhny Novgorod to Moscow - 439 km);
area - 76.6 thousand km2 (0.4% of the territory of Russia);
population density - 44.1 people. per km2;
borders on the Ryazan, Vladimir, Ivanovo, Kostroma, Kirov regions, Mari, Mordovian and Chuvash republics;
rivers - Volga, Oka, Sura, Vetluga.
The region has developed transport infrastructure:
1300 km of railway tracks (network density 3 times higher than the Russian average);
more than 12 thousand km of roads (the density is 2 times higher than the average in the Russian Federation);
river ports and more than 900 km. waterways;
international Airport.
Analysis of the main socio-economic indicators Management of innovative development of the region: Ed. A.P. Egorshina. - N.Novgorod: NIMB, 2008. P.223 of the region in recent years (Table 1) has shown that it is developing steadily according to the subjective socio-economic factor.
The most significant factor determining the level of socio-economic development of the region is the development of industrial sectors.
From 2000 to 2008, the share of industry in the structure of GRP of the Nizhny Novgorod region grew and amounted to about 40.3% in 2008, where the main types of economic activity were: manufacturing; wholesale and retail trade; repair of vehicles, motorcycles, household products and personal items; real estate transactions, rental and provision of services; transport and communications. The Nizhny Novgorod economy, like the economy of Russia and most countries of the world, in 2009 was affected by the global financial crisis of 2008. From 2000 to 2009. the index of industrial production decreased by 14.6% by type of activity in 2009: “Mining” - 73.3%, “Manufacturing” - 76.9, “Production and distribution of electricity, gas and water” - 95, 6%. Product profitability on average for 2000-2008. increased by 9.9%, and in certain industries reaches 23.4% (metallurgy). In terms of the volume of shipped goods of its own production, work and services performed on its own in the extraction of mineral resources, the region ranks 62nd in Russia (in the federal district - 10), in manufacturing - 6 (1), in the production and distribution of electricity, gas and water - 19 (7). The region accounts for 64.0% of the all-Russian production of buses, 55.2 - trucks, 3.0 - passenger cars, 54.3 - thermoplastic sheets, 34.7 - vehicles for municipal utilities, 20.7 - steel pipes , 14.9 - polymer films, 11.6 - food concentrates, 7.3 - primary oil refining.
The labor resources of the Nizhny Novgorod region, its individual cities and municipalities, together constitute one of the richest territorial units in Russia. The economically active population in 2009 was 1,824 thousand people, which is 2.4% in Russia and 11.4% in the Volga Federal District, and the level of economic activity of the region's population was 69.3%.
|
Population (end of year estimate), thousand people |
GRP, million rub. |
Average monthly salary, rub. |
Average per capita cash income of the population on average per month, rub. |
Number of enterprises and organizations |
Average annual number of people employed in the economy, thousand. people |
Balanced financial result (profit minus loss) of organizations' activities, million. rub. |
Investments in fixed assets, million rubles. |
Number of students in higher educational institutions (at the beginning of the academic year), thousand people. |
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The largest employment of the population is provided by the following activities: wholesale and retail trade - 355.7 thousand people; manufacturing - 346.6; construction - 159.7; operations with real estate, rental and provision of services - 159.6; education - 133.0.
Educational and innovation infrastructure. The Nizhny Novgorod region is the Russian center of automotive manufacturing, aircraft manufacturing, shipbuilding, instrument making, nuclear physics, defense industry and other high-tech sectors of the economy. The developed scientific complex is represented by 100 scientific, educational, and research organizations. Today the region ranks 3rd in Russia in terms of the number of people employed in R&D. More than 42 thousand personnel are engaged in research and development. In 2009, the total number of researchers with an academic degree was 2221 people. of which 1902 are candidates of science and 564 doctors of science.
One of the leading educational centers in Russia, including 7 state universities (5 universities, 6 academies, 6 institutes), 8 branches of non-resident and Nizhny Novgorod universities.
In terms of legislative and regulatory factors, the Nizhny Novgorod region is one of the leaders among the regions of the Russian Federation. Over the past few years, an investment legislative framework has been created that has absorbed all the best from the experience of Russian regions.
In the region, the investment activities of business entities are carried out in accordance with federal legislation, as well as in accordance with the laws and regulations adopted by local governments, and constituting regional investment legislation, which consists of the following regulations: Law of the Nizhny Novgorod Region of June 22, 2000 No. 116 -3 “On state support for investment activities in the Nizhny Novgorod region”; Law of the Nizhny Novgorod Region of November 15, 2002 No. 67-3 “On a single tax on imputed income for certain types of activities”; regulations on the procedure for leasing state non-residential facilities, approved by Decree of the Government of the Nizhny Novgorod Region dated July 2, 2002 No. 152; methodology for determining rent for the use of non-residential state property facilities in the Nizhny Novgorod Region, approved by Decree of the Government of the Nizhny Novgorod Region dated June 20, 2002 No. 137; Regulations on the Council for Scientific, Technical and Innovation Policy, approved by Order of the Government of the Nizhny Novgorod Region dated June 17, 2002 No. 307-r.
Favorable geographical location, developed infrastructure, open friendly policy of the regional authorities largely contribute to the formation of a favorable investment climate and increasing the investment attractiveness of economic activity in the Nizhny Novgorod region.
2.3 Implementation of investment projects of foreign companies in the Nizhny Novgorod region: successes and problems
The main competitive advantages of the Nizhny Novgorod region are: favorable geographical location, human capital, location of federal research centers in the region, strong educational base, relatively low level of wages even by Russian standards. The Nizhny Novgorod region, unlike many regions of Russia, has a developed transport system, represented by various modes of transport: land, air, water. Considering the high density and population of the Nizhny Novgorod region, as well as neighboring regions, this territory is one of the most capacious and concentrated centers of consumer demand in Russia.
The investment climate of the Nizhny Novgorod region is one of the most comfortable in Russia. Regional investment legislation, which is recognized by experts as one of the most effective in Russia, a powerful system of financial and non-financial benefits provided to business, as well as organizational support for investments, allow investors to effectively realize the region’s significant economic and resource potential of manufacturing industries and the innovation sector. In order to quickly make decisions, ensure interdepartmental interaction, and also reduce the bureaucratic burden on investors, special structures were created that became the organizational basis of investment policy. In 2005, a special Ministry of Investment Policy (MIP) was created. The main task of the SIE is to develop and implement a unified investment policy for the Nizhny Novgorod region, determine priority areas of investment, and the conditions for their implementation. It is the SIP that ensures the collection of approvals in relation to a particular investment project declared by the investor for implementation, and takes upon itself most of the administrative and bureaucratic procedures, as well as resolving issues that arise at the start of an investment project, freeing investors from “walking along the corridors.” It is assumed that when launching a project, it is enough for a business to contact only this ministry from all government bodies. In 2006, an investment council was created under the Governor of the Nizhny Novgorod Region (IC), which includes heads of structural divisions of the Government of the Nizhny Novgorod Region, heads of territorial and federal government bodies, heads of large municipalities, and heads of leading enterprises in the region. The rules of work of the investment council allow, in an open discussion mode, based on previously collected conclusions, to quickly make decisions on projects announced for implementation. Meetings are held at least twice a month. As of 02/12/2010, the total volume of investments in projects approved at 142 meetings of the investment council will amount to 1,401.9 billion rubles, and it is planned to create almost 167 thousand new jobs. Investors have been issued more than 1 thousand complete sets of permits. 55 investment projects have been given the status of a priority investment project in the Nizhny Novgorod region, which implies that investors receive tax benefits in accordance with the Law of the Nizhny Novgorod region dated 31. 12.2004 No. 180-Z "On state support for investment activities in the Nizhny Novgorod region."
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