Investment Strategies of Russian Regions and European Experience of Regional Policy

Abstract

Russian economic strategy is aimed at switching to a new model of spatial development, which is based on the formation of centers for socioeconomic growth, fulfilling each region’s potential. Choosing a well-founded and effective strategy plays a crucial role in the implementation of this objective. Developing a regional investment strategy relies primarily upon the directions of socioeconomic development of the region. The pipeline of projects is then formed in compliance with the priority directions, followed by the overall valuation of investment needed. Developing a region’s investment strategy should suggest multi-variant approach, which will depend on the successful implementation of certain measures, emerging risks, and possible influence of external factors. Currently, the process of developing and implementing the strategy faces several organizational and managerial issues, among which are: low motivation level of regional authorities; expansion of interaction frameworks between regional authorities and businessmen; low quality of regional administrative personnel training. In order to solve some of the regional investment problems in Russia, it is necessary to address the European experience in regional studies. Special attention should be drawn to the regional policies of Germany, Italy, and the UK. Examination and evaluation of the experience in regional studies of EU-member countries can contribute to advancing the regional policy of the Russian Federation and developing the mechanisms for its implementation.