The investment attractiveness of the region is the object and subject of investment. The concept of investment attractiveness of Russian regions. The attractiveness of a municipality for investors to invest money in it

The investment attractiveness of a region is a kind of integral indicator, determined by a set of economic and financial statistics.

When determining this indicator, investors also take into account the state, social, legislative and political development of the subject of the federation in question.

This methodology for assessing investment attractiveness can be applied not only to a region, but also to a separate territory, region, republic, municipality or city.

Smart investments can bring the investor who made them quite high and, most importantly, stable profits. The whole point is to choose the most profitable investment asset in our case, the region of Russia, in which it is worth investing money.

When making such a choice, each investor is guided by his own ideas about the profitability and riskiness of financial investments. However, any of them begins by asking the question of the investment attractiveness of a constituent entity of the Russian Federation.

In other words, we are talking about the degree of comprehensive development of the region. Including several interesting points. When determining the investment attractiveness of a federal subject, it is necessary to consider the directions of investment flows. Namely, it is necessary to analyze whether more money is coming into the region in question or tending to leave it. The same goes for human resources.

Ultimately, such attractiveness of a region reflects how profitable or unprofitable it is to invest capital in it.

Determining factors

The investment attractiveness of a region is not a monolithic concept that cannot be divided into separate components. In other words, we can identify several factors that form this indicator. First of all, in this vein, we should discuss the existing potential for economic development of a particular region, as well as the potential investment risks that await an investor who decides to invest his own money in it.

The potential of a subject of the federation is usually understood as real opportunities for its modernization and development, which can be realized provided there is a sufficient amount of capital investment. This indicator is an integral part of investment attractiveness. It is by the potential that investors can conclude that it is realistic to make a profit on their investment.

Investment risks are potential threats to investments, which, under unfavorable circumstances, can bring losses to the investor, or even result in the loss of all invested capital.

Increased attractiveness

The subjects of the federation have long become independent and largely self-sufficient components of Russia. Its state economy in fact represents the totality of the economic potentials of all regions.

Naturally, each region strives to attract to its territory the maximum possible volume of external, including foreign, investment. After all, this factor is the basis for future economic recovery and growth.

In order to implement this concept at the regional level, programs are being created to develop the investment attractiveness of the constituent entities of the federation. This is precisely what the economic and financial policies pursued by local authorities are aimed at.

Within the framework of such a development program, a complex of diverse measures is envisaged. In particular, they may be:

• construction of new enterprises and socially significant facilities;
• work to create additional jobs;
• provision of subsidies from the federal budget;
• provision of investment tax credits;
• competitions for investment projects in various programs and industries;
• promoting the development of small and medium-sized businesses;
• eliminating existing legal conflicts and gaps in regional legislation;
• much more.

Rating of Russian regions by attractiveness

If we carefully analyze similar estimates for 2015 and 2016, we can come to the conclusion that there is a noticeable acceleration in the pace of economic development in many subjects of the federation. During these 2 years, the regions fully adapted to the crisis and the new economic situation in which Russia found itself. This happened largely due to the national policy of import substitution. There is an expert opinion that these processes will be even more noticeable in 2017.

There is a special scale on which the attractiveness of regions is ranked. Without going down to small gradations, it is customary to distinguish three categories of subjects:

• with a high level of investment attractiveness;
• with an average level;
• with a moderate level.

• Katishchin Denis Sergeevich, student
• Mensky Andrey Vladimirovich, master, student
• Volga State University of Service

• INVESTMENT ATTRACTIVENESS
• REGION
• INVESTMENT POTENTIAL

The study of problems and patterns of development of the region’s investment potential is quite relevant. The main goal of regional policy is to achieve a high level of development of investment potential, at which it is possible for the region to achieve high levels of competitiveness, through balanced and interrelated investment goals and objectives when implementing specific projects in the field of innovation. At the same time, the main condition for the development of the innovation component is the unification of innovation and investment functions under the unified control of regional authorities.

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• The relevance of small business competitiveness in the Volgograd region
• Industry as a fundamental factor of regional development
• Features of managing public catering establishments

Practical and scientific interest in the Russian Federation (RF) in investment development and its issues has remained at a high level for more than ten years.

It should be noted that about 17 years ago, Russia made a paradigm shift in statehood associated with the beginning of the transition from a planned economy to a market economy, for which the problem of attracting investment and raising the productive sector on this basis is dominant.

In connection with the crisis in the global economy, the problem of creating an effective system for managing investment activities at various levels of the economy is becoming increasingly urgent. Since the effectiveness of investment activity is to the greatest extent determined by the level of investment attractiveness implemented within the framework of the investment strategy, the study of the essence of the concept of investment attractiveness is of particular importance.

Approaches to defining the concept of “investment attractiveness” are given in Table 1.

Table 1

Approaches to defining the concept of “investment attractiveness”

The concept of investment attractiveness of a region should be understood as a generalized characteristic in terms of prospects, benefits, efficiency and minimizing the risk of investing in its development at the expense of one’s own funds and the funds of other investors.

As components of the investment attractiveness of Russian regions, two main independent characteristics can be distinguished: investment potential and investment risk.

Note that the possibility of attracting economic resources to the region depends on the investment potential of the region (Table 2).

table 2

Approaches to defining the concept of “investment potential”

Thus, by the investment potential of a region we mean the totality of investment resources, as well as the presence of conditions for investment, which make it possible to transform potential investment demand into real investment demand in certain economic regions.

Considering various points of view, it can be recognized that the investment potential of the region consists of eight private potentials (Table 3).

Table 3

Particular components of the region’s investment potential

Factors that determine the internal content, scale and rate of change in the investment potential of regions include:

updating products, increasing their technical and operational level, in order to increase competitiveness in the domestic and foreign markets;

increasing the activity of international scientific and technical cooperation, entering the world market;

rapid development and mass dissemination of the results of scientific research and technical developments;

preservation of human resources, which includes research and engineering personnel, as well as preventing the departure of the most qualified personnel into areas of activity that have little to do with innovation.

Investment potential is an independent characteristic of investment attractiveness, along with investment risk.

Investment risk characterizes the probability of loss of investments and income from them, shows why one should not (or should) invest in a given enterprise, industry, region or country. Risk sums up the rules of the game in the investment market. Unlike investment potential, many of these rules are subject to change. Therefore, risk is a qualitative characteristic. The degree of investment risk depends on political, social, economic, environmental, and criminal situations. The scientific literature identifies the following types of investment risk (Table 4).

Table 4

Types of risk

The investment attractiveness of the region plays a huge role in the system of an integrated approach to assessing the efficiency of the regional economy. The end result of the effective functioning of the regional economy must certainly be an improvement in the quality and standard of living of the population.

Today, the role of regions in solving problems of socio-economic development has increased significantly. In order for a separate region to act not as a recipient, but as a donor of the federal budget, it must take a relevant investment position and work together with the business community to increase the investment attractiveness of the territorial entity.

In the economic literature, there are different approaches to grouping factors that influence the investment attractiveness of a region. The following groupings are most common (Table 5).

Table 5

Grouping of factors influencing the investment attractiveness of the region

Each of these approaches to grouping the factors of investment attractiveness of a region deserves attention. From the standpoint of synthesizing theoretical approaches to grouping factors of investment attractiveness of a region, we will give a generalized classification description of their types (Table 6).

Table 6

Classification of factors influencing the investment attractiveness of the region

Clarification of the classification of factors of investment attractiveness of the region:

gives a comprehensive picture of the influence of various factors on increasing (decreasing) the investment attractiveness of the region;

serves as the basis for factor modeling of the level of investment attractiveness of the region;

is the basis for an active approach to identifying the components of the investment attractiveness of a particular region and priority areas for increasing it.

Let us dwell in more detail on the factors of increasing investment attractiveness using the example of the Samara region (Table 7).

The investment attractiveness of a region (IPR) is a category of a market economy, which is described using a system of consistent criteria that express the relationship between the economic interests of the investor and the positive trends in the socio-economic development of the region.

Table 7

Elements of increasing investment attractiveness (IIP) of the Samara region

Summarizing the above, we note that one of the main tasks facing modern society is the creation of the necessary and favorable conditions for the development of investment attractiveness of both the state as a whole and individual regions in particular. As a result, one of the most important conditions for the sustainable development of the region’s economy in modern conditions of high competition is the process of attracting both domestic and foreign investment, which currently involves:

increasing the importance of innovative projects, focusing investments on modern and promising technologies, as well as on high-tech industries;

attracting investments not only in large, but also in small cities and districts of the region;

increasing the social responsibility of regional authorities and especially business, which is currently becoming an increasingly important and active element of civil society, an equal participant in social partnership.

Thus, increasing the investment attractiveness of the region is a necessary condition for its sustainable economic growth, for increasing competitiveness, for improving the quality of life of the population and the development of all spheres of socio-economic life. At the same time, achieving the set goals is possible only by attracting investments in the real sector of the economy. The growth rate and volume of investment in fixed capital are the main indicators of the attractiveness of a region for potential investors.

Bibliography

1. Asaul, A.N. Investment attractiveness of the region / A.N. Asaul. St. Petersburg, 2008.
2. Bashmachnikova, E.V. Problems of development of the regional socio-economic subsystem // News of the Samara Scientific Center of the Russian Academy of Sciences, 2006. Vol. 8 No. 4 992-995 p.
3. Dal, V. Explanatory dictionary of the living Great Russian language / V. Dal. St. Petersburg, 1998. T.4.
4. Skurikhina, E.V. Magazine “Young Scientist” scientific article “Investment and innovation potential of the region: essence, content, factors of condition and development” / E.V. Skurikhina., 2012.
5. Tretyakov, A.G. Managing investment activity in the region: abstract. Ph.D. econ. Sciences / A.G. Tretyakov. M.: RAGS, 2006. 18 p.
6. Textbook for a young economist “Assessing the investment risk of the region”, 2010
7. Investments in fixed capital [electronic resource] http://www.fedstat.ru
8. Investments in fixed capital [electronic resource] http://www.gks.ru
9. Ministry of Economic Development, Investment and Trade of the Samara Region [electronic resource] http://www.economy.samregion.ru
10. Strategy for the socio-economic development of the Samara region until 2020 [electronic resource] http://protown.ru

The rating of investment attractiveness of Russian regions is traditionally based on official information from Rosstat and statistics from federal departments (Ministry of Communications, Ministry of Finance, Ministry of Natural Resources, Central Bank of the Russian Federation, etc.). Any investor, considering the feasibility of investing capital in potential investment objects, correlates the expected profitability and risk, therefore, according to the definition of analysts of the Expert RA rating agency, regional investment attractiveness is identical to the concept of regional investment climate, and its criteria are investment potential (objective opportunities of the region) and investment risk (investor operating conditions).

Another group of researchers determines that investment attractiveness is one of the resulting indicators for assessing the investment climate. So, according to V.V. Kiryukhin, in the regional economic space, investment potential and a certain degree of investment risk are formed, which together form the regional investment attractiveness and investment activity of subjects.

T.V. Sachuk, believes that the regional investment climate makes it possible to compare investment potential and investment risk. If the investment potential exceeds the investment risk, then we should talk about the existence of investment attractiveness. The investment climate of the region is formed on the basis of an assessment of investment attractiveness over a long period (more than 5 years), reflecting the investor’s perception of the relationship between investment potential and risk and determining his motivation.

According to the definition of L. Valinurova and O. Kazakova, the investment attractiveness of a region is a system of certain objective conditions, means, and opportunities that together determine the potential effective demand for investment in a given territorial economic space. L. Gilyarovsky, V. Vlasov and E. Krylova understand investment attractiveness as the ability of an investor to effectively use own and borrowed capital, placing it between different types of investment instruments.

In its general sense investment attractiveness of the region

There is a set of conditions that provide a potential investor with balanced levels (that is, desired or sufficient for making an investment decision) of return and investment risk.

The components of investment attractiveness are illustrated in the diagram (Fig. 27).

Rice. 27.

The ratio of the level of income and risk of investment projects differs markedly by type of economic activity (Table 37). How

Apparently, oil refining and metallurgy remained the most attractive for foreign investors in 2013.

Table 37

Structure of foreign investment by type of activity (2013)

Source: Rosstat

Taking into account the time horizon, current (for the reporting year) and long-term (forecast for 2-3 years) regional investment attractiveness is distinguished, the main factor of which is the active policy of local authorities. For example, the industrial production index in the Omsk region in 2014 was 103.3%, which is higher than the national average (101.3%). Grants in the amount of 18.0 million rubles. 18 municipal districts received support for entrepreneurs. Each entrepreneur was able to receive 300 thousand rubles under the investment agreement. The scheme of public servicing of the contract is shown in Fig. 29.

Specialists from the sectoral ministry, the Ministry of Economy and the Government of the Omsk Region, and the special commission on investment projects of the Council for Investment Activities under the regional government take part in working with business structures. As incentive measures, in addition to subsidies, land rental benefits, loan subsidies, tax subsidies, equipment leasing, etc. are implemented.

State control and coordination of procedures ensure the successful implementation of accepted investment projects and the formation of business activity in the region.

The current investment attractiveness of the region as a system or combination of various objective signs, means, opportunities, which together determine the potential effective demand for investments in the assets of regional business entities, can be assessed. A comprehensive quantitative assessment is carried out using a summary, integral indicator, which is formed by many partial factorial positive and negative characteristics of the regions, measured by the corresponding indicators.

zatelei. Sources of information are statistical data; Scientific research; expert surveys. Let's consider one of the accepted approaches.

Rice. 28.

We use the following components (components) of investment potential:

• production component;
• labor component;
• consumer component;
• infrastructure component;
• financial component;
• innovation component;
• natural resource component;
• tourist component.

The composite index of investment attractiveness of a region is the sum of private indices characterizing the level of development of these components. The calculation procedure is as follows.

• 1. Initial statistical data is collected.
• 2. Relative partial indicators for potential components are calculated:

Pu = 100% x P s / P max, (8)

Where: SCH- calculated y-th indicator of the /-th component of the potential, P s - the value of the indicator in the assessed region, P max - the maximum value for the regions.

3) The cumulative index of the potential component is calculated:

I,= A X EP„ / (9)

Where I- calculated index of the potential component, %, P - number of indicators in potential, D,- weight of the /th component of the potential in percent.

4) Calculate the summary index:

Let's calculate the investment potential of the Rostov region (Table 37).

1. Let's calculate the index production component, provided that P max =193.2 thousand rubles/person. in Krasnodar region:

P P0 = 100% x 147.6 / 193.2 = 76.4%.

There is only one indicator in the production component, so

/, = 76.4% x 0.7 = 53.48%.

• 2. Let's do the calculation labor components:
• 2.1. Average annual number of people employed in the economy (P P1ax = 2418 thousand people):

P,ro = 100% x 1994 / 2418 = 82.46%.

2.2. Life expectancy (Pmax = 70.66):

P 2Р0 = 100% x 69.54 / 70.66 = 98.41%.

2.3. Number of students (P max = 493 people):

P ZRO = 100% x 477 / 493 = 96.75%.

Potential component index (weight 0.7):

/ 2 = 0,7(82,46 + 98,41 + 96,75) / 3 = 64,78%.

• 3. Let's do the calculation consumer components:
• 3.1. Final consumption (Pmax = 178.4 thousand rubles/person):

P p = 100% x 158.1 / 178.4 = 88.6%.

Table 38

Initial data for practical work (statistical data for 2010)

3.2. Number of cars (P max = 243.7):

Pav = 100% x 222.3 / 243.7 = 91.22%.

3.3. Area of ​​living quarters (P max = 21.8m2):

P zhp = 100% x 21.3/21.8 = 97.71%.

Index of consumer component of potential (weight 0.65): / 3 = 0.65(88.6 + 91.22 + 97.71) / 3 = 60.14%.

• 4. Let's do the calculation infrastructure components:
• 4.1. Length of railway tracks (P max = 2088 thousand km):

Pzh = 100% x 1841 /2088 = 88.17%.

4.2. Density of roads (P max = 272 km):

Pad = 100% x 140 / 272 = 51.47%.

4.3. Share of telephones (P max = 100%):

P bodies = 100% x 99.9 /100 = 99.9%.

Index of infrastructure component of potential (weight 0.65) 1 A = 0,6(88,17 + 51,47 + 99,9) / 3 = 47,91%.

• 5. Let's do the calculation financial components:
• 5.1. Budget surplus (P max = -10819.0 million rubles):

P pb = 100% x 2254.2 / 10819 = 20.84%.

5.2. Tax receipts (Pmax = 141.47 billion rubles):

Н„ = 100% x 97.74 / 141.47 = 69.09%.

5.3. Profitability (P, max = 9.3%):

P r = 100% x 5.2 / 9.3 = 55.91%.

Index of financial component of potential (weight 0.6):

• 1 b = 0.6(20.84 + 69.09 + 55.91) / 3 = 29.17%.
• 6. Let's do the calculation innovative components:
• 6.1. Organizations (P max = 9.9%):

P 0 = 100% x 6.6 / 9.9 = 66.67%.

6.2. Number of technologies (P, max =11):

P, = 100% x 9 / 11 = 81.82%.

6.3. Share of innovative products (Pmax = 12.2):

P Т0В = 100% x 9.9 / 12.2 = 81.15%.

Index of innovative component of potential (weight 0.4):

/ 6 = 0,4(66,67 + 81,82 + 81,15) / 3 = 30,62%.

• 7. Let's do the calculation natural resource components:
• 7.1. Territory (P max = 0.0066):

P ter = 100% x 0.0059 / 0.0066 = 89.39%.

7.2. Natural reserves (Pmax = 28.84 billion rubles):

P w = 100% x 12.87 / 28.84 = 44.63%.

7.3. Expert assessment (P max - 10 points):

P e = 100% x 8/10 = 80.0%.

Index of natural resource component of potential (weight 0.35):

• 1 6 = 035(89,39 + 44,63 + 80,0) / 3 = 24,97%.
• 8. Let's do the calculation tourist components:
• 8.1. Expert assessment (P, max = 10 points):

P round = 100% x 7 / 10 = 70%.

/ 7 - 0.05 x 70% = 3.5%.

So, the integral indicator of the investment potential of the Rostov region will be:

I = 53.48% + 64.78% + 60.14% + 47.91% + 29.17% +

30,62% + 24,97% + 3,5% = 314,57%.

To perform benchmarking, you can use the idea of ​​a reference region for which the indicator value corresponds to the maximum possible value. Then for all particular indicators P = 100%, and for the considered groups of indicators we obtain the following index values:

• production component 100% x 0.7 = 70%;
• labor component 100% x 0.7 = 70%;
• consumer component 100% x 0.65 = 65%;
• infrastructure component 100% x 0.6 - 60%;
• financial component 100% x 0.6 = 60%;
• innovative component 100% x 0.4 - 40%;
• natural resource component 100% x 0.35 = 35%;
• tourist component 100% x 0.05 = 5%.

Reference region index /= 405%. The degree of correspondence of the Rostov region in terms of investment attractiveness to the reference region is equal to K corresponding = 100% x 314.57 / 405% = 77.67%. This is a fairly high level of compliance, but there are reserves for growth (for example, the production component).

Investment decisions are considered the most complex in terms of the multi-criteria assessment and selection procedure. In relation to the regions of the country, the main areas of such assessment are basic advantages - geographical location, natural and climatic resources, population, urbanization; business climate - public administration, investment and innovation infrastructure, quality of life; business portfolio and achieved efficiency.

The core of investment attractiveness consists of the investment climate and investment potential of the region. Effective policies of regional authorities make it possible to contain market risk and uncertainty to an acceptable level. A favorable business environment serves as a background for the formation of high investment activity.

In connection with the crisis phenomena in the global economy, the problem of creating an effective system for managing investment activities at different levels of the economy is becoming increasingly urgent. Since the effectiveness of investment activity is to the greatest extent determined by the level of investment attractiveness implemented within the framework of the investment strategy, the study of the essence of the concept of investment attractiveness acquires particular importance.

In the economic literature there is no unambiguous interpretation of the concept of “investment attractiveness”. We believe that it is advisable to consider investment attractiveness at the state, regional level, at the level of industries (subcomplexes), and organizations.

V. Dahl interprets attractiveness as “tempting”. E.V. Savenkova believes that the concept of “investment attractiveness” is identical to the concept of “investment entrepreneurship.” In her opinion, the higher the efficiency of investments, the higher the level of investment attractiveness.

This position seems controversial, since the effect of the invested funds may not appear immediately, however, the region’s industry may be attractive to potential investors.

A.S. Ponin believes that "the investment attractiveness of a country, region, etc. is a system or combination of various objective signs, means, opportunities, which together determine the potential effective demand for investment in a given country, region, industry." We share this point of view.

E.V. Vologdin understands investment attractiveness as “... a set of natural-geographical, socio-economic, political and other factors that shape the investor’s idea of ​​the feasibility and effectiveness of investing in objects located in a given region.”

However, a number of the listed factors may be subjective and inaccurate in their assessment, which may lead to a distorted or incomplete understanding of the investor about the subject of investment.

A.G. Tretyakov defines the investment attractiveness of a region as “... a system or combination of various objective features, means, opportunities that together determine the potential effective demand for investment in a given region.”

Investment attractiveness can exist at the micro and macro levels. At the macro level, it depends on factors such as political stability; main macroeconomic indicators characterizing the state of the country's economy; the presence and degree of perfection of regulations in the field of investment activities; the degree of perfection of the tax system; degree of investment risk.

Depending on the time horizon of analysis, management and forecasting, current and future investment attractiveness can be distinguished. The main methodological provisions for their measurement are the same.

The investment attractiveness of a region (IPR) is an integral characteristic from the perspective of the investment climate, the level of infrastructure development, the possibility of attracting investment resources and other factors that significantly influence the formation of income from investments and investment risks.

A. Ponin, mentioned above, considers investment attractiveness as an independent variable that determines the level of the dependent variable - investment activity - and believes that the investment attractiveness of a region is realized in the form of investment activity, and investment activity, in turn, “... is the real development of investment activity in form of investment in fixed capital."

At the micro level, the investment attractiveness of a region depends on:

On the degree of industrial development of the region;

geographical location and natural and climatic resources;

systems of benefits for investors in the region;

level of development of the legislative framework for investment activities, etc.

The investment attractiveness of an organization is understood as a generalized characteristic in terms of prospects, benefits, efficiency and minimizing the risk of investing in its development at the expense of its own funds and the funds of other investors. The investment attractiveness of an organization is characterized by such factors as:

• ??organizational performance indicators;
• ??indicators of liquidity, solvency and financial stability of the organization;
• ??development prospects and product sales opportunities;
• ??image (reputation) of the organization in the market of goods and services;
• ??the amount of net profit of the enterprise.

Factors that influence investment attractiveness are usually divided according to the possibility of influence on them by society:

On the object level - this is the provision of raw materials, climatic conditions, and so on;

subjective, related to the management activities of people, specific firms, and skillful management of the regional economy.

There are different points of view regarding the constituent elements of investment attractiveness. So, E.V. Savenkova believes that this is "solvency... special factors and resources." According to I.V. Kovaleva, the investment attractiveness of an industry (subcomplex) is formed by the level of investment potential and investment risks, and is realized in the form of investment activity of the industry in the structure of the region’s agro-industrial complex.

In turn, investment activity is the development of investment activity in the form of investments. The economic category “investment potential” should express the economic essence of investment potential as a theoretical generalization of economic phenomena associated with the implementation of target functions of accumulated investment resources.

Investment potential is a qualitative characteristic that takes into account the indicators of objective prerequisites for investment and depends on the level of economic development of the territory. According to S.K. Ryaskova, investment potential is “...the totality of investment resources that make up that part of the accumulated capital that is presented on the investment market in the form of potential demand.”

A.G. Tretyakov considers investment potential as a set of investment resources that make up that part of the accumulated capital that is presented on the investment market in the form of potential investment demand, which can and has the opportunity to turn into real investment demand, ensuring the satisfaction of the needs of capital reproduction."

In our opinion, it is advisable to invest in understanding the potential the totality of available funds and capabilities in any area.

F.S. Tumusov gave the following definition: investment potential is a set of potential investment resources that make up that part of the accumulated capital that is presented on the investment market in the form of potential investment demand, which can and has the opportunity to turn into real investment demand, ensuring the satisfaction of material, financial and intellectual needs reproduction of capital.

From the point of view of A. M. Margolin and A. Ya. Bystryakov, investment potential is not a simple, but a certain ordered set of investment resources that makes it possible to achieve the effect of synergy (derived from the Greek “synergeia” and means cooperation, commonwealth) and to obtain the effect from the interaction of various factors, exceeding the sum of the effects from the impact on the object in question each factor separately when using them.

Complementing their argumentation, these authors, in particular, drew attention to the advisability of expanding the totality of material, financial and intellectual resources traditionally taken into account when forming investment potential, including such types of resources as natural and information.

We believe that investment potential should take into account macroeconomic characteristics, saturation of the territory with production factors, consumer demand of the population and consist of eight private potentials:

• 1) resource and raw materials (weighted average provision of balance reserves of the main types of natural resources);
• 2) labor (labor resources and their educational level);
• 3) production (the total result of economic activity of the population in the region);
• 4) innovative (the level of development of science and the implementation of scientific and technological progress in the region);
• 5) institutional (the degree of development of leading institutions of a market economy);

investment attractiveness of the Tatarstan region

• 6) infrastructural (economic and geographical position of the region and its infrastructure provision);
• 7) financial (the volume of the tax base and the profitability of enterprises in the region);
• 8) marketing (total purchasing power of the region’s population).

The social significance of investment activity is determined by its content (investment structure), direction and the extent to which it meets the objective needs of the economy in a strategic perspective, including the implementation of priority national projects. The relationship between investment attractiveness and investment activity is in the nature of a correlation dependence: investment attractiveness is a generalizing factor characteristic, investment activity is a resultant characteristic dependent on it.

The combination of investment attractiveness and activity constitutes its investment climate. In turn, changes in the investment climate over time represent an investment process and affect the level of investment policy.

So, in the totality of concepts that form the state of investment policy, the system-forming category is investment attractiveness, which depends on private factorial characteristics - investment potential and industry investment risks. Understanding the essence of investment attractiveness will allow us to determine trends in economic development in conditions of the global crisis.

Thus, taking into account domestic and foreign approaches to understanding and assessing IPR, it should be noted that the differences are not fundamental. IPR should be understood as a set of natural-geographical, socio-economic, political, legal and other factors that form the investor’s idea of ​​the feasibility and effectiveness of investing in objects located in a given region, as well as the level of investment risks. At the same time, the evaluation criteria of foreign assessments (S&P, Moody's, Fitch) are decisive for a foreign investor.

Investment potential is the totality of factors of production available in the region and areas of capital application. This characteristic is quantitative, 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. Its calculation is based on absolute statistical indicators.

The components of the IPR are investment potential and investment risk.