Государственное стимулирование инвестиционной активности в ресурсном регионе: дальневосточный вариант

The article is devoted to the issue of the possibility of economic development of the mining industry in the subjects of the Far Eastern Federal District (FEFD) and the impact of investment projects. With the vast wealth and diversity of mineral resources, their involvement in the national economy is an essential factor in the industrialization and successful development of the regions. In the case of the establishment of processing plants, for a number of minerals, the region could provide its own needs, as well as the countries, finished products from it, and develop an export focus. The article considers the export orientation of the mineral and raw materials complex of Russia and the constituent entities of the Russian Federation, as well as the commodity structure of exports of the regions of the FEFD. Special attention is paid to the implementation of major regional investment projects, which are important for the development of the regions. So, it is proposed to implement a major project in the form of an integrated mining and metallurgical complex due to the fact that the region needs its own ferrous metallurgy. The calculations carried out (in various versions: basic, in the conditions of the territory of advanced development (TAD), without the costs of infrastructure creation) showed that the implementation of the project is cost-effective, but due to the high costs, the support of the state is necessary.

The discussion in Chapter 8 suggested a range of effects of a region on investment, with or without special arrangements. Unfortunately, the direction of these effects is ambiguous, making it more difficult than for trade to find a simple measure of integration or intensity. Conventional trade creation and increasing demand will increase investment within the region, by both regional and external investors. This could suggest an increased share for the region in total world investment, which might include an increased share within the region by regional investors if they have advantages of proximity and familiarity. Their relative importance increases with any decline in artificial barriers. Regional investment is more likely to rise if there is institutional preference for regional investors. Investment outside the region by regional (and foreign) investors would rise less rapidly, and it is possible that this could affect regional investors more strongly, lowering their share in external investment. Investment to exploit the increased effective barriers to the rest of the world could increase the role of foreign investment in the region, while the reduced need for this within the region could reduce intra-regional foreign investment. Any general reduction in barriers to foreign investment could increase both regional and non-regional investment.KeywordsForeign InvestmentLatin American CountryRegional InvestmentANDEAN GroupWorld Investment ReportThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

High level of development of regions of Russia is impossible without effective management of investment activity at the meso-level. That’s why the purpose of the research is to study and search for optimal approaches to the management of implementation of top-priority investment projects in regions of Russia. During the study, the authors used the methods of financial and economic analysis, planning and forecast, building classifications, comparing, specification, and generalization. As a result, it was found that during management of investment activities in the regions it is advisable to use one of the two models of growth of investment activity: “Top-Down” model (in regions with low current level of economic activity and investment attractiveness) or “Bottom-Up” model (in investment attractive regions with a rather high level of business activity). Besides, the support for activation of investment process in the Russian regions should be ensured by regional structures which guarantee a complex support for investment projects (preparation of investment platforms with all necessary communications, marketing support, etc.). At that, the used tools of support for investment initiatives should be target-focused, according to territorial (sectorial) priorities. This approach will eventually facilitate the increase of investment attractiveness of the regions and formation of favorable investment climate, and will allow improving perspectives of their economic development due to emergence of new markets and participation in new spheres of economic activities. DOI: 10.5901/mjss.2015.v6n3s6p87

The purpose of this work is to develop a concept for the management of regional investment projects which lead to more effective economic growth. The paper defines the decisive role of investments and investment policy in ensuring sustainable economic growth. A key element in the implementation of investment policy is the support for regional investment projects. The paper examines a set of approaches to the definition of regional investment projects. The authors provide a definition of their own, which gave grounds for socio-economic efficiency and synchronization with strategic documents devoted to regional development. The authors identify a set of objectives for the implementation of regional investment projects for various levels of power. Regional executive authorities will support the regional investment projects which will ensure the interests of the region, while federal authorities will do so to eliminate the spatial polarization among the countrys regions. At the same time federal authorities are not always able to choose effective projects to support. The paper shares findings from the analysis of the international experience of the distribution of powers between regional and federal authorities in the management of regional investment projects. The analysis indicates that German experience is of the greatest relevance for Russian practice. The work brings forward a concept for the management of regional investment projects on the basis of the portfolio approach. The concept involves the shift of the selection function to regional authorities when federal authorities provide the resource support. In order to accommodate the interests of both parties, it is proposed to work out a portfolio-building strategy that is based on federal strategic documents. It is recommended that the choice of projects for the inclusion into the portfolio should be based on the effectiveness and risk assessment. In addition, it is suggested to implement the practice of monitoring the implementation of regional investment projects. In summary, the paper describes a concept that will help increase the efficiency of the management of regional investment projects.

The paper analyzes the socio-economic situation in the Far Eastern Federal District in 2024 by main types of economic activity and territorial-administrative regions on the basis of operational statistical, analytical, and expert information. The authors consider the issues of functioning of industries of the real sector of the economy, social sector, and foreign economic activity under the continuing sanction pressure. The unstable dynamics with slowdown of growth rates in some sectors of the economy with no sharp crisis manifestations was pointed out. It is shown that the index of output of basic types of economic activities demonstrated weakly positive dynamics with the growth rate below the level of 2023. Decrease in business activity was observed in the regions with both diversified and monostructured economies. The growth rate of investments in fixed assets slowed down. Traditionally, the main volume of investment was directed to projects in the construction and modernization of railway and port infrastructure, oil and gas chemistry, and mining. The overall growth of industrial output in the Far East was mainly driven by the mineral extraction sector.There was an increase in the share of the Far Eastern Federal District in the extractive industry of Russia, which may suggest that the raw materials orientation of the macro-region's economy has been preserved and even strengthened. After two years of economic growth, the construction sector of the Far Eastern Federal District experienced a decline in production, which was partially compensated for by the continued positive growth rates of housing construction. The macro-region's transportation sector was relatively stable, providing all the transportation necessary for the macro-region's socio-economic system. Against this background, a number of negative trends were observed: a decrease in foreign trade turnover of the Far Eastern Federal District; high inflation rate, with the growth rate of consumer prices outpacing the growth rate of gross regional product and real incomes of the general public; shortage of labor resources; depopulation due to natural causes

Empirical analysis on contribution share of safety investment to economic growth: A case study of Chinese mining industry

In the article analyzed crowdfunding as an innovative investment model. Singled out the sub-categories of the crowdfunding that can exist in the system of these relations. And as a conclusion, noted that such a model of investment relations as crowdfunding is quite promising today in Ukraine.The socio-economic phenomenon of a special type of relations, known as crowdfunding, was researched. Certain types of crowdfunding have been identified and singled out, among which a number of features of investment-type relations are characteristic. It was concluded that the crowdfunding does not contradict the current model of investment policy of the state and the content of investment legislation of Ukraine. On this basis, it is argued that craftfunding requires a direct legal regulation in the current investment legislation of Ukraine. Attention was drawn to the need to delineate the crowdfunding, which has a philanthropic orientation from the investment landscape of the Crowdfunding.The article points out the expediency of borrowing the Scandinavian model of crowdfunding and the need for the introduction of local and regional investment projects that would provide the most crowding-up mechanism for their investment.Legislative differentiation of funds attraction on the kraudfanding basis as a mechanism of charity and as a mechanism of investment. (It is also important to further distribute investment custodian to commercial and one that is carried out for a social effect.)Stimulate the creation of local and regional investment projects, as potential investors of the Crowdfunding model are much more willing to provide funds for the development of their own city or oblast than on national projects.Creation of a professional intermediary institution, which would be designed to ensure the balance of interests between the parties, carried out an analysis of the market and the project itself, and the prospects for its implementation.Realize crudfangdom relations with the help of the current model of technology parks, since they are supported by the state, controlled by it, have legislative guarantees and tax privileges and a higher probability of achieving a positive result.

Subject. The article addresses special aspects of territorial tax incentives to accelerate economic growth Objectives. The aim is to identify the specifics of territorial tax incentives for economic growth and develop proposals to use them. Results. The study reveals features of territorial tax incentives for economic growth. The benefits are provided from own sources of budgets of subjects of the Federation and municipalities, i.e. property taxes (corporate property tax, land and transport taxes) and income tax. The privileges are available in preferential territories (SEZ, TASED, TAD) and are granted to industrial parks, technology parks, and those implementing regional investment projects (RIP) and special investment contracts (SPIC). The paper presents recommendations for using the identified specifics. They include a differentiated approach to the development of territorial tax incentives within non-subsidized and subsidized regions; assessment of the possibility of increasing the number of non-subsidized and low-subsidized budgets based on the principles of fiscal federalism; improving the administration and control, including the use of digital technologies, to ensure an accurate assessment of tax expenditures (lost income) of the property tax budget when making decisions on the application of territorial tax incentives. Conclusions. The recommendations are addressed to regional authorities and local self-governments for consideration and approval of projects of residents of preferential territories, business entities, RIP and SPIC that contribute to the acceleration of economic growth, specialists developing and improving tax incentives for economic growth.

Topicality. The urgency of the problem of tax instruments using in the role of means for stimulation of investment activity and of means for creating of a favorable investment climate nowadays grows due to the need for additional resources that are to be involved in the socio-economic development of Ukraine, as well as through the progress of administrative reform, which creates new opportunities for the use of taxes as tools for the stimulating of investment development. Aim and tasks. The purpose of the article is to substantiate the expediency of studying tax instruments as means for the stimulating of investment development, identifying of active and effective mechanisms for the attracting of investment funds for the development of the Ukrainian economy, taking into account international experience. Research results. The article thematically dedicated to the use of tax instruments for maintain of competitive investment policies at the regional, sub-regional, national levels, improving the investment climate in the region. The instruments are integrated into the mechanism with help of general conceptual idea - the ensuring of favorable conditions for the conducting of economic activity through the use of preferential indirect instruments that do not create differentiation between territories and entities, however, contribute to the renewal of capital of the entities. The European model of tax incentives for activation of foreign investments in Ukraine and the Black Sea region is considered and the main factors that have caused insufficient functional significance of tax instruments to stimulate investment development and to provide capital intensification are determined. There are also considered the American model of tax regulation of foreign investment, as well as the Asian model of tax regulation of foreign investment. The mechanism of combination of regulatory instruments in a single set, include measures of tax preferential support, organizational, guarantee-oriented support of investment projects realization on the territory of the Ukrainian Black Sea region, ways to increase the level of local budgets' self-incomes, to introduce the possibility of the determining and applying rates of taxes by local authorities self-governance within the limits set by the Tax Code of Ukraine. Conclusions. Strategic directions for the stimulating of business activity at the national and regional levels are substantial, but for this purpose, appropriate institutional support is required, namely, the relevant changes to the articles of the Tax Code of Ukraine. The prospects for future research in the field of regulation of investment activities are related with the formation of an institutional environment for the implementation of the regulatory function of taxes, the justification of the investment-efficient structure of the tax system.

Power Trades and Network Congestion Externalities

Being a part of the economic legislation, investment legislation includes administrative regulation that deals with the mode of investors’ activities, as well as rules of contractual (civil) law, including laws on lease-purchase contracts, concessionary agreements and production sharing agreements. We can acknowledge that investment legislation is an integrated branch of legislation consisting of rules of private and public law. It embraces practically all branches of the national economy and it is its distinctive feature. Antimonopoly regulation plays a special role in investment regulation. In search of criteria uniting regulatory acts adopted with the aim of legal regulation of investment relations, it is necessary to refer to the Federal Law “On Protection of Competition”. Antimonopoly law is a strategic factor that can unite regulatory acts in the investment sphere into a single system of investment legislation. Transfer to the program planning criteria and interaction between the state and the private sectors, and raising funds from private investors is one the ways to minimize costs on the Programs execution. The following modes, among others, can be used as mode of interaction with private investors: concessionary agreements, project co-financing by commercial banks (credit organizations), placement of public (municipal) bonds, investment projects.

Introduction. Since gaining independence, Kazakhstan has come a long way of establishing and improving the system of budgetary regulation. Currently, the Government of the Republic of Kazakhstan is working on the Concept of Public Finance Management of the Republic of Kazakhstan until 2030. One of the main approaches to the formation and implementation of budgetary policy in the new conditions is to increase the efficiency and economic return of budget expenditures. As you know, budget investments for the growth of the country’s economy have a multiplier effect. In the realities of today, budget investments are relevant both from the side of the implementation of such investment projects and the management of budget investments. Revision of conceptual policies requires a revision of the definition of budget investment.Target. The article analyzes the concept of “budgetary investments”. The study takes into account the opinion of prominent economists on the basis of a theoretical review and the available scientific and methodological literature on the research topic.Research methods. The methodological apparatus of this study on the issue of defining the concept of “budget investments” in Kazakhstan in the context of the need to improve the efficiency of these investments is based on the methods of empirical and comparative analysis, vertical and horizontal analysis and the method of expert assessments. The question of the need for a clear definition and expansion of the existing conceptual apparatus in terms of the regulation of budgetary investments of the Republic of Kazakhstan is formulated on the basis of scientific research and the use of various approaches and methodological foundations.Results. The study made it possible to propose the author’s definition of this concept, and to determine the need for a clear classification of budget investments in order to further approve the mechanisms for determining priorities and criteria for choosing a particular investment project, the structure of the budget process as a whole.Perspectives. The expediency of further study and development of proposals on the methodology for auditing the effectiveness of budget investments in the Republic of Kazakhstan in order to achieve socio-economic results from each invested tenge has been determined.

Due to the sanctions imposed by foreign states, modern Russian economy greatly depends on the economy of the Far East characterised by the formation and stimulation of investment in the territories of advanced development (TADs). However, at the present stage, economic growth measures are not working effectively in all Far Eastern regions. The article presents the results of an analysis of factors shaping the investment attractiveness of the territories of advanced development established in the Russian Far East. The study examines regional socio-economic indicators, accounting statements of residents and non-financial information on business reputation of enterprises. Since territories of advanced development are considered economic growth points of the Russian Far East, the research aims to identify relevant patterns and rank TADs according to the importance of the factors of investment potential and risks. To this end, the methods of econometric analysis and modelling were applied. The developed methodology for assessing investment attractiveness includes indicators adapted for TADs, component factor analysis and modelling. Based on the analysis, factor models were constructed and the factors were grouped according to their impact on the investment potential and risks of the territories of advanced development of the Far Eastern Federal District. The obtained results indicate that the initial development stage of economic growth points is characterised by various financial and social problems, insufficient investment and uneven distribution of investments to ensure advanced economic growth. The established factor models explain the importance of creating a favourable investment environment, attracting investments for the construction of infrastructure, increasing the efficiency of resource potential in the Far Eastern regions. Factors of the internal business environment of residents — financial condition and the initial stage of enterprise operation from the moment of state registration — are seen as constraining. Priority ranking of factors revealed key directions for improving the mechanism for attracting and distributing investments in the regions. Additionally, it can help coordinate the work of government bodies, development institutions and entrepreneurship and direct business support measures to important areas of territorial development, reducing the impact of constraining factors and risks.

The article discusses the practice and effects of using the shift method of natural resources development for the regional economy. The results of Russian and foreign studies on the assessment of the «shift workers’ factor» and its contribution to the economy of the territories of natural resources development are shown. Quantitative characteristics of the use of shift workers in the economy of the Far Eastern Federal District (including in the resource sector) are presented. Individual institutional instruments for regulating shift work at the levels of federal and regional administration in the Russian Federation are characterized. A grouping of the effects of using the shift method by level of impact on economic systems is proposed. The relevance of the formation of methodological approaches for assessing the «shift workers’ factor» and its effects for regional economic development is shown

The article presents an analysis of public-private partnership (PPP) projects, which, firstly, revealed stochastic dynamics in the number of projects being implemented: in the 2019, 2020, 2021, 371, 312 and 381 PPP projects were launched, respectively, and in 2023 — 326, while the volume of their financing increased several times, which had a positive effect on the growth of the average cost of one project, which in 2023 amounted to 3 billion rubles. Secondly, a positive trend of relatively greater growth of extra-budgetary investments in PPP projects in Russia compared to budget financing was revealed: 244,5% versus 231,2% for the period 2019–2023. Thirdly, the imbalance of existing agreements on the implementation of PPP projects in the main infrastructure areas is shown: thus, in housing and communal services and energy supply in 2023, a total of 2763 agreements were implemented (80,6% of the total number of projects), and the share of total investments in projects here was 51,3%; the share of the number of PPP projects in the field of education and science was 5,8%, and the share of their investments was 26,8%. Accordingly, the average cost of one project in different infrastructure areas of Russia varies from 0.02 billion rubles in transport to 8,8 billion rubles in industry. Fourthly, the analysis of the implemented PPP project agreements in the context of federal districts of Russia showed an extremely high spatial differentiation both in terms of the number of projects per territory and the volume of their financing. Thus, in the Volga Federal District in 2023, 782 projects were implemented with a total investment volume of 1 018,8 billion rubles, and in the North Caucasus Federal District, 49 PPP projects were implemented with a volume of 42 billion rubles (a gap of 24,3 times). Fifth, the priority of regions in the economic modeling of projects was identified: 26% were invested at the federal level, 54% at the regional level, and 20% at the municipal level. Conclusions were made on the need to improve regional models of economic development of national infrastructure within the framework of PPP projects.