Investment attractiveness and real sector of economy of Russian regions
Purpose. To attract investments in the economy of the country is very important. Rise in the standard of living of the population, the increase in the scale of the real sector and other effects of investments in the region result in improving regional infrastructure, which, in turn, improves the investment attractiveness of the region. The paper will present the results of empirical research of described regularities. So purpose of this article is research of correlation between the investment attractiveness of Russian regions and the dynamics of development of the real sector in these regions. Methods. To evaluate the performance results of enterprises of the real sector of Russia the method used by the author earlier for the study of the economy of Northwestern Federal District has been adapted. Integral values for each activity of the regions are calculated. According to the results of calculations the regions are divided into 6 groups. And then this results compared with the numerical values of the investment potential and investment risk of regions. Results. The data only partially evidence on the direct dependence of the successful work of the real sector on the level of investment attractiveness of the region in the years preceding the period in question. Consideration of backflow, i.e. influence of successful work of the real sector on the increase of the investment attractiveness of the region, gave results similar to the previous case. Conclusions. It can be said that the hypotheses advanced in the beginning of the article have been confirmed, although not in full. Most regions that had unfavorable investment climate at the beginning of the years 2000 showed low integral indices of the real sector performance in subsequent years. The conclusion is clear – the absence of attractive environment for investors, deprives the real sector of opportunity to obtain funds for the development and, accordingly, there is no development. Without the development of the real sector the region has neither the funds nor the incentives to improve their investment climate.