Foreign investments and the main directions of their attraction. Attracting foreign investment Necessary conditions for attracting foreign investment

As was shown earlier, special role in the implementation investment projects belongs to foreign investments, which should help resolve the following social- economic development:

· development of the unclaimed scientific and technical potential of Russia;

· promotion of Russian goods and technologies to foreign markets;

· promoting the expansion and diversification of export potential in the development of import-substituting industries in certain industries;

· promoting the influx of capital into labor-abundant regions and areas with rich natural resources to accelerate their development;

· creation of new jobs and development of advanced forms of production organization;

· mastering the experience of civilized relations in the field of entrepreneurship;

· assistance to production infrastructure.

To implement indicated directions The following forms of using foreign capital are recommended for investment:

· investments of foreign states and international financial institutions in the form of government borrowings of the Russian Federation, forming state debt RF;

· investments in the form of a contribution to share capital Russian enterprises;

· investments in the form of investments in securities, including government, corporate and institutional issuers;

· foreign loans;

· leasing loans that allow the domestic economy (enterprises) to obtain the most modern equipment and technologies;

· financial loans to Russian enterprises.

The legal environment for attracting foreign investment to the regions is largely shaped by legislative acts, directly devoted to the delimitation of powers of the center and regions in the foreign economic field. We are talking about federal laws of October 13, 1995 No. 157-FZ “On government regulation foreign trade activities" and dated January 4, 1999 No. 4-FZ "On the coordination of international and foreign economic relations of subjects Russian Federation" Finally, the federal law dated July 9, 1999 No. 160-FZ “On foreign investments in the Russian Federation” directly established that the constituent entities of the federation have the right to adopt laws and other regulatory legal acts regulating the process of attracting investments on issues related to their jurisdiction, as well as to joint jurisdiction of the Russian Federation and its constituent entities.

To date, “packages” of documents, including agreements between government bodies at the federal and regional levels on the delimitation of jurisdiction and powers, as well as agreements between executive authorities at different levels on the mutual delegation of powers, have been signed by the federal center with more than 30 regions.

In general, existing legislation gives the subjects of the federation quite broad opportunities to create their own preferential systems at the regional level for foreign investors. Regions have the right:

regulate the rates of some federal taxes, revenues from which are credited to regional budgets (in particular, income tax);

· establish regional and local taxes in accordance with the conditions determined by federal legislation and the legislation of the subject of the federation;

· install tax benefits for priority investment projects;

· create free economic zones on its territory with especially preferential tax conditions for investors;

· create, at the expense of regional budgets, insurance and collateral funds that guarantee compliance with obligations to foreign investors.

It should be emphasized that these opportunities are used very actively by the regions.

Since the mid-1990s. In an attempt to fill the lack of funds for investment needs, regional authorities began to resort to internal and external borrowing. By August 1998, about a dozen Russian regions had placed their own Eurobonds on foreign markets. Thus, Moscow placed Eurobonds in the amount of $500 million on the market, St. Petersburg - $300 million. and Nizhny Novgorod - 100 million dollars. However, in conditions financial crisis all of them were forced to stop servicing accumulated obligations or begin negotiations on debt restructuring. In August 2000, amendments were made to the current Budget Code of the Russian Federation, according to which the subjects of the federation lost the right to finance regional budget deficits from external sources. In such conditions, regional authorities have no choice but to decide their financial difficulties by stimulating measures to attract foreign investment to its territory and thereby expand its own tax revenue base.

Own laws about investment activities were adopted in the vast majority of federal subjects; as a rule, they provide for an extensive system of benefits and guarantees for investors. In many regions, measures such as: exemption under certain conditions from paying income tax and corporate property tax to the regional budget (or reducing their rates) have become widespread; deferment of tax and rent payments; provision of investment tax credit, etc.

Regions pursuing an active investment policy can be divided into those where tax benefits are provided to both Russian and foreign investors, and those where there are preferences only for investors from abroad. The first group includes, in particular, the city of St. Petersburg, the Republic of Tatarstan, Yaroslavl and Belgorod regions. To the second - Novosibirsk region, Khabarovsk region, The Republic of Buryatia.

The regional distribution of foreign investment flows is determined by a combination of geographical, political and socio-economic factors that shape investment climate. The regions of Russia are highly differentiated in terms of investment potential And investment risk. Among the factors that certainly increase such potential, we should highlight, first of all, the border status of the region (with non-CIS countries), the metropolitan status of Moscow and the metropolis of St. Petersburg, the status of the region with the presence mineral resources. As of the beginning of 2001 (Table 20.5), the most attractive for foreign investors were:

· regions, the level of economic development of which allows enterprises with foreign investment in the non-productive sphere to operate effectively (Moscow, St. Petersburg, Moscow and Leningrad region);

· regions with raw material export potential (Sakhalin and Tyumen regions, Krasnoyarsk region). The regions that have managed to achieve an influx of investment through an active industrial policy include the Samara and Novosibirsk regions.

Table 20.5

Related information.

The use of foreign investment is today an objective necessity due to the participation of the country's economy in the international division of labor and the flow of capital into free sectors of entrepreneurship. For the domestic economy, foreign investments are considered as a factor in accelerating economic and technical progress, updating and modernizing the production apparatus, mastering advanced methods of organizing production, training personnel that meet the requirements market economy. At the same time, there are also opinions about the undesirability of wide access of foreign capital to Russian economy, the extreme expression of which is the thesis about the threat of “selling out Russia” to international monopolies. Another, more logical position is the views of those entrepreneurs who see the uncontrolled influx of foreign capital as a threat to serious competition for Russian industry. And yet the objective laws of the world economy, experience international migration capital indicate that Russia cannot stand aside from this process. Having set a goal to integrate into world economy, while proclaiming the idea of ​​following the principles of an open economy, one cannot fail to recognize the objectivity of the processes of capital export from our country and its import into Russia.
During the investment crisis of the 1990s. In Russia, attracting foreign investment has become a task, the effectiveness of which depends on the progress, pace and, in many respects, the results of the ongoing reforms.
The specific conditions of our country (the vastness of the territory, the underdevelopment of the communication structure, the presence of an outdated production apparatus, the hypertrophied military-industrial complex in the absence of a number of industries necessary for the civilian economy) made this process unparalleled in the world. The influx of foreign investment into Russia in absolute terms is significantly lower than the level of developed countries in Europe and the United States and is at the level of the countries of South America (Brazil, Mexico) and Australia. If we take into account the amount of investment per capita and the scale of the Russian economy, then the influx of foreign investment for the entire period economic reforms, despite its annual increase, will be extremely small.
The most attractive sectors of the Russian economy for foreign investment are primarily those that are associated with the exploitation of natural resources and have good export potential (metallurgy, oil and gas industry, forestry and partly the chemical industry), serve a wide non-monopolized domestic market (food industry, production of consumer goods). In this case, foreign investors solve the problem of supplying their countries with raw materials, and also implement non-capital-intensive, quick-payback projects aimed at saturating the Russian consumer market. More than two-thirds of foreign investment in the Russian economy has traditionally been directed to the fuel, food industries, telecommunications and commercial market servicing activities. This orientation leads to increased dependence of our country on the export of raw materials, is a brake on the structural restructuring of the domestic economy and does not contribute to its economic growth.
In addition to the “sectoral imbalance,” there is also a territorial uneven distribution of FDI in Russia. The lion's share of them goes either to regions with developed trade, transport, financial and information infrastructure (Moscow and the Moscow region, St. Petersburg, partly Primorsky Krai), or to regions with a high density of export-oriented fuel and energy enterprises (Tyumen, Tomsk, Omsk, Samara, Nizhny Novgorod regions, Tatarstan, Krasnoyarsk Territory). There are three main centers for attracting FDI in Russia: Moscow, raw materials regions and large industrial centers.
The tendency towards uneven sectoral and territorial distribution of foreign direct investment described above is not accidental. It largely reflects, on the one hand, the real position of today's Russia in the international division of labor as an exporter of raw materials and an importer of foreign high-tech products. On the other hand, this trend shows which categories of investors are ready to make direct investments in the Russian economy, despite the high risks and unfavorable investment climate. First of all, these are the largest TNCs, which consider FDI in Russia as a way to access Russian resources and the domestic market. Investments in Russian enterprises are for them part of the global investment strategy promoting their products on the Russian market (sold through the creation of a sales and distribution network, assembly plants, service centers, the introduction of their standards), which allows them to put up with high risk and temporary unprofitability of investments. Secondly, this is medium and small foreign capital, attracted to Russia by ultra-high profitability and quick payback of individual projects (in trade, construction and the service sector). Thirdly, these are investors from among representatives of the Russian diaspora in foreign countries ah, as well as companies investing in Russia capital illegally exported from its borders and legalized abroad. The risks of investing in Russia are reduced for them due to knowledge of local specifics and extensive business and status contacts in the country.
Foreign companies and banks, making investments in Russia, pursue the following goals in addition to the above:
. the use of production factors, the price of which in Russia is lower than the world price - relatively cheap labor, the low price of some types of raw materials (at the same time, one should not overestimate the cheapness of labor in Russia, in many developing countries the cost of labor is lower, and workers are more disciplined);
. inclusion of Russian enterprises in the technological chains of foreign financial industrial groups through the acquisition of domestic enterprises - suppliers of raw materials and semi-finished products;
. purchasing potentially effective Russian enterprises at a low price in order to obtain high profits after limited investments in creating a sales system, conducting marketing research and restructuring the range of products;
. the use of obsolete or environmentally harmful equipment that cannot be used effectively in developed countries; production and sale on the Russian market of obsolete products, the production technology of which is well established.
International legal practice provides for the application of either most favored nation treatment or national treatment for foreign investments. Russia has a national regime. In accordance with the documents of the International Monetary Fund (IMF), the International Bank for Reconstruction and Development (IBRD), the International Chamber of Commerce (ICC) and the Organization economic cooperation and Development (OECD) this means that attracting foreign investment and the activities of companies with foreign participation are regulated by national legislation, and the latter does not contain differences in the regulation of the economic activities of national and foreign investors.
Foreign investors can have access to local production, labor and financial resources, create enterprises of any organizational and legal form accepted in the country, carry out economic activities on the same terms as national entrepreneurs, and enjoy significant local benefits. The principles for accepting foreign investments developed by the IBRD jointly with the IMF include: national treatment, non-discrimination of foreign investors, protection and guarantees (unimpeded transfer of relevant currencies, prevention of expropriation of foreign investments, resolution of disputes between the investor and the host state in International Arbitration).
Legal regulation of foreign investments on the territory of the Russian Federation is carried out in accordance with the Federal Law of July 9, 1999 No. 160-FZ “On Foreign Investments in the Russian Federation” (hereinafter referred to as the Law on Foreign Investments), other federal laws and other regulations of the Russian Federation, and also international treaties of the Russian Federation. In addition, relations related to investments of foreign capital in banks and other credit organizations, as well as in insurance organizations, are regulated accordingly by the legislation of the Russian Federation on banking and insurance legislation. Investments of foreign capital in non-profit organizations to achieve a certain socially useful goal (educational, charitable, scientific and religious) are carried out in accordance with the legislation of the Russian Federation on non-profit organizations.
Subjects of the Russian Federation have the right to adopt their own laws and other regulatory legal acts regulating foreign investments on issues related to their jurisdiction, as well as to the joint jurisdiction of the Russian Federation and its constituent entities, in accordance with the federal laws of the Russian Federation. Regional authorities interested in attracting foreign investment and technology, often take very effective measures in this regard. In one form or another, laws (decrees, resolutions) on foreign investment and their stimulation were adopted in many regions - constituent entities of the Russian Federation back in 1993-1996. (for example, in the Moscow region, the republics of Tatarstan, Sakha, Yakutia, Mordovia, etc.).
The Law on Foreign Investment defines the concepts of “foreign investor”, “foreign investment”, “foreign direct investment”.
In accordance with Russian legislation, foreign investment means investment of foreign capital in objects entrepreneurial activity on the territory of the Russian Federation in the form of objects civil rights belonging to a foreign investor, including cash, valuable papers(V foreign currency and currency of the Russian Federation), other property, property rights, intellectual property rights, as well as services and information.
Foreign investors in the Russian Federation can be foreign legal entities, foreign citizens, domestic citizens living abroad, foreign states, and international organizations.
Foreign investments in the Russian Federation are carried out in the following forms:
. in the shape of equity participation in enterprises created jointly with Russian legal and individuals;
. creation of organizations wholly owned by foreign investors;
. participation in privatization;
. acquisition of rights to use land and other natural resources;
. acquisition of organizations, property complexes, other property not prohibited by the legislation of the Russian Federation;
. acquisition of securities;
. economic activity in free economic zones Oh.
Foreign direct investment is:
. acquisition by a foreign investor of at least 10% of a share, shares (contribution) in the authorized (share) capital of a commercial organization created or newly formed on the territory of the Russian Federation in the form of a business partnership or company;
. investment of capital in fixed assets of a foreign branch legal entity created on the territory of the Russian Federation;
. implementation on the territory of the Russian Federation by a foreign investor as a lessor finance lease(leasing) equipment.
The legislation of the Russian Federation provides for quantitative restrictions on foreign investments affecting the activities of strategically important sectors of the Russian economy. Federal Law No. 57-FZ of April 29, 2008 “On the procedure for making foreign investments in business entities of strategic importance for ensuring the country’s defense and state security” identifies 42 such types of activities. This is, in particular, work on active influence on hydrometeorological and geophysical processes, work with nuclear installations, radiation sources and radioactive materials, development and production of weapons, ammunition, military and aviation equipment, trade in them, space activities, television and radio broadcasting, services communications (except for the Internet), geological study of subsoil, exploration and extraction of mineral resources, extraction of aquatic biological resources, printing activities. Transactions of purchase and sale, donation, exchange of voting shares or shares in authorized capital, trust management, committed foreign countries or organizations in relation to enterprises of these types of activities are subject to prior approval with the Government of the Russian Federation, if as a result of these transactions foreign investors acquire the right to dispose of more than 25% of the total number of votes attributable to voting shares (stakes) in the capital of strategically important enterprises. With regard to activities for exploration and extraction of mineral resources from the subsoil of federal significance, this requirement has been tightened to 5%. To coordinate the transactions under consideration, a Government Commission has been created to control the implementation of foreign investments in the Russian Federation.
The provisions of this law do not apply to relations with business companies in the authorized capital of which the share (contribution) of the Russian Federation is more than 50% of voting shares or the Russian Federation has the right to directly or indirectly dispose of more than 50% of the total number of votes, as well as to relations regulated by international treaties. Thus, the law is aimed at preventing foreign investors from owning controlling or blocking stakes. The main provisions of the state policy of the Russian Federation regarding foreign investment are spelled out in the Law on Foreign Investment. In particular, the law provides for state guarantees for the protection of foreign investments:
. guarantee of legal protection for foreign investors on the territory of the Russian Federation, including the right to compensation for losses caused to the investor as a result of illegal actions (inaction) of government bodies;
. the right to make investments in any forms not prohibited by the legislation of the Russian Federation;
. guarantee of transfer of the rights and obligations of a foreign investor to another person;
. guarantee of compensation in the event of nationalization and requisition of the property of a foreign investor or a commercial organization with foreign investment;
. guarantee of ensuring proper resolution of a dispute arising in connection with the implementation of investments and business activities on the territory of the Russian Federation by a foreign investor;
. guarantee of use on the territory of the Russian Federation and transfer outside its borders of income, profit and other lawfully received sums of money, including compensation;
. guarantee of the right of a foreign investor to the unhindered export outside the Russian Federation of property and information that were imported into its territory as a foreign investment;
. the right of a foreign investor to purchase securities;
. guarantee of foreign investor participation in privatization;
. guarantee of granting a foreign investor the right to land plots, other natural resources, buildings, structures and other real estate;
. guarantee against changes in the legislation of the Russian Federation that are unfavorable for a foreign investor and a commercial organization with foreign investments.
The Law on Foreign Investment guarantees foreign investors implementing priority investment projects (i.e. projects with a total volume of foreign investment of at least 1 billion rubles or with a minimum contribution of foreign investors in the authorized capital of at least 100 million rubles or 25%) stability legislation of the Russian Federation, including tax, during the entire payback period of the project (no more than seven years from the beginning of financing the project through foreign investment). Thus, the newly adopted federal laws regulations RF and changes to current acts, leading to an increase in the total tax burden on the activities of a foreign investor or a commercial organization with foreign investment, do not apply to these business entities during the payback period of the project.
The investment legislation of the Russian Federation is criticized by experts for its certain declarative nature. The Foreign Investment Law lists guarantees provided to foreign investors, but lacks a specific mechanism for implementing these guarantees. Provisions on guarantees of unchanged tax regime for investors apply only to a certain category commercial organizations implementing priority projects. The Foreign Investment Law does not apply to investments of foreign capital in credit and insurance organizations, as well as in non-profit organizations. Thus, investors are subject to different tax policies based on the volume of funds invested. In practice, it turns out that an investor who has invested in one project is more protected from unfavorable changes in the tax climate than an investor who has diversified investments and created several different industries with a total investment volume greater than the first, but not falling under the definition of a priority investment project . Priority status is assigned to a project by decision of the Government of the Russian Federation, which is actually given the right, at its discretion, to delegate tax benefits to individual enterprises, and to the largest taxpayers, i.e., to regulate the revenue side of the federal budget. In addition, the law does not insure investors from changes in customs duty rates aimed at protecting the economic interests of Russia, as well as excise and VAT rates. This reservation is not accidental, since customs duties, excise taxes and VAT are the main sources of federal budget revenue. These indirect taxes and constitute the main tax burden on the manufacturer, so in fact the investor is guaranteed only against unfavorable changes in less significant (minor) taxes. An important guarantee is the return of capital, including income, profits and other legally received amounts of money in foreign currency in connection with investments previously made in Russia. Thus, the law guarantees the unhindered export of legal capital from the country by foreign investors without any restrictions. However, there may be exceptions to this rule, such as during the financial crisis in August 1998.
In order to attract real sector economy of foreign direct investment, Federal Law No. 225-FZ of December 30, 1995 “On Production Sharing Agreements” (hereinafter referred to as the Production Sharing Law) was approved. According to the fundamental principle of production sharing agreements, the investor is exempt from part Russian taxes, while giving the state a certain share of extracted and (or) processed raw materials or its monetary equivalent. The Tax Code of the Russian Federation provides foreign investors with a special tax regime, which implies:
. exemption from payment:
- regional and local taxes and fees by decision of the relevant regional or municipal authority and management,
- corporate property tax in relation to fixed assets, intangible assets, inventories and costs on the balance sheet of the taxpayer and used exclusively for the implementation of production sharing agreements,
- transport tax;
. reimbursement to the investor of the amount of VAT, excise taxes, unified social tax, state duty, customs duties, land tax, payments for the use of natural resources, water bodies.
Mineral raw materials received by an investor as part of the implementation of an investment project under a production sharing agreement are his property and can be exported from the customs territory of the Russian Federation under the conditions determined by this agreement, without quantitative export restrictions.
The Federal Law of October 29, 1998 No. 164-FZ “On Leasing” is also aimed at stimulating foreign direct investment. Leasing as an alternative form of financing long-term investments is becoming increasingly widespread in the economy modern Russia. The subjects of leasing relations can be residents and non-residents of the Russian Federation, as well as business entities with the participation of foreign capital. The lessor receives such advantages as expanding the circle of permanent partners, product range in the domestic and foreign markets, favorable tax regime, growth economic efficiency use of leased equipment, etc. The lessee gains the opportunity to reduce the volume of its own capital costs, reduce the risk of investment, and reduce taxable profit.
For many years, experts have called for the creation of actually functioning free (or special) economic zones - territories with preferential customs and tax regimes - as a measure to attract foreign investment into the Russian economy. The Law on Special Economic Zones was adopted in July 2005. A special economic zone (SEZ) is a part of the territory of the Russian Federation determined by the Government of the Russian Federation, on which a special regime for carrying out business activities operates (Article 2 of the Law). In the Russian Federation, special economic zones of four types can be created: industrial-production, technology-implementation, tourist-recreational and port. The main goals of creating the SEZ are the development of manufacturing and high-tech sectors of the economy; production of new types of products, development of import-substituting industries; development of transport infrastructure; development of tourism and health resort sector.
The selection of applications for the creation of special economic zones of one type is carried out on the basis of a competitive selection. The regulations on holding a competition for the selection of applications are approved by the Government of the Russian Federation. A special economic zone is created for 20 years, its period of existence cannot be extended. The agreement on the creation of a special economic zone, concluded for each SEZ separately, establishes the volume and timing of financing the creation of engineering, transport, social, innovation and other infrastructure of the zone at the expense of the federal budget, the budget of a constituent entity of the Russian Federation, local budget. Land plots within the territory of a special economic zone may be provided for temporary possession and use solely on the basis of a lease agreement.
The SEZ has a “free customs zone” customs regime, under which foreign goods are placed and used within the territory of the special economic zone without paying customs duties and value added tax, as well as without applying prohibitions and restrictions of an economic nature to these goods, established in accordance with with the legislation of the Russian Federation on state regulation of foreign trade activities, and Russian goods are placed and used under the conditions applicable to export in accordance with the customs regime for export with payment of excise duty and without payment of export customs duties. The amounts of import customs duties and value added tax are returned by the customs authorities if exemption from payment of import customs duties and value added tax or their refund is provided for during the actual export of goods from the customs territory of the Russian Federation. Equipment and real estate objects imported into the territory of the SEZ in accordance with the customs regime of the free customs zone and (or) made from goods placed under this customs regime, and owned by SEZ residents at the time of termination of the existence of the special economic zone, remain the property of these persons without payment customs duties and taxes and acquire the status of being in free circulation in the customs territory of the Russian Federation. The following tax benefits are provided for residents of special economic zones: reduction of the profit tax rate to 20% in industrial and production SEZs, exemption from transport and land taxes, property tax from the moment of registering property for five to ten years in all SEZs except port ones , reduced UST rates for residents of technology-innovation SEZs. Residents of all SEZs are provided with a guarantee against unfavorable changes in the legislation of the Russian Federation on taxes and fees (with the exception of taxation of excisable goods) for the entire period of existence of each zone.
In December 2008, two SEZs of industrial production type operated - in the Lipetsk region and in the Republic of Tatarstan, four zones of technology-innovation type - in St. Petersburg, in the Zelenograd administrative district of Moscow, in Dubna (Moscow region) and in Tomsk, seven special zones tourist and recreational type - in the Kaliningrad and Irkutsk regions, Krasnodar, Stavropol, Altai territories, the Altai and Buryatia republics.
Despite all the measures taken, Russia has not yet created sufficiently favorable conditions for foreign investment. Foreign investors are put off by inconsistency economic policy in Russia, the “rules of the game” are constantly changing. Russian legislation in relation to foreign investment is aimed mainly at direct capital investments and weakly addresses the issues of admission of foreign capital to the stock exchange, placement of shares and other securities abroad. Another important obstacle to foreign investment is extreme government regulation. economic relations. A situation has arisen where the implementation of any relatively large investment project requires support at the government or regional level. The benefits provided to foreign investors are subject to conditions that make them dependent on the subjective actions of officials. The complexity of large-scale foreign investments in the modernization of production in Russia also lies in the fact that foreign companies often have to work with enterprises that do not have normal financial services, qualified managers, modern marketing structures and other elements of civilized business.
Obviously, it is possible to achieve a significant quantitative and qualitative increase in foreign investment in the Russian economy by developing a comprehensive state policy in this area. Taking into account the experience of many foreign countries, the measures necessary for Russia in this direction should include stabilization and simplification legal framework regulating the activities of foreign investors; ensuring transparency of the activities of Russian economic entities; creation of a workable stock market structure; stabilization banking system; resolving the problems of risk insurance for foreign investors.

The largest volume of FDI flows into industrial production in Russia - this is evidenced by both the number of projects and the number of jobs created. A little fewer projects recorded in the field of marketing and sales.

Rice. 1. Number of projects, %

Rice. 2.

Table 1. FDI by type of activity

Per share industrial production accounts for 98% of jobs created in FDI projects. There is no doubt that the Russian production capacity continue to attract the main attention of investors.

In 2013, foreign companies began implementing 60 projects (62 projects were initiated in 2012) in industrial production, which amounted to 46.9% of the total number of investment projects in Russia. In terms of employment, labor-intensive activities in manufacturing accounted for 98.2% of the total jobs created by FDI in 2013 (up from 90.7% in 2012). On average, one project in the manufacturing industry created 219 jobs in 2013 (122 in 2012).

The most active investors in industrial production were companies from Germany, France and Japan. A large number of jobs were created as a result of the construction of factories, especially automobile and chemical ones. St. Petersburg, Kaluga and Nizhny Novgorod regions were the most popular destinations for FDI.

Foreign companies have established production sites in these regions both to meet domestic demand and to optimize supplies to foreign markets.

Table 2. FDI by industry

Investor interest is due to its favorable geographical location, relatively low labor costs and the ability to provide high quality goods.

The automotive industry continues to attract the largest number of FDI-financed projects to Russia.

In 2013, it accounted for 21.1% of the total number of projects and 35.9% of new jobs. Most of the projects were carried out by Western European companies, especially German ones. St. Petersburg and the Kaluga region were the most attractive destinations for investment in the automotive industry. The formation of an automobile manufacturing cluster in the Kaluga region after Volkswagen decided to build a plant there five years ago influenced several automakers who also decided to create factories in the Kaluga region. Nowadays, enterprises of several major players operate there, which has made it possible to successfully transform the regional industry.

According to Ernst & Young, the Russian passenger car market grew in value terms by 21.9% - to 2.3 trillion rubles (77 billion US dollars) in 2013. Sales of passenger cars increased by 10% - to 2.94 million units, approaching the pre-crisis level of 2008. This is in stark contrast to the European market, where sales fell to their lowest level in 17 years. These results also influenced the number of projects financed by FDI. In 2011 and 2013, investment increased by 50% - with a particularly sharp increase in the number of projects financed by German and Japanese companies.

Volkswagen continued to invest in all parts of the value chain in 2013. It launched assembly production with the GAZ Group in Nizhny Novgorod, and also opened a professional training center for automakers and a new office dealing with the marketing and sale of passenger cars.

In 2013, PSMA Rus, a joint venture between PSA Peugeot Citroën (70%) and Mitsubishi Corporation (30%), built a plant worth 550 million euros, focused on the domestic market. The presence of major automakers in Russia helps strengthen its reputation in this industry, as well as attract investment from service companies and auto component manufacturers. Many major automakers (including GM-AVTOVAZ, AVTOVAZ-Renault-Nissan, SOLLERS and Ford, Toyota, Mazda, Isuzu) cooperate with Russian companies to save on the scale of production and jointly conduct R&D. The AVTOVAZ-Renault-Nissan alliance aims to gain a 40% share of the Russian market by 2016.

Chemical industry. Results were weak in 2011, but investor confidence improved in 2013. In the chemical industry, 14 projects were launched, compared to nine in 2011. Half of the projects were initiated by German companies. Export-oriented industries such as chemicals are expected to benefit from Russia's accession to the WTO due to lower export tariffs. For this reason, Dow Chemicals, BASF, Lanxess and ThyssenKrupp decided to establish factories and production sites in Russia. In 2013, ThyssenKrupp built a polymer plant in Nalchik, which created 2,500 jobs. In addition, the German company Linde established a joint venture with OJSC KuibyshevAzot for the production of process gases.

Food industry. In 2013, only six projects were implemented through FDI, compared to 13 in 2011. On a positive note, projects launched in 2013 are larger, with an average of 120 jobs created per project in 2013, up from 64 in 2011. The most active investors in the food industry in 2007-2011 were companies from the USA, Switzerland and Finland. Their interest in investment appears to have waned in 2013, during which time they did not start a single new project.

Production of machinery and equipment. The sector attracted six investment projects in 2013, compared to 14 in 2011.

Despite the decrease in the number of projects, the average number of jobs per project increased over the year from 138 to 217. In 2013, the Italian engineering company Danieli entered into an agreement to build a plant for the production of equipment for the metallurgical industry. The implementation of the project will lead to the creation of additional jobs.

2. 2 Centers and regions of foreign investment in the Russian economy

Moscow and St. Petersburg continue to remain the focus of investors' attention. However, along with this, the role of some small cities (for example, Kaluga and Nizhny Novgorod) is increasing - the volume of investments they attract is steadily growing.

FDI is predominantly concentrated in western Russia: the combined share of Moscow, St. Petersburg, Kaluga and Nizhny Novgorod is 48.6% of the total number of projects launched between 2007 and 2013.

Their attractiveness is determined by the size of the local market and the concentration of the necessary business infrastructure.

Moscow is the most popular destination for investment in Russia. Between 2007 and 2013, Moscow accounted for 29.8% of the total number of projects and 5.5% of jobs created in Russia through FDI.

Most of the investments were directed into the services sector, including professional, financial, and software development. The presence of a developed business environment, experienced and highly qualified specialists, and the necessary infrastructure determines the choice of investors in relation to Moscow.

In 2013, the three largest foreign investors were the United States, Germany and France. Most of the investments were directed towards opening offices involved in marketing and sales organization.

In 2013, Citigroup, WPP Group and Volkswagen established their centers in Moscow.

It should be noted that more billionaires live in Moscow than in any other city in the world.

The population of Moscow exceeds 10 million people. The city has a large number government organizations, which makes it attractive from a business point of view. Besides, good conditions life, developed infrastructure and high wages attract many migrants to Moscow. Russia's preparations for the 2018 FIFA World Cup open up significant investment opportunities in the city.

St. Petersburg is the second most attractive city in Russia for investment.

In the period from 2007 to 2013, 11.3% of the total number of projects financed by FDI were initiated in St. Petersburg, within which 15% of the total number of jobs were created. The largest investors are Western European and American companies that have invested in the service sector and industrial production. Due to St. Petersburg's proximity to the European and Asian markets, many automakers, including Toyota, Fiat, Hyundai and General Motors, have established assembly and production plants here.

The investment policy of municipal authorities is aimed at stimulating foreign direct investment in automobile construction, transport, logistics and pharmaceuticals. Since St. Petersburg is the largest Russian port, through which 65% of exports pass, it has the necessary conditions to become a major transport and logistics hub. The implementation of such large regional projects as the reconstruction of Pulkovo Airport and the construction of the Western High-Speed ​​Diameter toll highway open up enormous investment opportunities in this sector. In addition, the following are showing interest in the pharmaceutical industry: international companies, like AstraZeneca.

In 2011, she opened the Center for Bioinformatics and Predictive Medicine in St. Petersburg to promote innovation in healthcare.

IN Lately investors are cautious about investing in St. Petersburg. In 2011-2013, the number of projects in this city decreased by 31.3%, and the number of new jobs created - by 70.9%.

This happened because investors were wary of the reorganization of the city administration, as a result of which planned long-term projects were postponed.

The government recently unveiled a plan to create an investment promotion agency to make the city more attractive to foreign and domestic investors. This measure can revive interest in the region.

Nizhny Novgorod Region. In 2013, nine projects were launched in Nizhny Novgorod, compared to two in 2012, which created 1,780 jobs.

The majority of projects are implemented in the field of industrial production (66.7%), but several companies have invested in the creation of offices involved in marketing and sales organization (22.2%). Danieli plans to build a plant for the production of equipment for the metallurgical industry: the first phase of construction, which began in May 2013, is expected to increase the production capacity of the region. In 2012, IBM and Heineken began implementing projects in the Nizhny Novgorod region. The basis for the investment attractiveness of the region is its rich natural resources and favorable geographical location. In addition, regional governments offer investors tax and other benefits. However, the region's tariff policy lacks consistency.

Kaluga region. Kaluga is a small provincial city, but the Kaluga region has become the third most attractive Russian region for investment.

Between 2007 and 2012, it accounted for 5.1% of the total number of investment projects, which led to the creation of 9,420 jobs. In 2012, despite the fact that only seven projects were launched in the Kaluga region (11 in 2011), the number of new jobs increased by 56.5% compared to 2011. In 2012, one project created an average of 309 jobs, in 2011 - 125. Most projects were initiated by Western European companies in the field of industrial production. The investment attractiveness of the Kaluga region is facilitated by its favorable location in central Russia, proximity to Moscow, reliable transport links, as well as the presence of industrial and technological parks.

It should be noted that foreign investors are showing interest in cities such as Voronezh. Since 2008, 15 projects financed by FDI and mainly related to industrial production have been launched in the Voronezh region.

Foreign investors are attracted by its favorable geographical location at a relatively short distance from Moscow and close to the border with Ukraine. In 2012, companies such as Pirelli and IBM invested in the economy of the Voronezh region.

APII (Agency for Attracting foreign investment)

The experience of foreign countries in attracting foreign capital shows that the opening of special Agencies for attracting foreign investment(APII), their correct organization and policy, not only contribute to attracting foreign capital to the country, but is also a very important tool in creating a positive image of the country at the international level and establishing a business climate.

As a rule, an APIA is established government agencies country, has a large staff of professional employees and a wide network of representatives in different countries. the main objective such an Agency - attracting foreign investment, direct communication with investors on site, maximum assistance in business.

There are many successful examples of foreign countries that managed to attract a significant flow of foreign capital with the help of such Agencies, thereby improving the economic situation in the country.

Singapore experience

The most successful examples Singapore is the leader in creating a business environment that is as business-friendly as possible. The main credit for this goes to an agency similar to APII. The Economic Development Agency (EDA), established in 1961, is responsible for attracting foreign capital to the Singapore economy, and also provides necessary support to investors.

Since 1995, Singapore has been ranked third in terms of ease of doing business. This is also the merit of the Agency, which creates favorable conditions for doing business. Since the establishment of the Agency, Singapore's GDP has grown several dozen times, and took third place in the world.

The Agency has about 500 employees, of which approximately 100 work in foreign representative offices in 19 countries. The company's employees, located in offices around the world, establish close contacts with investors potentially interested in investing in the Singapore economy. Employees of the Agency's headquarters build relationships between foreign investors and Singaporean companies. Every year the Agency conducts strategic reviews of target sectors and investors.

The Government of Singapore and the Agency have developed and are successfully implementing special programs on attracting foreign investment:

• Assistance to the investor at all stages of the investment process, including assistance in obtaining visas and permits, specially created instructions for foreign companies, etc.;
• An attractive tax policy has been created for foreign investors, taking into account their interests;
• Investors are offered a wide range of financial initiatives: from personnel training at the Agency’s expense to intellectual property protection and many others.

French experience

The second example of successful activities to attract foreign investment to the country is France. In recent years, this country has changed its attitude towards foreign capital. The result of these changes was the active work of the state Agency to attract foreign investors to France - IFA (Invest in France Agency). The agency not only attracts foreign capital to the country, but also is in close cooperation with the administrations of 22 regions of France, which are in the midst of a fierce struggle for investment not only among themselves, but also with other European countries.

As a result, France took third place in the world and took first place in Europe in attracting foreign direct investment to the country. At the same time, France is now in second place in Europe in terms of development. This was facilitated by two factors:

• Structural. France is located inside Europe, has direct access to EU countries, and French workers are among the most skilled and highly productive workers.
• Economic reforms. The French government has taken a number of anti-crisis measures and increased investment attractiveness countries. In addition, an action plan was adopted to support environmentally friendly industries. The events are planned until 2020 and should attract investments, including foreign ones, to total amount about 460 billion euros.

The agency has a wide network of branches in 22 countries. Works according to the project system, quickly responding to investor proposals. An individual approach to each foreign investor is practiced, and individual investment programs are developed in each specific case. The main task of the Agency is to develop projects and investment proposals that take into account all the needs of the investor. Since competition in European countries is very tough, the Agency strives to offer foreign investors the best options and the best conditions in order to foreign investment were involved for the benefit of the country.

Russian Agency for Attracting Foreign Investments

Russia, like other countries, is interested in attracting foreign capital. Today, there are already a number of financial institutions involved in attracting them. But there is a lack of a single center coordinating the work of such institutions, as well as regulating the interaction of regions and foreign investors.

The Russian FIA (Foreign Investment Agency) should become a single center for attracting foreign capital, performing all of the above functions. The founder of the Agency is the Russian government, but the legal form is based on PPP principles(public-private partnership). A Supervisory Board has been created under the Agency. Financing is provided by all participants.

If Russian Agency the successful experience of foreign agencies will be taken into account, the economic and political situation in the country will be stable, and the investment policy will be attractive, foreign investment will flow into the Russian economy in an endless stream.

Foreign investments and the main directions of their attraction

The deterioration of domestic investment policy in the CIS countries, including Russia, has raised hopes for attracting capital from other countries. The influx of foreign investment is determined by the investment climate. Investment climate - the expected ratio of profitability in a given country or region from investment in a particular industry National economy and their risk compared to other countries or areas of investment. Typically, the investment climate, which characterizes the influx of foreign investment into various countries, is assessed in several areas.

In the first place, the determining factor is political and economic stability in a given country, which includes the presence of stable economic legislation; mechanism for implementing laws and contracts; guarantees of property protection; and the extent of organized crime and corruption.

In second place is the stability of the national currency, including the level of inflation, guarantees of its transformation into a free convertible currency, the possibility of exporting income and profits in the process of production activities to other countries, and compliance of accounting with international standards.

In third place is the availability of labor, its quality, qualifications and discipline, as well as the level of payment. The combination of these characteristics of labor with low costs of its use makes it possible to create competitive products based on modern technologies.

In fourth place is the tax system, and above all the level of income tax rates, as well as the depreciation rate, the possibility of purchasing real estate, etc.

In modern conditions, foreign experts, assessing the investment attractiveness of developing countries, name 10 most important factors that provide foreign investors with the opportunity to freely invest their capital in the economies of these countries:

· pace economic growth(GDP growth);

· political stability (danger of coups, crime rate, civil conflicts);

· market size – the product of population size and per capita GDP production;

· dependence on foreign assistance and the ability to develop independently;

· external debt(in % of GDP);

· currency convertibility and the possibility of exporting profits;

· inflation rate and currency stability;

· level of domestic savings (in % of GDP);

· level of infrastructure development (transport, communications, information);

· legal protection (procedure for leasing and purchasing property, business registration and insurance, tax stability, restrictions on price changes, etc.).

Main directions of attracting foreign investment. When talking about attracting foreign investment, it is extremely important to keep in mind that the interests of Russian society and foreign investors do not coincide.

Russia's interests are aimed at solving the following basic provisions:

1. Restoration and renewal of its production potential, taking into account the introduction of the latest technologies.

2. Saturation of the consumer market with domestic high-quality and inexpensive goods, pursuing a policy of limiting imports.

3. Development and implementation of structural restructuring of our own export potential. Shifting the center of gravity from expanding the export of raw materials to increasing the export of competitive labor-intensive and knowledge-intensive products.

Interests of foreign investors:

1. Making a profit through the development of extensive domestic market Russia.

2. Development of production based on rich natural resources.

3. The use of qualified and cheap labor, as well as domestic scientific and technical potential.

As a result, our state faces a very difficult task: on the one hand, it is extremely important to attract foreign capital to the country, creating certain incentives for it; on the other hand, a system of measures is required economic regulation aimed at realizing the public goals of the state.

In the CIS countries, the functioning of foreign investors can be divided into four groups.

First group– international economic organizations. Οʜᴎ include The World Bank, European and Asian Banks for Reconstruction and Development (EBRD, ADB). Thus, the World Bank provides loans on preferential terms for 35 years to governments, local authorities and reliable banks of countries where per capita GDP is below $865 per year.

Second group– transnational corporations (TNCs). They account for more than half of global investment. TNCs act as strategic investors. They create their own enterprises with 100% foreign investment (FDI) and mixed enterprises (JV) in the CIS countries. Thus, the Swiss-Swedish corporation ABB has launched production of economical turbines in Russia. Foreign investors, having bought controlling interest shares, reconstructed Russian paper mills in Segezha, Kotlas and other cities.

Third group– financial investors ( investment funds and banks). As a rule, they purchase high-yield and less risky securities, but at the same time they do not have any production technologies. Receiving such funds makes it possible to improve the country’s balance of payments, pay off tax arrears and wages, cover budget deficit. At the same time, a high proportion of portfolio investors ( portfolio investment- ϶ᴛᴏ purchase of securities without the right to participate in the management of the company) with short-term market interests puts the budget and the entire stock market, as was the case with GKOs, in strong dependence on the financial and economic situation on foreign exchanges. To prevent such cases, it is necessary to increase attention to domestic investors and, if possible, limit external portfolio borrowing.

Fourth group- small and medium businesses. It does not have large financial resources and therefore focuses on trade and intermediary operations. This sector needs special control. In some cases, it is represented by foreign companies with a dubious reputation. Thus, according to the international conference “Business and Security” (1997), among foreign companies that seek to enter the Russian market, only 15% are considered completely reliable, 44 are in a difficult financial situation, 22 are bankrupt, 19% have a criminal record. character.

As a result, we can conclude that Russia does not need any investments, but only those that make it possible to attract modern new technologies, equipment and components not produced in the CIS. In this case, it is extremely important to take into account, firstly, the nature of the capital being invested; secondly, to which industries and regions it is sent; thirdly, investment conditions, including the principles of profit distribution when creating joint ventures, interest rates on loans, terms of capital investment, creation of new jobs.

Foreign investments and the main directions of their attraction - concept and types. Classification and features of the category "Foreign investments and the main directions of their attraction" 2017, 2018.