Institutional aspects of investment attraction into sustainable and competitive development of region

Abstract

The purpose of this chapter is to study institutional aspects and perspectives for investment attraction into sustainable and competitive development of region by the example of modern Russia. As a lot of attention is paid to modern Russia, the object of the research is a region at the level of the national economy as a separate territory in the state. The authors analyze the causes of low sustainability and low competitiveness of economy of modern Russia’s regions and determine that these causes are closely connected, which creates a possibility for their complex solution. For that, the authors distinguish two most perspective directions of investment attraction into the regional economy of modern Russia: infrastructure and innovations; the corresponding recommendations are offered, and the institutional model of investment attraction into sustainable and competitive development of region is developed. As a result of the research, the authors come to the conclusion that development of these institutes led to increase of investment attractiveness of infrastructural and innovational projects, which ensures growth of production capacities, modernization of technologies and equipment of regional entrepreneurship, and reduction of production means. As a result, this leads to increase of living standards of Russian regions’ population and growth of their attractiveness for doing business, thus raising their sustainability and competitiveness.