Institutions of formation of favorable investment climate in Russia (case study of northern regions of the Russian Federation)

Investment activities are crucial for establishing the necessary conditions for economic growth and improving the quality of life of the population; an essential role in promotion of these activities belongs to a favorable investment climate of the territory and its investment attractiveness. However, the issues concerning the use of state and regional mechanisms for the formation of a favorable investment climate and their impact on socio-economic development of Russia’s regions have not been studied sufficiently. In this regard, the study of the main institutions for the formation of favorable investment climate has considerable scientific and practical importance. The article analyzes federal and regional institutions for the formation of a favorable investment climate. The author concludes that promotion of the state policy in order to improve investment climate has produced positive changes in Russia’s positions in international rankings of competitiveness, investment and business climate. The article pays special attention to the analysis of the current state of investment sphere and specifics of investment policy in the regions of Russia’s North, which are characterized by extreme climatic conditions and specifics of socio-economic development. The author also considers the legislation governing the investment activities in the northern regions.