Investment climate concept components ratings. Components of the investment climate. Investment potential, investment risk, investment attractiveness. What you should pay attention to

Ministry of Education of the Republic of Belarus

Belarusian State Economic University

by discipline: Economics and management of foreign economic activity

on the topic: Investment climate and its components (including RB)

Student

Korbalevich M.V.

Introduction

The concept of the investment climate and the criteria for assessing investment attractiveness

Activation of the investment climate in the Republic of Belarus at the present stage

Introduction

The investment climate is a set of factors specific to a given country and determining the possibilities and incentives of firms to expand the scale of activities based on the implementation of productive investments, job creation, active participation in global competition. The risk of investment solutions lies on the entrepreneurial community. But the state has a significant impact on the investment climate in terms of guaranteeing property rights, legal regulation and taxation of the business, the conditions for the functioning of the financial market and the labor market, creating a market infrastructure, as well as solving such common problems as corruption, crime, political instability. "The policy and practical measures of the state play a key role in the formation of the investment climate.

Therefore, the most important direction of the state economic policy of our country is to create a favorable investment climate in the Republic of Belarus to attract and efficient use of domestic and foreign investment.

The purpose of this abstract is to disclose the essence of the investment climate, as well as the priority areas for improving investment attractiveness in the Republic of Belarus.

To achieve the target target, the following tasks were delivered:

To define the concept of an investment climate;

To assess the investment climate at the present stage of development of the Republic of Belarus and its priority directions of improvement;

examine the problems of the formation of a favorable investment climate in the Republic of Belarus, according to domestic and foreign investors;

Make conclusions about creating the necessary conditions for improving the investment climate in the Republic of Belarus.

For writing the abstract, materials of textbooks, periodicals, legislative acts of the Republic of Belarus, electronic resources, as well as the statistical data of the National Statistical Committee of the Republic of Belarus were used.

1. The concept of the investment climate and the criteria for assessing investment attractiveness

Evaluation of the investment attractiveness of the territory is the most important aspect of the adoption of any investment decision. The more difficult the situation in the country, the more, the experience and intuition of the investor should be based on the results of the expert assessment of the investment climate.

Investment climate is a very complex and multidimensional concept. As a rule, under the investment climate, they understand the summary characteristics of the aggregate of social, economic, organizational, legal, political and other conditions that determine the attractiveness and feasibility of investing in the country's economy (region).

An assessment of the investment climate involves accounting:

economic conditions (the state of the macroeconomic environment, the dynamics of GDP, national income, the volume of industrial production, inflation, the development of high-tech industries, labor market, situation in monetary, financial, budget, tax systems, etc.);

state investment policy (the degree of state support for foreign investment, the possibility of nationalization of foreign property, participation in international treaties, compliance with agreements, continuity of political power, sustainability of state institutions and the effectiveness of their activities, etc.);

regulatory and legal framework of investment activities (the status of regulatory documents and the procedure for their adjustment, the parameters of commissioning and withdrawal of investments from the country, the tax, currency and customs regime, the procedure for creating, registration, activities, reporting, mergers and liquidation of firms, regulatory measures and control over their activities, dispute settlement);

information, factual, statistical material on the state of various factors determining the investment climate.

Methods for assessing the investment climate are very diverse. Thus, in Japan, descriptive characteristics of the investment climate without quantitative estimates are used.

In the United States, the investment climate assessment methodology implies the definition of four aggregated indicators characterizing the business activity, the potential for the development of the economic system, the economic efficiency of investments and the main components of the tax policy. The results of the assessments are published in the "Annual Statistical Map".

As a rule, in foreign countries, an assessment of the investment climate is carried out in relation to the macroeconomic sphere.

There are several characteristic approaches to the assessment of the investment climate, of which the most acceptable is a factor based on the assessment of a set of factors:

characteristics of economic potential;
general levels of management (development of industries of material production, degree of worn out of fixed assets, unfinished construction);
maturity of a market environment (infrastructure, privatization, inflation, the degree of population involvement in the investment process, the capacity of the local market, export opportunities, the presence of foreign capital);
political situation;
Social factors (the standard of living of the population, the value of the real salary, the attitude of the population to local and foreign entrepreneurs, the working conditions of foreign specialists);
financial (budget revenues, availability of budgetary resources, loans in foreign currency, the level of bank interest, the amount of contributions per capita, the proportion of long-term loans).

It should be noted that the methodology for assessing the investment climate is far from excellence. The category of investment climate is inherent in a significant proportion of subjectivism.

The investment climate of any economic system is characterized by emergency dynamism and is constantly changing for the best or worse.

According to the opinion of Russian scientists, the investment climate is usually characterized by a combination of investment attractiveness and investment activity.

Investment attractiveness is defined as a system or a combination of various objective signs, funds, opportunities that determine the potential solvent demand for investments in this country, region, etc. It is formed from two components: the level of investment potential, which is determined by a number of economic, social and natural Geographical factors, and the level of non-profit investment risks, which is determined by the external in relation to the investor by the macroeconomic and regional situation.

Investment potential (investment capacity of the territory) is consisted as the sum of objective prerequisites for investment, depending on both the availability and diversity of areas and objects of investment and their economic "health." The potential of the country or region is based on the characteristics of quantitative, taking into account the main macroeconomic indicators, the saturation of the territory of production factors (natural resources, labor, the main funds, infrastructure, etc.), the consumer demand of the population, etc. The investment potential of the region develops from eight private potentials (each of which, in turn, is characterized by a whole group of indicators):

· resource-raw material (weighted average availability of balance sheets of basic types of natural resources);

· labor (labor resources and their educational level);

· production (cumulative result of the economic activity of the population in the region);

· innovative (the level of development of science and the introduction of scientific and technological progress in the region);

· institutional (degree of development of leading institutions of a market economy);

· infrastructure (economic and geographical position of the region and its infrastructure security);

· financial (tax base and profitability of enterprises of the region); consumer (cumulative purchasing power of the population of the region).

Investment risk characterizes the likelihood of loss of investment and income from them. It shows why not (or should) invest in this enterprise, industry, region or country. The risk seems to summarize the rules of the game in the investment market. The degree of investment risk depends on the political, social, economic, environmental, criminal situations. The following types of risk are calculated.

· economic (trends in the economic development of the region);

· financial (degree of balance of the regional budget and finance of enterprises);

· political (distribution of political sympathies of the population based on the results of the last parliamentary elections, legitimacy of local authorities);

· social (social tension level);

· ecological (level of environmental pollution, including radiation);

· criminal (crime rate in the region, taking into account the severity of crimes);

· Legislative (legal conditions of investment in certain spheres or industries, the procedure for the use of individual factors of production). When calculating this risk, both federal and regional laws and regulations, as well as documents directly regulating investment activities or affecting it indirectly.

A favorable is a climate that contributes to the active activities of investors, stimulating capital inflows. An unfavorable climate increases the risk for investors, which leads to the leakage of capital and attenuation of investment activities).

At the regional level, the investment climate exhibits itself through a bilateral attitude of entrepreneurial structures, banks, trade unions and other subjects of economic relations and regional authorities. At this level, as it were, a generalized assessment of the investment climate in the course of real economic, legal, cultural contacts of both foreign and domestic investors with a regional medium (Table 1) occurs.

Table 1 - Factors forming a favorable investment climate

Name Factor Factor1. Objective 1.1. Natural and climatic class hardware1.2. Geographical provisions of borders with other states; The presence of a marine and river message 1.3. The state of the surrounding medium is supported on a favorable level2. Subjective 2.1. Scientific potential pervertedness of the total number of organizations in the region by scientific organizations; Highly qualified scientific potential 2.2. Economic registering degree of development of market relations; the diversification of the economic environment, the presence of the economy of the independent financial market and the market of investment services; acceptable rates of export and import duties; Positive policy in the field of exchange rate2.3. Legislative and regulatory basachable legal regime; strict regulation of property relationships; Legislative consolidation of tax benefits to support investment activities; The presence of a mechanism for working with urban investment projects2.4. Construction framework of economically independent markets for construction products, construction and services; Instructed capacity of construction organizations and enterprises2.5. Factor risk-state guarantees of the protection of domestic and foreign investors from non-commercial risks; Low risks of investment activities2.6. Labor resource affection for the population of the pension age; Login data on the availability of various categories of labor resources; Highly qualified personnel potential2.7. Social infrastructure and foreign consulting and audit organizations, institutional investors; developed export system; availability of publicly available information on investment projects, investors, etc. in the region; developed types of infrastructures (transport, communications, etc.)

The solution of one of the most important problems of ensuring economic growth in the region contributes to the translational increase in investment activity. The growth of investment activity affects the efficiency of production and entrepreneurship, eliminating the deficit of investment resources, etc.

The relationship of investment attractiveness and investment activity is the nature of the correlation dependence, that is, investment attractiveness is a generalized factor of signs, and investment activity is the result dependent on it. The high level of correlation of the current investment attractiveness of regions and the current investment economic activity makes it possible to determine promising investment activity.

The greatest fame Currently received comprehensive investment attractive ratings published by leading economic logs: "Euromoney", "Fortune", "The Economist". In particular, the Rating of Euromoney magazine is determined on the basis of the calculation of nine groups of indicators: the efficiency of the economy, the level of political risk, the state of debt, the ability to service the debt, creditworthiness, availability of bank lending, the availability of long-term loan capital, the likelihood of force majeure circumstances. Important guidelines for foreign investors are evaluations of World Bank experts, special financial or credit ratings (IBCA, Moody "S, Standard & Poor" S, etc.).

Unfortunately, a national system for collecting and processing economic information has not been created in the Republic of Belarus, which makes it almost impossible to assess investment risks, both individual enterprises and the country as a whole for foreign investors.

Only two state enterprises in the Republic of Belarus are actually offering only two state enterprises - the Center for Research Management of Investment and Entrepreneurial Risks of the Institute of Economics of the National Bank of Belarus and the Republican Unitary Enterprise of the National Bank of the Republic of Belarus "Belorussky Interbank Class Center", and the latter customers are , Only commercial banks and financial organizations of the republic. Thus, today in the Republic of Belarus, the business entity is almost impossible for the official channels to obtain information even on the state registration of its potential partner. At the legislative level, the procedure for access to registers of founders, shareholders and shareholders of enterprises has not been determined. Check or confirm the data on the solvency of the potential client is also almost impossible. The lack of objective information about potential risks is negatively affected by Belarusian investors.

The solution to this problem can be the application of modern methods for assessing investment risk analysis and calculations of the criteria for investment climate, using foreign experience in these areas.

Activation of the investment climate in the Republic of Belarus at the present stage

In the Republic of Belarus, as in other countries with economies in transition, the process of building market relations continues. In Belarus, in the first stage, it was accompanied by crisis phenomena, which mostly affected the investment sphere. As a result, the depreciation of the active part of the main production assets has currently reached in industry more than 60%, and in some of its industries exceeded 80%. In such conditions, it is extremely problematic to overcome the overall technical and technological backwardness, achieve competitiveness of products. The main prerequisite for achieving sustainable efficient economic growth in the country is to enhance investment activities, a significant increase in investment in the real sector of the economy. At the same time, the solution to this problem will depend on how to attract foreign direct investment and on the prevention of domestic leakage, as well as the most efficient use of limited financial and investment resources. An important role is played by the investment climate and the level of investment risks in the Republic of Belarus. The implementation of the intended course requires the assessment and reduction of investment risks in the country, increasing the investment attractiveness of Belarus.

It should be noted that the activation of investment activities is one of the priorities of Belarus's development, and the leadership of the state has taken concrete measures to achieve the goal. So in 2001, the investment code of the Republic of Belarus was adopted on June 22, 2001, which regulates the rights and obligations of investors, state regulation and support of investment activities in the territory of the Republic of Belarus. The National Investment Website of the Republic of Belarus was also created, which offers information about the peculiarities and advantages of the investment climate of the Republic of Belarus. According to the materials of the site, the Republic of Belarus has a great economic potential due to a fairly developed processing industry, qualified and relatively cheap labor resources, favorable geographical position, convenient transport communications that allow you to organize a flexible logistics system, favorable natural and climatic conditions, developed financial infrastructure, legislative and organizational support of the investment process, macroeconomic stability (controlled inflation, a steady exchange rate, positive dynamics of GDP and incomes of the population). Belarus enters a single customs space with Russia. For a potential investor, this means that by investing its capital into the economy of Belarus, it receives wide access not only to the Belarusian territory, but also the huge capacity of the Russian market.

In addition, only at the end of 2009 and the beginning of this year, about 30 regulatory acts aimed at improving the investment climate in Belarus were taken. Presidential Decree No. 417 of August 6, 2009 introduced a new Institute of Investment Agents, which could be both individuals and legal entities for presenting the interests of Belarus in negotiation processes in carrying out their activities, as well as preferences to legal entities - residents of the Republic of Belarus implementing Investment projects at the expense of states and loans (decree of the head of state No. 168). However, such organizations must be listed on the list approved by the Council of Ministers.

From February 1, 2009, a declarative principle of registration of business entities was introduced in the republic. Currently, registration is carried out on the day of submission of the application with minimal submission of documents - copies of the Charter, application and document on the payment of state duty.

In connection with the introduction of a special part of the NK from January 1, 2010, the cancellations of the fear of agricultural products and agricultural science, a local sales of goods in retail trade, tax on the purchase of motor vehicles and local sales taxes with users Parking (parking) vehicles in specially equipped places.

One of the measures of government investment is to organize the monitoring system for the implementation of investment projects. According to the monitoring system, such projects are implemented as "the organization of the production of sheet glass in OJSC" Gomelsteklo "," Construction of the installation of diesel fuel hydrotreating "at OJSC" Mozyr Oil Refinery "," Reconstruction of the production of starters and generators for 2006-2010 . " In OJSC Borisovsky Factory of Auto Tractor Equipment.

By virtue of a favorable geographic situation, one of the promising areas for attracting foreign capital is the transport infrastructure and logistics. The Government adopted a program for the development of a logistics system for the period up to 2015, in which 18 logistics centers are planned to be built in the Republic of Belarus.

In order to ensure continued monitoring of the reforms conducted in the country and their effectiveness, the issue of ensuring the entry of the republic to the number of thirty countries with the best conditions for doing business will be regularly seen at the meetings of the Presidium of the Council of Ministers of the Republic of Belarus. The first of these meetings took place on July 13, 2010.

System work on improving the conditions for the implementation of entrepreneurial activities and the creation of a favorable investment climate will continue further.

The priority of the investment policy will attract investment resources to the production area and focusing them on the implementation of investment projects with high high-tech and resource-saving technologies of export and import-substituting focus in the petrochemical complex, microelectronics, the production of agricultural equipment, medical drugs, forest, woodworking and pulp and paper industry, and Also in the field of modern transport communications, communications, tourism, construction services.

In agriculture, investment resources will be sent to the development of agro-towns, the creation of highly efficient and environmentally friendly food production technologies, reconstruction and modernization of enterprises for processing agricultural raw materials using modern technologies.

The construction complex provides for attracting investments in export-oriented and import-substituting production, in housing construction, as well as to the development and implementation of resource energy-saving technologies. State financing of investments will maintain continuity and will be aimed at the development of the material and technical base of the social sphere that has no alternative sources of financing.

To enhance investment activities and improve investment climate in the republic, measures will be implemented by:

· signing international agreements and agreements on the prevention of double taxation and maintenance of investments;

· the creation of a warranty credit fund for small businesses that provides guarantees and guarantees for them for loans issued by banks;

· expanding the investment potential of the banking sector through the involvement of external capital and household funds;

· it is more complete to use the possibilities of free economic zones that open internal areas for foreign investors and entrepreneurs.

In order to implement expensive investment projects, new forms of investment are being introduced: concessions, project and venture financing, leasing. An investment agreement can be signed with an investor, which will provide additional guarantees to the investor on economic and other conditions for the implementation of the project in the Belarusian market.

The effectiveness of the annual World Bank report "Doing Business 2010 received in Belarus<#"justify">In addition, Belarus continues to work on improving its position in the classification of country credit risks of the Organization for Economic Cooperation and Development (OECD) (Currently, the country is assigned to the 7th group), which will further reduce the interest rate on the external resources attracted.

The reforms and specialized rating agencies are positively evaluated, and the assignment of a credit rating creates new conditions for the use of external investment, it allows you to significantly reduce the costs of servicing foreign debt, improve the work of the country's banking system.

The results of the measures taken by the Government were reflected in the 2009 statistical indicators. The share of investments amounted to 31.7 percent of GDP, i.e. Almost every third ruble was investment.

In the first half of 2009, the volume of foreign investment in the economy of Belarus amounted to $ 4.230 billion, an increase of 26.6% compared to the same period of the previous year. Especially impressive growth of foreign direct investment 2 times to $ 2.477 billion (58.6% of all foreign investment received). This increase is explained not so much by improving the investment attractiveness of the country, how much change in the methodology for calculating foreign direct investment (since the beginning of this year, the amount of debt for the goods, work, services from the direct investor - the non-resident of the Republic of Belarus, as well as the amount of advanced advance payment payments from a direct investor - non-resident of the Republic of Belarus under the subsequent export of goods, works, services). The main part of foreign direct investment is on other foreign investments (advance payments and postponement of payments for commercial contracts) - 82.3%.

In January-June 2009, the volume of other foreign investments decreased by 16.9% to $ 1.752 billion, which is 41.4% of the total foreign investment received. The main form of attracting other foreign investments are loans and loans (99.8%). Also reduced the volume of portfolio foreign investments in the real sector of the economy (up to $ 275.7 thousand from 809.8 thousand dollars. According to the results of last year) (Appendix A).

The greatest amounts of foreign investment were received in the following industries: transport (44.5% of all investments received), industry (25.7%), total commercial activities to ensure market functioning (15.4%), trade and public catering (8, nine%); The remaining sectors of the economy accounted for 5.5% of the investment received.

The main investors of Belarusian enterprises are Russia (67.7%), Austria (11.2%), the United Kingdom (4.7%), Cyprus (4.7%), Switzerland (4.1%), Netherlands (2, five%). Of the top ten of the main investors' countries in the Belarusian economy, investment growth compared with the 1st half of last year, only Austria and the Netherlands were provided except Russia. The volume of investment resources from the Czech Republic has survived last year's level. The most significant reduction in flow was observed from Switzerland, Latvia and the United Kingdom (Appendix B).

Among the successfully functioning joint and foreign companies in Belarus, enterprises with German capital can be called - "Karl Zeiss" (optics, electronic visualization systems), "Fresinius" (release of medical equipment), "Haneken" (production of low alcohol and non-alcoholic beverages), with Danish Capital - "Maersk Medical", American - McDonals, Siabar Breeding Company (Syabar PC), JSC "ELIZOVO Glass Plant".

Such well-known Russian companies are investing in the republic, such as: LUKOIL OJSC NTK, Slavneft, ITERA - Group, Gazprom and Gazprombank, MTS SOOO and others.

Thus, a long-term state investment policy is formed and implemented in the republic. However, a lot has to be done to increase the investment attractiveness of our country.

Problems of formation of a favorable investment climate in the Republic of Belarus and the ways to improve

Despite the conducted extensive reforms aimed at radical liberalization of the economy and an increase in the investment attractiveness of the country, Belarus is located very far from high positions. According to the results of the study conducted in 2010, IFC and the World Bank, we have taken the last place among the 183 ranked countries on the criterion "Taxation" (Table 2).

Business PokazatelVedenie 2010 (rating) Doing Business 2009 (the rating) Changing behavior reytingaReyting ease biznesa5882 + 24Registratsiya predpriyatiy798 + 91Poluchenie permits stroitelstvo4463 + 19Naom working sily3240 + 8Registratsiya sobstvennosti1013 + 3Kreditovanie113109- 4Zaschita investorov109105- 4Nalogooblozhenie1831830Mezhdunarodnaya torgovlya129134 + 5Obespechenie execution kontraktov1214 + 2Likvidatsiya predpriyatiy74740

The main reasons for the low ranking were a large number of tax payments (at the time of the preparation of the rating - 107, now - 56), a high tax burden for profit (99.7%), a large number of hours spent on the payment of taxes (900).

According to analysts of the Belarusian Institute of Strategic Studies (BISS), to improve the overall rating of Belarus, it is necessary to reduce the amount of taxes and fees, in particular, to abolish unnecessary and inefficient payments that do not provide significant revenues to the budget, but require large labor costs. Such payments, for example, include tax on services and collecting territories. Tax rates for tax make up a maximum of 5% and 3% of profits, and reporting should be provided four times a year, which leads to temporary costs.

Experts of the Institute also propose to reduce the frequency of providing tax reporting and payments. In addition, the improvement in the rating will affect the more active use of the electronic form of reporting. While she did not receive mass distribution. Partly due to the technical novelty and the need to pay about $ 100 for registration as a subscriber and providing the electronic signature key.

The most problematic for Belarus is also the "Lending" and "Investor Protection" position. According to these indicators, Belarus dropped over the year in the ranking into four positions and takes the 113rd and 109th place, respectively.

In particular, in order to improve the business lending system, according to BISS experts, it is necessary to create and develop the Institute of Warranty Funds. This will facilitate business access to banking and other credit resources, which is now difficult due to the inability of entities of entrepreneurship to ensure the return of borrowed funds. Also analysts consider it necessary to expand the activities of the credit bureau in order to accumulate full information about the borrower, as well as the dissemination of both positive and negative information about it. Another measure is to create a private register of credit stories.

According to BISS experts, the government should pay attention to the conditions for the implementation of international trade. According to this indicator, Belarus is still ranked 129th. According to the calculations of the World Bank, in Belarus, 8 documents are required to carry out exports of goods within 16 days. Exports of one container costs 1772 dollars. For comparison, 6 documents must be issued in Lithuania, which is spent 10 days. At the same time, the export of one container costs 870 dollars.

One of the ways to improve the situation will be the active implementation of simplified procedures of customs declaration to reduce the procedure for exporting / importing up to 5 and 6 days, respectively. Also positive impact will be facilitated by leasing and tax legislation, which allows to develop the transport sector of the country and the logistics infrastructure.

According to the criterion of "hiring of labor", the position improved to the 32nd place from the 40th, "Registration of Property" - until the 10th place from the 13th, "execution of contracts" - until the 12th from the 14th place in the past year.

According to the results of the survey of commercial organizations with foreign investments in assessing the investment climate of the Republic of Belarus, the following adverse factors were named:

1) instability of investment legislation;

2) the complexity of the tax system (the confusion and complexity of the calculation of taxes);

3) unequal conditions for obtaining financial support or benefits from the state (state-owned enterprises have preferences not only on access to credit resources, but also on access to the domestic market, by participating in the program of state procurement);

) degree of transparency of changes in the regulatory environment for business;

5) administrative barriers (the complexity of reporting and accounting; bringing to enterprises of all forms of property of projected indicators in terms of product growth, restriction on suppliers and buyer, on salary accrual etc.);

) lack of clearly established rules;

) The pricing system (proceedable fines for violating the order of registration of prices and the exceeding the limit indexes of changes in vacation prices are prevented by free business);

) Insecurity investor (administrative responsibility for formal reasons).

Among the favorable factors for foreign business, respondents called the level of working strength of technical and other specialties, low cost of labor, the level of development of the telecommunications system and information, as well as access to the markets of the CIS countries.

Foreign investors do not like the level of development of the financial sector, the level of access to the markets of EU countries, the level of development of high-tech industries, consulting and business services, as well as the level of purchasing power of the population.

At the end of April 2010, in Geneva, a presentation of the investment policy of the Republic of Belarus was held at the meeting of the Special Session of the UNCTAD Commission (United Nations Conference on Trade and Development) on investment and entrepreneurship. In particular, UNCTAD experts recommended the following measures to improve the investment climate of Belarus:

· change the attitude to investors and increase their confidence in the country (transparent conditions and guarantees for investors);

· revise the issue of land ownership (facilitate access to Earth at the initial stage by allocating sections for commercial or industrial use);

· equal conditions for various business entities (creating an independent, staffed by professional personnel and adequately funded antitrust agency);

· simplify the tax system (replace the fees in "Innovative Funds" and other special contributions to "payments for offered services". In addition, monthly payments for income tax and some other taxes replace three payments per year);

· reduce the number of licensed types of entrepreneurial activities (licenses are necessary only for those activities that cause potential public concerns towards health, safety or consumer protection).

Based on the foregoing, in front of our state is a complex and fairly delicate task: to attract foreign capital to the country, which does not deprive his own incentives and directing it to the measures of economic regulation to achieve social goals.

It should be borne in mind that the interests of the Belarusian society, on the one hand, and foreign investors on the other, do not directly coincide. Belarus is interested in restoring, renewing its production potential, saturation of the consumer market with high-quality and inexpensive goods, in the development and structural restructuring of its export potential, conducting anti-foreign policy, in the introduction of Western management culture in our society. Foreign investors are naturally interested in a new bridgehead for profit from the domestic market of Belarus, qualified and cheap labor.

Attracting foreign capital, it is impossible to allow discrimination against national investors. We should not provide enterprises with foreign investment tax benefits that our entrepreneurs occupied in the same field of activity. As experience has shown, such a measure practically does not affect the investment activity of foreign capital, but leads to the emergence of the former domestic industries of enterprises with formal foreign participation claiming preferential taxation.

It is necessary to strive to create a favorable investment climate not only for foreign investors, but also for their own. And it's not about finding them means for investment. Belarusian private capital also need guarantees from the arbitrariness of the authorities, the insurance system from non-profit risks, as well as stable working conditions in the implementation of long-term investments.

The study of articles of periodicals, legal acts, statistical material and electronic resources allows us to make the following main conclusions and suggestions:

1.The investment climate is the object of impact of investment policy. On the one hand, it determines the starting conditions for the development of investment policy, and on the other, it is its result. The effectiveness of the investment policy is measured by the degree of changes in the investment climate in a more favorable side. In turn, the more favorable state of the investment climate affects the investment policy towards its further improvement.

2. The experience of other countries indicates that it is impossible to create attractive conditions for foreign capital without creating for their national. It is clear to imagine that external investments will not go into the economy until the internal will be in it. The investment in the first place should be attractive for national capital, as it serves as an indicator of the public confidence in the government, and then for foreign. Belarusian investors will be interested not only in obtaining maximum profits, but also to an increase in the stability of the economy of our country.

3. The formation of a more progressive type of investment causes the need to improve the structure of investment in basic production, social infrastructure.

The purpose of investment programs should be the reorientation of significant resources on the development of industries with greater social returns, as well as in the industrial infrastructure industry, training for new industries, that is, in the development of those areas that ensure the intensification of private investments.

5. It seems appropriate in determining the priorities of investments to proceed from the main criterion - the system of indicators of the effectiveness of investment investment. But at the same time it is necessary to develop a methodology for analyzing the effectiveness of investment projects, taking into account the risk factors and uncertainty in the Republic of Belarus.

6. The next direction of stimulating investment activities through state lending and investment in priority areas and maintaining socially important projects. Such a strategy provides for the focus on long-term priorities of socio-economic development under conditions of regulated inflation.

7. The development of private entrepreneurship is also of great importance, primarily in the areas of financial and production infrastructure, in the provision of manufacturing and consumer services, privatization of enterprises and the formation of market forms of investment of industries, investment cooperation with neighboring countries and far abroad based on agreed economic policy . The main forms of such cooperation should be for the Republic of Belarus: joint state and commercial financing of investment projects, the creation of international financial and industrial groups with the participation of Belarusian enterprises and financial institutions, international financial leasing, the creation of contractual joint organizations like consortiums for investment activities.

8. In the context of macroeconomic parameters, continue to work on the reduction of inflation, the cost of bank credit resources, a decrease in the aggregate tax burden, further liberalization of price regulation.

As a result of the implementation of all the above measures to enhance the investment climate and improving the efficiency of investment projects, favorable structural changes in the economy of the Republic of Belarus will occur and, as a result, improving the welfare of the people.

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17 Program for the development of the logistics system for the period up to 2015: Resolution of the Council of Ministers Rep. Belarus, December 16, 2008, №1943 // Nats. Register of legal acts Rep. Belarus. - 2009. - №1. - 5/28978.

18 Five measures of UNCTAD proposed [Electronic resource]. - 2010.

20 Rosov D.V. Basic Principles of Modern Investment Policy // Finance and Credit. - 2010. - № 4. - P. 11-12.

21 Tkachenko I.Yu. Investments: studies. benefit. - M.: Publishing Center "Academy", 2009. - 240 s.

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Ministry of Education of the Republic of Belarus

Belarusian State Economic University

by discipline: Economics and management of foreign economic activity

on the topic: Investment climate and its components (including RB)

Student

Korbalevich M.V.

Introduction

2. Activation of the investment climate in the Republic of Belarus at the present stage

Introduction

The purpose of this abstract is to disclose the essence of the investment climate, as well as the priority areas for improving investment attractiveness in the Republic of Belarus.

To achieve the target target, the following tasks were delivered:

To define the concept of an investment climate;

To assess the investment climate at the present stage of development of the Republic of Belarus and its priority directions of improvement;

Examine the problems of the formation of a favorable investment climate in the Republic of Belarus, according to domestic and foreign investors;

Make conclusions about creating the necessary conditions for improving the investment climate in the Republic of Belarus.

1. The concept of the investment climate and the criteria for assessing investment attractiveness

An assessment of the investment climate involves accounting:

* economic conditions (the state of the macroeconomic environment, the dynamics of GDP, national income, production volumes of industrial products, inflation, the development of high-tech industries, position in the labor market, situation in monetary, financial, budget, tax systems, etc.);

* state investment policy (degree of state support for foreign investment, the possibility of nationalization of foreign property, participation in international treaties, compliance with agreements, continuity of political power, sustainability of state institutions and the effectiveness of their activities, etc.);

* regulatory and legal framework of investment activities (the status of regulatory documents and the procedure for their adjustment, input parameters and investment from the country, tax, currency and customs regime, the procedure for creating, registration, activities, reporting, mergers and liquidation of firms, regulatory measures and control over their activities, settlement disputes);

* Information, factual, statistical material on the state of various factors determining the investment climate.

Methods for assessing the investment climate are very diverse. Thus, in Japan, descriptive characteristics of the investment climate without quantitative estimates are used.

As a rule, in foreign countries, an assessment of the investment climate is carried out in relation to the macroeconomic sphere.

There are several characteristic approaches to the assessment of the investment climate, of which the most acceptable is a factor based on the assessment of a set of factors:

characteristics of economic potential;

general levels of management (development of industries of material production, degree of worn out of fixed assets, unfinished construction);

maturity of a market environment (infrastructure, privatization, inflation, the degree of population involvement in the investment process, the capacity of the local market, export opportunities, the presence of foreign capital);

political situation;

social factors (the standard of living of the population, the value of the real salary, the attitude of the population to local and foreign entrepreneurs, the working conditions of foreign specialists);

financial (budget revenues, availability of budgetary resources, loans in foreign currency, the level of bank interest, the amount of contributions per capita, the proportion of long-term loans).

It should be noted that the methodology for assessing the investment climate is far from excellence. The category of investment climate is inherent in a significant proportion of subjectivism.

The investment climate of any economic system is characterized by emergency dynamism and is constantly changing for the best or worse.

According to the opinion of Russian scientists, the investment climate is usually characterized by a combination of investment attractiveness and investment activity.

· Resource-raw material (weighted availability by balance reserves of basic types of natural resources);

· Labor (labor resources and their educational level);

· Production (cumulative result of economic activity of the population in the region);

· Innovative (the level of development of science and implementation of scientific and technological progress in the region);

· Institutional (degree of development of leading institutions of a market economy);

· Infrastructure (economic and geographical position of the region and its infrastructure security);

· Financial (tax base and profitability of enterprises of the region); consumer (cumulative purchasing power of the population of the region).

· Economic (trends in the economic development of the region);

· Financial (degree of balance of the regional budget and finance of enterprises);

· Political (distribution of political sympathies of the population based on the results of the last parliamentary elections, the legitimacy of local authorities);

· Social (level of social tension);

· Environmental (level of environmental pollution, including radiation);

· Criminal (crime rate in the region, taking into account the severity of crimes);

· Legislative (legal conditions of investment in certain spheres or industries, the procedure for the use of individual production factors). When calculating this risk, both federal and regional laws and regulations, as well as documents directly regulating investment activities or affecting it indirectly.

Table 1 - Factors forming a favorable investment climate

Name of factor	Description of factor
1. Objective
1.1. Natural and climatic conditions	Rich natural resources
1.2. Geographical position	The presence of borders with other states; Availability of marine and river
1.3. State environment	Constantly supported on a favorable level
2. Subjective
2.1. Scientific potential	Non-profitability of the total number of organizations in the region by scientific organizations; Highly qualified scientific potential
2.2. Economic situation	High degree of development of market relations; the diversification of the economic environment, the presence of the economy of the independent financial market and the market of investment services; acceptable rates of export and import duties; Positive currency rate policy
2.3. Legislative and regulatory framework	Stable legal regime; strict regulation of property relationships; Legislative consolidation of tax benefits to support investment activities; Availability of a mechanism for working with urban investment projects
2.4. Construction base	Availability of economically independent construction products, construction and services; extensive capacity of construction organizations and enterprises
2.5. Risk factor	State guarantees of the protection of domestic and foreign investors from non-commercial risks; low risks of investment activities
2.6. Labor resources	Low share of the population of the retirement age; Login data on the availability of various categories of labor resources; Highly qualified personnel potential
2.7. Social infrastructure	Large and foreign consulting and audit organizations, institutional investors; developed export system; availability of publicly available information on investment projects, investors, etc. in the region; developed types of infrastructures (transport, communications, etc.)

2. Activation of the investment climate in the Republic of Belarus at the present stage

System work on improving the conditions for the implementation of entrepreneurial activities and the creation of a favorable investment climate will continue further.

To enhance investment activities and improve investment climate in the republic, measures will be implemented by:

· Signing international agreements and agreements on the prevention of double taxation and maintenance of investments;

· Creation of a warranty credit fund for small businesses that provides guarantees and guarantees for them on credit issued banks;

· Expanding the investment potential of the banking sector through the involvement of external capital and household funds;

· Further use of the possibilities of free economic zones, which open the internal territories for foreign investors and entrepreneurs.

The effectiveness of the annual report of the World Bank "Doing Business 2010" is evidenced by the effectiveness of the annual report. Belarus for the second year in a row ranks fourth in the top ten countries reformers in the regulatory enterprise. In the field of simplifying business rules, the country rose from 82 to 58th place (from 183 countries covered by the study).

In addition, Belarus continues to work on improving its position in the classification of country credit risks of the Organization for Economic Cooperation and Development (OECD) (Currently, the country is assigned to the 7th group), which will further reduce the interest rate on the external resources attracted.

Such well-known Russian companies are investing in the republic, such as: LUKOIL OJSC NTK, Slavneft, ITERA - Group, Gazprom and Gazprombank, MTS SOOO and others.

Thus, a long-term state investment policy is formed and implemented in the republic. However, a lot has to be done to increase the investment attractiveness of our country.

3. Problems of formation of a favorable investment climate in RB and ways to improve

Indicator

Registration of enterprises
Obtaining construction permits
Hiring workforce
Registration of property
Lending
Investor protection
Taxation
international trade
Ensuring the execution of contracts
Liquidation of enterprises

According to the results of the survey of commercial organizations with foreign investments in assessing the investment climate of the Republic of Belarus, the following adverse factors were named:

1) instability of investment legislation;

2) the complexity of the tax system (the confusion and complexity of the calculation of taxes);

4) the degree of transparency of changes in the regulatory environment for business;

6) the lack of clearly established rules;

7) the pricing system (proceedable fines for violating the order of registration and the excess of the limit indexes of changes in vacation prices are prevented by free business);

8) investor unprotence (administrative responsibility for formal reasons).

· Change the attitude to investors and increase their confidence in the country (transparent conditions and guarantees for investors);

· Revise the issue of land ownership (facilitate access to Earth at the initial stage by allocating sections for commercial or industrial use);

· Equal conditions for various business entities (create an independent, staffed by professional personnel and adequately funded antimonopoly agency);

· Simplify the tax system (replace the fees to "Innovative Funds" and other special contributions to "payments for the services offered". In addition, monthly payments for income tax and some other taxes replace three payments per year);

· Reduce the number of licensed types of entrepreneurial activities (licenses are necessary only for those activities that cause potential public concerns towards health, security or consumer protection).

The study of articles of periodicals, legal acts, statistical material and electronic resources allows us to make the following main conclusions and suggestions:

1. The investment climate is the object of impact of investment policy. On the one hand, it determines the starting conditions for the development of investment policy, and on the other, it is its result. The effectiveness of the investment policy is measured by the degree of changes in the investment climate in a more favorable side. In turn, the more favorable state of the investment climate affects the investment policy towards its further improvement.

3. The formation of a more progressive type of investment causes the need to improve the structure of investment in basic production, social infrastructure.

4. The purpose of investment programs should be the reorientation of significant resources on the development of industries with greater social returns, as well as in the industrial infrastructure industry, training for new industries, that is, in the development of those areas that ensure the intensification of private investments.

investment Investment Investment Foreign

List of sources used

1 Andrievich S. Investment Climate. The main risks for the investor in the Republic of Belarus // Magazine "Economics of Belarus". - 2010. - № 1 (2). - P. 18-20.

2 Large Economic Dictionary / A.N. Azrilian [and others]; under total. ed. A.N. Azrigan. - 5th ed. Pererab. and add. - M.: Institute of New Economy, 2002. - 1280 p.

3 Bulgakov Yu.V. Diagnosis of investment risk / econ.gase [Electronic resource]. - 2009. - November 27.

4 Denisov I.V. Formation of the investment climate // Financial Management. - 2010. No. 2. P. 24-25.

5 Investment activities: Tutorial / N.V. Kiseleva, T.V. Borovikova G.V. Zakharov et al.; Ed. G.P. Favoralenko and N.V. Kiselie. - M.: Knorus, 2006. - 432 p.

6. Investment attractiveness of Belarus [Electronic resource]. - Minsk, 2010.

7 Investment climate with eyes of foreigners [electronic resource]. - Minsk, 2010.

8 Kozhemyakin A. The state of the investment climate of the region // ECON. Newspaper [Electronic resource]. - 2010. - March 10.

9 Lepiškin M. Investment risks // Risk. 2009. №4. P. 4-5.

10 Ministry of Foreign Affairs of the Republic of Belarus [Electronic Resource]. - Minsk, 2009.

11 Ministry of Economy of the Republic of Belarus [Electronic resource]. - Minsk, 2010. - Access: 09/13/2010.

12 National Investment Site [Electronic Resource]. - Minsk, 2010.

13 National Statistical Committee of the Republic of Belarus (official website) [Electronic resource]. - 2010.

14 On the introduction of a new Institute of Investment Agents: Decree of the President of the Republic of Belarus, August 6, 2009 No. 417 // National Economic Newspaper. - August 15. - P.9.

15 Petrushkevich, E.N. International Investment Activities: Lectures / E.N. Petrushkevich. - Minsk: BSEU, 2006. - 186 p.

16 Arrival of foreign investment in 2009 Press release // National Statistical Committee of the Republic of Belarus (official website) [Electronic resource]. - 2009.

18 Five measures of UNCTAD proposed [Electronic resource]. - 2010.

20 Rosov D.V. Basic Principles of Modern Investment Policy // Finance and Credit. - 2010. - № 4. - P. 11-12.

21 Tkachenko I.Yu. Investments: studies. benefit. - M.: Publishing Center "Academy", 2009. - 240 s.

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Investments as a complex and diverse process in the economy, reflection of the condition and directions of investment activities in the Republic of Belarus. Creating a favorable investment climate to attract and efficiently use investments.

Investment climate is the level of the quality of the entrepreneurial infrastructure of the country, determined by the set of political, legal, social, cultural, economic and financial conditions, as well as the effectiveness of investments in a given country and level of risk in capital investment. All these indicators determine the degree of attractiveness of the country's economy for foreign and domestic investors.

Fig.1.1

From the determination of the investment climate it should be understood that this economic indicator consists of two most significant parts, namely from investment attractiveness and investment risks.

A favorable investment climate is characterized by the following factors:

· Not a high level of competition in a separate industry;

· Tax system stability;

· Effective and high-quality support for the state, as well as timely regulation by the state;

· Low cost of raw materials and resources (labor, material, etc.);

· High level of profit rate in the country;

· High level potential of domestic markets.

The following factors affect the attractiveness of the investment climate:

· Unstable political atmosphere in the country;

· High levels of inflation and refinancing rates;

· Social instability (strike, rallies, etc.);

· Scarce budget;

· Large volumes of public debt, both internal and external;

· High level of transactional expenses;

· Weakly developed legislation (non-compliance with the law in terms of investment).

Evaluation of the investment climate.

Evaluation of the investment climate of any country consists of an assessment of its investment potential and analyzing its investment risks.

Factors defining investment attractiveness:

· The size of the country's foreign exchange reserves;

· Currency stability;

· Level and growth rate of the economy;

· The degree of development of the banking system;

· The level of income tax on investment activities;

· The degree of liquidity of securities in the market;

· The level of protection of investors' rights;

· Chest of interest rates.

All the above factors investment attractiveness shed light on the state of the country's investment climate, however, it is necessary to compare these factors to complete the picture, with factors that determine the level of investment risk, namely:

· Legislative risk;

· Economic risk;

· Financial risk;

· Political risk;

· Social risk;

· Ecological risk;

· Criminal risk.

Fig.1.2

Types of investment risks.

· Technological - reliability of manufacturing equipment, as well as the possibility of predicting production processes and technologies, the ability to evaluate the degree of worn out and the need to upgrade equipment;

· Environmental - associated with environmental and environment;

· Economic - risk of changes in the economic course in a particular country, degree of development of certain sectors of the economy;

· Political - change in the political situation of a particular country, change of the political course, etc.;

· Social - social tensions of society, strike, etc.;

· Legislative - change of legislation, assessing the level of objectivity, completeness, flexibility of current legislation;

Investment risk This is an economic category, clearly demonstrating the efficiency of the potential object of investments, as well as its financial condition, on the way to achieve an investor's goals that are accompanied by various factors, controlled and uncontrollable.

Investment risk is the likelihood of an adverse result of investments. It may be a loss of capital, and loss of the development rates of the organization, and the concession of the position in the market of competitors.

Management of investment risks.

One of the main methods and methods for managing investment risks in the implementation of investment activities is the creation or organization of a certain entity that performs and acting and the functions of intermediaries between the investor and its assets. Such intermediaries are all sorts of brokerage companies, investment funds, etc.

In this case, the first role competences and the professionalism of such an intermediary.

Management of investment risks, in such a situation, it is possible to implement the following events:

· Evaluation of the quality of the mediator;

The assessment is made by analyzing the technologies that the mediator uses, their operating and information part. It is also going to all information about the activities of the mediator, about his business reputation, etc.

· Evaluation of the functioning of the intermediary;

Such an assessment may be implemented, only possessing reliable and sufficient statistical, quantitative indicators of the specific intermediary. In the case of such data, two methods of evaluation are distinguished:

o absolute assessment (this is a comparison of the actual indicators of the mediator with a possible standard or with the "ideal" indicators);

o relative estimate (comparison of indicators of a specific intermediary with competitors' indicators);

· One-time use of services of several intermediaries;

· Getting control over the intermediary activity. Control can be worn both financial and operational nature;

This investment risk management method is suitable for large investors. Control of this kind allows to know, which means to solve all internal and external risks in time related directly to the activities of the intermediary.

· Insurance and hedging investment;

· Refusal to intermediary. Direct participation of the investor in the market;

This method of management of investment risks reduces the cost of payment of intermediaries, but may cause a number of unplanned risks, for example, the irrational use of funds, etc.

Fig.1.3

In the event that the investment climate of a country having a federal device is estimated, that is, it has division into regions, then the investment potential of each of the regions is taken into account. This potential is estimated on the following indicators:

· Consumer potential (level of purchasing power of the population);

· Financial potential (the level of profitability of the enterprise and the size of its tax base);

· Labor potential (the presence of labor resources and the degree of their qualification);

· Resource-raw potential (security level of basic natural resources);

· Production potential (degree of efficiency of the economy and its size);

· Institutional potential (availability of developed institutions of a market economy);

· Infrastructure potential (economic and geographical position, level of development of the road system, etc.).

Components of the investment climate. Investment potential, investment risk, investment attractiveness.

Introduction

Investment climate

Introduction ................................................................................................... .....

Components of the investment climate. Investment potential, investment risk, investment attractiveness ...............................................................
Evaluation of the investment climate .....................................................................
Evaluation of the investment attractiveness of Russia .................................... ..........
Investment climate of the regions of Russia ...................................................... ...
Practical task ..................................................................................

List of used literature ............................................................ .............

The educational purpose of this work is to study the essence, goals and content of the investment climate for the investment process.

Investments (capital investments) are a combination of the costs of material, labor and monetary resources aimed at expanded reproduction of basic funds of the entire sectors of the national economy. Investments cover and so-called real investments close to the content to our term''Catal investments', and'Financial''' (portfolio) investments, that is, investments in promotions, bonds, other securities. Financial investments can be both an additional source of capital investments and the subject of the Exchange of Games in the securities market. Russia's transition to the market system of economic relations generates many problems related to these, among which one of the principal provisions occupy investment issues. Without the creation of the interest of potential investors in expanding the volume of investments in the domestic economy, in principle, it is impossible to solve the tasks of forming new economic relations, the development of production, improving the welfare of citizens, the revival of the country's authority on the world arena. No country can develop its economy without foreign investment, even the United States cannot afford it. This is especially true of our country in which internal investments are extremely small. After all, it is not for anyone that our citizens do not invest their money in Russia, in security consideration, they prefer to invest in foreign banks. In the magazine''Economist'' ', the main directions of investment policy were determined: the formation of a favorable environment that promotes the increase in the investment activity of the non-state sector, attracting private domestic and foreign investments for the reconstruction of enterprises, as well as state support for the most important life-supporting industries and social sphere with increasing capital investment efficiency. The solution of these tasks should contribute to the improvement of the investment climate of Russia and, as a result, the growth of its investment attractiveness.

This paper contains a brief assessment of Russia's investment attractiveness, as well as the investment climate of individual regions in comparison. The characteristic of the Kaliningrad region is given from the point of view of a potential investor.

In a market economy, the combination of political, socio-economic, financial, sociocultural, organizational legal and geographical factors inherent in any country attracting and repulsive investors is customary with its investment climate..

The concept of investment climate is characterized by complexity and complexity and can be considered both on the macro and on the microeconomic level. Traditionally, the concept of investment climate means the presence of such investment conditions that affect the preferences of the investor in choosing one or another object of investment. At the macro level, this concept includes political indicators (including legislation), an economic and social environment for investment. For example, for potential foreign investors, when analyzing the political situation, the policy of the state is played in relation to foreign investment, the likelihood of nationalization of foreign property, the participation of the country in the systems of international treaties on various issues, the strength of state institutions, the continuity of political power, the degree of state intervention in the economy and etc. At the investment climate, not only the direct limitations of the activities of foreign firms contained in the legislation, but also fuzziness and, especially, instability of the legislation of the host country, since this instability deprives the investor to predict the development of events, which reduces the profitability of investments.

At the micro level, the investment climate exhibits itself through bilateral relations of the investor (private or legal entity) and specific state bodies, business entities, customers, banks, non-bank financial institutions, as well as trade unions and labor groups of the state (region) - investment recipient. At this level, a generalized assessment of the investment climate occurs during the real economic, legal, cultural contacts of a foreign company with a new environment for it.

The concepts of the investment climate on the macro- and micro level are perceived by investors as a whole, since any legal and regulatory efforts of the government for the formation of a favorable investment climate are blocked by the normation of local authorities, and efforts at the local level of creating a preferential economic regime for foreign investment can often compensate Some decisions of the central government actions. Recently, it is this side of the relationship between the investor and the state becomes decisive.

An individual investment project, enterprise, corporation, city, region, and branch, state can act as an object of investment. It is not difficult to allocate that in common, which puts them in one row, namely: the presence of your own budget and your own management system. The object of each level (and, accordingly, its investment attractiveness) has its own set of significant properties, but the region in this series occupies a special place: due to the characteristics it has its own specifics and at the same time, due to the integrity of the structure, is not unique. It is this feature that allows you to compare regions with each other.

There are a number of indicator, without the analysis of which it is impossible to decide on the purpose of the investment of a particular enterprise in a particular region. At the same time, in the conditions of the ongoing economic crisis, the instability of the economic situation, most of the characteristics of socio-economic development at the regional level will not only vary in a wide range, but also experiencing the impact of multidirectional trends. In such conditions, the assessment of the prospects for investing on the basis of the analysis of the determination of the same set for each region is significantly difficult and may be practically useless. According to one indicator, the region or country will be attributed to the zone of favorable investment, otherwise - to the zone of depressed investment activity. For this reason, the integral criteria for assessing the effectiveness of investment activity in the regions are usually used in economic and investment theory and practice. The most general characteristic of the prospects for investment activity is investment climate. It is in connection with this that the concept of regional investment climate becomes extremely important.

Regional investment climaterepresents a system of legal, economic and social conditions for investment activities under the influence of a wide range of interrelated processes divided into their macro-, micro- and actually regional control levels reflecting both the objective possibilities of the region to develop and expand investment activities that characterize its investment potential So the conditions for the activities of investors (investment risk), creating prerequisites for the emergence of sustainable investment motivations and have a significant impact on the profitability of investments and the level of investment risks.

There are several characteristics of the investment climate. Namely: investment potential, investment risk, investment attractiveness.

Investment attractiveit depends on the three conditions: a favorable investment situation, an investment climate in the industry and the region, as well as on the availability of advantages that are prosecated to the investor additional profits or reduce the risk.

Investment situationcharacterized by investment activity and effectiveness of investment processes

Investment potentialit is a qualitative characteristic that takes into account the main macroeconomic characteristics in the form of the amount of objective prerequisites for investment and dependent on both the availability and diversity of areas and investment objects and the economic development of the region.

The investment potential of the region consists of the following basic private potentials (each of which, in turn, is characterized by a whole group indicator):

- resource commodity(Weighted average availability of the balance sheets of basic species of natural resources);

- labor (labor resources and their educational level);

- manufacturing (cumulative result of the economic activity of the population in the region);

- innovative (the level of development of science and implementation of scientific and technological progress in the region);

- institutional (degree of development of leading institutions of a market economy);

- infrastructure(economic and geographical position of the region and its infrastructure security);

- financial(tax base and profitability of enterprises of the region);

- consumer(cumulative purchasing power of the population of the region).

Studies show that the greatest contribution to the formation of investment potential is the factors accumulated in the process of long-term economic activities, such as the infrastructure development of the territory, innovative potential and the intellectual potential of the population.

There are several classifications of factors that have the greatest impact on the preferences of investors and relating to the most essential elements of the investment climate of the region.

1. In accordance with the leading Western economist Barry.:

· Political stability;

· Economic growth rate;

· Currency convertibility;

· Expenses for wages and labor productivity;

· Short-term loan; long-term loan and equity;

· Relationships to foreign investment and profits;

· Nationalization;

· payment balance;

· The possibility of implementing the contract;

· Organization of communication and transport;

· Local management and availability of a partner;

· Ability to use experts and services.

2. Allocate the other classified in terms of integrated analysis, a group of factors.

1.Political factors:

· The distribution of political sympathies of the population based on the results of the last parliamentary elections;

· General assessment of the stability of legislative and executive structures;

· The distribution of power between different political groups and parties, the influence of the opposition of regional political forces;

· The influence of various ethnic and religious groups, the state of interethnic relationships;

· Restrictive political measures necessary to hold power.

2.Social factors:

· Social living conditions of the population (the density of the population, subsistence minimum, etc.);

· Social stability (level of social tension);

· Availability of social conflicts (demonstrations, strikes, etc.);

· The level of development of the social sphere;

· Unstability due to possible violent actions (unconstitutional changes, etc.).

3.Economic (most influential) factors:

· The structure of the region's economy;

· Trends in the economic development of the region;

· The current level of investment activity;

· Capacity of existing local and world markets and the possibility of their expansion (for the production of this type of product, services);

· Sales terms (state of the distribution network, the remoteness of markets) and the price level of products, services at the local, international markets, as well as the volume of imports of similar goods and the position of competitors suppliers;

· Economic policy of the government for the development of invested industries;

· Allowable share of foreign participation in the capital's capital;

· The possibility of transferring dividends abroad;

· The possibilities of obtaining short and long-term loans in the internal and global markets of bank loan capital and capital of non-bank financial structures;

· Opportunities for the mobilization of funds due to the issue of securities;

· Inflation rate;

· Convertibility of national currency;

· Activity in the implementation of economic reforms;

· Availability of highly efficient investment objects;

· Availability of a promising partner.

4.Environmental factors:

· The level of environmental pollution;

· Natural climatic conditions in the region;

· The level of radiation pollution.

5.Criminal factors:

· Level of criminal hazard (crime) in the region, taking into account the severity of crimes;

· Custom killings;

· Corrupthood of power structures;

6.Financial factors:

· Degree of balance of the regional budget and finance of enterprises;

· Taxation system (tax base; system of benefits, incl. Regional and municipal);

· The state of the balance of payments;

· Profitability of enterprises in the region.

7.Resource-raw factors:

· Weighted average availability of basic stocks of basic species of natural resources;

· Resource-raw material security.

8.Labor factors:

· Availability of labor resources;

· Professional educational level of labor resources;

· Availability of qualified labor force.

9.Production factors:

· Cumulative result of the economic activity of the population in the region;

· Features of sectoral specialization;

· Results of production activities;

· Availability and accommodation necessary for the production of components (productive forces): Energy, raw materials, equipment, infrastructure, etc.;

· The presence of export potential.

10.Innovative factors:

· The level of development of science;

· Innovative level of development and implementation of achievements of scientific and technological progress in the region;

· Intellectual educational level of the population.

11.Infrastructure factors:

· Economic and geographical position of the region;

· Territorial placement of the region (proximity to external borders, regions-providers and regions-consumers);

· Infrastructure development, furniture and security of the region;

· Development of communications system infrastructure in this area.

12.Consumer factors:

· Consumer potential;

· Cumulative purchasing power of the region's population.

13.Institutional factors:

· Degree of development of leading institutions of a market economy;

· The degree of development of the infrastructure of the market economy;

· Availability of investment infrastructure.

14.Legislative factors:

· Legal investment conditions in certain spheres or industries;

· Degree of development (state) of the legislative framework;

· The presence of mechanisms for guarantees and protect investments and the level of their coverage;

· The procedure for the use of individual production factors.

Investment risk - This is the risk of loss of invested capital, as well as expected income.

In assessing the investment climate of each region, generally takes into account the following types of risks (related and largely predetermining investment risks):

- economic;

- financial;

- political;

- social;

- ecological;

- criminal;

- legislative.

The most important component of investment risk is legislation. The specificity of the interregional approach consists in fact that on the territory of most regions there is a unified national legislative fund, modifying in certain subjects of the state under the influence of regional legislation regulating investment activities within their powers. Legislation not only affects the degree of investment risk, but also regulates the possibilities of investing in certain spheres and industries, determines the procedure for the use of individual factors of production, that is, also affects the investment potential of the region. When calculating this risk, both government and regional laws and regulations are taken into account, as well as documents directly regulating investment activities or affecting it indirectly.

Components of the investment climate. Investment potential, investment risk, investment attractiveness. - Concept and species. Classification and features of the category "Components of the investment climate. Investment potential, investment risk, investment attractiveness." 2017, 2018.

Investments are assigned a key role in stabilizing the economic situation in the country. This positively affects the work of enterprises, as it leads to an increase in gross product, thereby increasing the active acts of the state in foreign markets.

It is investment activity that is able to conduct various transformations in the country, creating all the conditions for economic growth. Thus, the issue of increasing the investment climate and investment attractiveness is key.

The investment climate of the country and its improvement - this issue should always stand in front of the state.

Under the investment climate, it is necessary to understand the combination of conditions affecting the investor at the time of the choice of the investment object.

Considering the concept at the level of individuals, this is the cooperation of the investor and any institutions. In the role of the investor is a company or private person.

In the role of institutions can be:

banks;
state bodies;
various financial structures;
labor teams.

In the course of actual communication, the climate assessment is specified, which was produced in absentia. At the macro level, the definition consists of an analysis of the situation as a whole.

The investment climate of the country is the situation in the country that potential investors assess. If such a position from their point of view is profitable, they will attract their means to the country to increase their efficiency. But only provided that the state will provide a guarantee of their safety.

The coefficients characterizing the investment climate:

investment risk. Uncertainty regarding the extraction of income from investments in the future. It affects the situation in the country;
investment potential. These are macroeconomic data: inflation, economic growth rates, key rate, profit rate, demand indicators.

Why do you need an investment climate

The essence of the investment climate lies in its main task: the creation of all conditions for the inflow of capital into the state, which will contribute to the development of the economy.

Policies in this area are focused on:

calculation of the necessary volumes of investments and their structure for different periods of time;
designation of the main directions of development;
growing the effectiveness of investments.

The purpose of the policy in the field of attracting investment is to:

support the restructuring of the economy;
stimulate entrepreneurship;
reduce unemployment;
get as much sources as possible, including foreign;
form optimal conditions for mortgage;
develop a lease system;
form support for small businesses;
form a favorable atmosphere for venture investment.

Important! Investment policy and regulation of investment by the state is not the same thing. Politics in this area works on the principle of non-interference. The state regulation, on the contrary, has all the tools for direct control over investment activities, including investment policies.

What you should pay attention to

Investment climate and investment risks (see) depend on the country's potential, which is an indicator that implies its basic characteristics. The investment climate of the regions forms the potential of the whole country.

Therefore, it is important to understand from which factors it depends:

raw materials (availability of natural and raw materials reserves);
labor (there is or not there is an economically active population of the country and what his education is);
production (work of enterprises);
innovative (the presence of NTP (scientific and technological progress));
infrastructure (infrastructure development);
financial (tax revenue in treasury);
consumer (consumer demand in the region).

Important! Most economists agree that favorable investment potential is formed by the development of infrastructure in the region, the presence of both innovative and intellectual development.

Western economists offer as follows to analyze the investment climate and its factors defining:

political stability;
economic growth level;
the cost of the national currency and its convertibility;
costs for labor and its performance;
the ability to take a loan, including for a long time;
availability of equity;
location management level;
freedom in concluding contracts;
improved legislation in the field of foreign investment;
developed infrastructure (transport and communication).

Does climate assessment need

Various investment climate factors affect its assessment that may be:

favorable;
unfavorable.

In the first case, the investment climate and its components are favorable on the activities of the depositors, increase the receipt of funds to the region / country. An unfavorable situation is increased risks for capital, the high probability of their loss.

Estimates of this indicator are very diverse. They are based on various indicators that characterize the region. The rating of the investment climate of the regions characterizes the country as a whole. Based on the amount of indicators, the country is assigned a general figure. The overwhelming part of the techniques was developed by Western countries.

Moody's Investors Service;
Standard & Poors;
Thomson Financial Bankwatch;
Fitch Ratings Fitch IBCA.

Today it is impossible not to take into account them, as they are assigned to each country. The presence of this rating, especially positive, gives an additional reason for investors to consider this region as an object for investment of capital.

The credit rating defined by the International Organization is the assessment of the Issuer to respond in its obligations. Under the issuer, not only country, but also separate corporations (private organizations) can be. With a drop of rating, the risk of non-return of debt increases.

Indicators are calculated annually. And with the positive policy of the Issuer as part of its economic activity, the International Agency raises the rating. There is a review in an emergency manner throughout the year, if fundamental changes have happened in the position of the Issuer.

Important! In previous years, factors such as the accession of the Crimea, the sanctions of the West and the United States, the War in Syria and others have had a significant impact on the investment climate of the Russian Federation. All of them are known to have a negative impact on economic stability, reducing the already small influx of capital into the country.

Is there a chance to increase the investment attractiveness of the country

Yes, there is always a chance. On the other hand, how to use it. The problems of regulating the investment climate are always there and will be key for any state.

Taking into account the global reorganization of the world, the growth of economic and geopolitical risks requires mechanisms that will support the growth of the economy and at the same time reduce the risks coming from the outside.

Denote the main points that you should pay attention to:

Improving tax mechanisms, Development of warranty obligations that much reduce credit risks.
Conduct transformations in economically. The implementation of the mechanisms for the formation of "long" money, which will be available for commercial structures. Due to this, the implementation of innovative projects will be available.
Enhance the country's central bank, the main purpose of which should be in controlling inflation and the level of the exchange rate. Their optimal position will be support for the growth of the economy and employment. The policy of the Central Bank should be combined with goals in the industries, with policies in the regions.
The banking sector should be the foundation For a strong financial system, it is important to increase its capitalization.
Permanent analysis of the movement of capital both in the country and from the country. It is important to understand its purpose, origin, purpose, timing.
Prediction of investment climate It should be an important task of the country's leadership.

For example, China's investment climate has shown its appeal in the past few years.

It was achieved at the expense:

total control over the execution of solutions;
rapid implementation of adopted programs;
availability of both long-term strategy and current execution plans;
multi-level document management.

As a result, once again we note that the investment climate is a situation in the country discussed from all angles. Before you guide the capital somewhere, it is important to study the potential of the country, region, enterprise that is selected by an object for investing.

This will help understand the risks, develop a plan for their minimization. Perhaps it will push you to changing the object.