Attraction of foreign investments into economy of St.-Petersburg

The article reveals the issues of attracting foreign investments into the economy of St. Petersburg. The government should intensify efforts to improve the efficiency of fixed assets (subsidize the purchase of equipment, reimbursement of costs of connection to electric networks), to improve the social climate and the development of innovative projects, development of the manufacturing industry. Without addressing these structural issues, costly financial incentives to attract additional foreign investment will be less effective, and SPb may miss the chance to benefit from favourable conditions. Saint Petersburg should become the leader among the constituent entities of the Russian Federation according to the rating of investment attractiveness of regions. The current measures contribute to the competitiveness of branches of economy and sustainable socio-economic development of the city. Along with strengthening activities on stimulation of investment activity in the city, public authorities of St.-Petersburg it is necessary to increase the efficiency of use of budget investments to ensure continuity of financing of investment projects and programs, substantial improvement of their performance.