Investment attractiveness of the region

Attention to the issue of attracting investments to the development of the territory and its branches results from the basic need - lack of own budgetary funds for implementing different projects and programmes that directly accelerate the socio-economic development of the region as a whole. Unevenness of the territorial development of regions raises the issue concerning the importance of investment attractiveness, because on the territory, the additional inflow of technologies and managerial know-how, qualitatively changing the economy and improving well-being of the population of the receiving territory, is going on along with the capital. Consequently, the aim of the research is to analyze the investment attractiveness of the Vologda Oblast. In order to reach the goal, the following tasks are set: 1) analysis of particular indicators, characterizing investment attractiveness; 2) research of investment attractiveness support on the territory of the region (legal framework, instruments and regional support institutions);3) elaboration of recommendations on improving support instruments of investment attractiveness. In the course of the research the integral rating indicators have been estimated: investment potential and investment risk, as well as the dynamics of fixed capital expenditure of the Northwestern Federal District’s regions. The author defines the management of investment attractiveness on the territory of the Vologda Oblast, the main components of which are strategic targeted management and effective performance of business support institutions. The article contains the analysis of the legal framework, regulating the investment activity in the region, and the group of legal factors, including various instruments, in details. The researcher marks several problems and suggests recommendations for improving the activity of regional institutions and the instruments for regional support of investment attractiveness. The scientific novelty of the research is to improve the existing instruments for increasing the region’s investment attractiveness. The practical significance of the study resides in the possibility to apply the elaborated measures into practice for attracting investments to the region’s territory (case study of the Vologda Oblast). Besides, the findings can be used for further development of the theory and practice of investment attractiveness.