Investment Development of the NCFD Regions: Current Trends and Challenges

Abstract

The purpose of this study is the attempt to identify the main problems and directions of investment development in the region, as well as to identify factors and problems that hinder investment development, using the example of the subjects of the North Caucasus Federal District. The paper examines the main trends and directions of development of the investment sphere in the regions of the North Caucasus Federal District, taking into account the analysis of their rating among the regions of the Russian Federation on the main investment and socio-economic indicators. The main problems and trends in the development of the investment sphere of the region are determined based on the study of the activities of the state authority that forms and implements the investment policy of the region, as well as on the analysis of patterns of formation and development of investment legislation in the region. The results of the study can be applied in the formation and implementation of regional investment policy as a whole, and its structural elements separately. Based on the results of the study, the negative trends in the formation and implementation of investment policies of the NCFD subjects that negatively affect the regional investment climate and attractiveness are identified and justified. It is established that the regions of the North Caucasus Federal District need to overcome the negative trends in their investment development by optimizing the activities of state authorities responsible for the formation and implementation of investment policy, and it is also necessary to develop regional investment legislation taking into account its detail and concretization.