Assessment of the impact of investments on the development of industrial production in the regions of the Black-Earth region

The regions of the Black-Earth region are characterized by a generally high level of socio-economic development, which is associated with their favorable geographical location and pronounced agricultural specialization. The implementation of the food import substitution strategy in recent years has significantly increased the role of regions with agricultural specialization, which also determines the need for investment in them. However, the deterioration of the economic situation in recent years, the fall in the ruble exchange rate and sanctions contributed to the intensification of the economic crisis in the economy, which caused a decrease in investment in the regions. In the course of the study, a comparative assessment of investment activity in the regions of the Black-Earth region is carried out and its impact on the development of industrial production is determined, the prevailing trends and their causes are identified. It is established that in the regions of the Black-Earth region there is a significant differentiation of the total volume of investments in fixed assets, which is due to the different sizes of their economies. The leader in absolute value of the indicator is the Voronezh region, where in 2022 the total volume of investments amounted to 344.1 billion rubles. At the same time, the Kursk Region became the leader per capita in 2022, where the volume of investments in fixed assets reached 188.9 thousand rubles. The assessment of the impact of the level of investment activity on the development of industrial production in the considered regions of the Black-Earth region showed that there is actually no relationship.