+7 495 989 9610, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»






Finance and Credit

Investment activity in the Ural Federal District in the context of import substitution

Vol. 26, Iss. 12, DECEMBER 2020

Received: 5 October 2020

Received in revised form: 19 October 2020

Accepted: 1 November 2020

Available online: 25 December 2020

Subject Heading: INVESTING

JEL Classification: O10, O30

Pages: 2678–2701


Krivenko N.V. Institute of Economics, Ural Branch of RAS, Yekaterinburg, Russian Federation


Trynov A.V. Institute of Economics, Ural Branch of RAS, Yekaterinburg, Russian Federation


Epaneshnikova D.S. Institute of Economics, Ural Branch of RAS, Yekaterinburg, Russian Federation

ORCID id: not available

Subject. The article considers the investment activity in the regions of the Ural Federal District.
Objectives. We analyze the impact of import substitution policy on investment activity by type of economic activity, using the regions of the Ural Federal District case.
Methods. We employed methods of logic, statistical, and structural analysis.
Results. We offer our own approach to the study of the impact of import substitution policy on the investment activity of regions. It rests on comparing the dynamics of Russian imports by major commodity group and the dynamics of investment in fixed assets by type of economic activity. The study revealed two trends. First, the development of substitute goods production. Second, the commodity sector development. It was found that in 2013–2019, investments in the sectors of mining and processing of mineral resources demonstrated faster growth. At the same time, investments in the production of import substituting goods did not show a stable positive dynamics. Thus, the enterprises of the Ural Federal District are more focused on the production of traditional export goods; the orientation of the import substitution policy to the domestic market and high-tech exports currently does not give the expected results and is local in nature.
Conclusions. The results of the study can be used by Federal and regional authorities to assess the impact of import substitution policies on the investment activity of enterprises.

Keywords: region, investment activity, import substitution, nature of business


  1. Grishina I.V., Shakhnazarov A.G., Roizman I.I. [Integrated estimation of investment appeal and investment activity of Russian regions: A methodology for defining and analyzing the interrelations]. Investitsii v Rossii = Investment in Russia, 2001, no. 4, pp. 5–16. URL: Link (In Russ.)
  2. Grishina I.V., Golubkin I.V., Bol'shakova M.N. [A new methodological approach to assess the investment activity of the Russian Federation regions]. Regional'naya ekonomika: teoriya i praktika = Regional Economics: Theory and Practice, 2013, vol. 11, iss. 19, pp. 2–12. URL: Link (In Russ.)
  3. Animitsa E.G., Animitsa P.E., Glumov A.A. [Import substitution in regional industrial production: Theoretical and practical aspects]. Ekonomika regiona = Economy of Region, 2015, no. 3, pp. 160–172. URL: Link (In Russ.)
  4. Matantsev A.N. 600 sposobov prodvizheniya torgovoi marki [600 methods for brand promotion]. Moscow, Delo i servis Publ., 2003, 352 p.
  5. Semykin V.A., Safronov V.V., Terekhov V.P. [Import substitution as an effective tool of optimal development of the market economy]. Vestnik Kurskoi gosudarstvennoi sel'skokhozyaistvennoi akademii = Vestnik of Kursk State Agricultural Academy, 2014, no. 7, pp. 1–7. URL: Link (In Russ.)
  6. Bodrunov S.D. Teoriya i praktika importozameshcheniya: uroki i problemy: monografiya [Theory and practice of import substitution: Lessons and challenges: a monograph]. St. Petersburg, INIR Publ., 2015, 171 p.
  7. Abelyan A.S., Ivanova N.E., Rudik E.V. [Mechanisms of import substitution policy of modernization of the Russian economy: Practical tools for implementation]. Transportnoe delo v Rossii = Transport Business in Russia, 2014, no. 4, pp. 114–116. URL: Link (In Russ.)
  8. Chenery H.B., Strout A.M. Foreign Assistance and Economic Development. The American Economic Review, 1966, vol. 56, no. 4, part 1, pp. 679–733. URL: Link
  9. Lindert P.H. Ekonomika mirokhozyaistvennykh svyazei [International Economics]. Moscow, Progress Publ., 1992, 514 p.
  10. Kirbitova S.V. Importozameshchenie: sushchnost', praktika realizatsii, strategicheskie prioritety i osobennosti primeneniya tamozhennogo mekhanizma v Rossii [Import substitution: The essence, implementation practice, strategic priorities and features of the customs mechanism in Russia]. Kazan, Buk Publ., 2019, 148 p.
  11. Makarov A.N. [Import substitution as an instrument of industrialization of the region's economy: An innovative aspect (based on the Nizhny Novgorod Oblast case)]. Innovatsii = Innovations, 2011, no. 5, pp. 90–93. URL: Link (In Russ.)
  12. Kuznetsova G.V., Tsedilin L.I. [Import substitution: Preliminary policy results for five years]. Rossiiskii vneshneekonomicheskii vestnik = Russian Foreign Economic Bulletin, 2019, no. 10, pp. 7–25. URL: Link (In Russ.)
  13. Shirokova O.V., Nazarenko V.S. [Public policy of import substitution: Preliminary results and trends]. Ekonomicheskie otnosheniya = Journal of International Economic Affairs, 2017, vol. 7, no. 4, pp. 343–356. (In Russ.) URL: Link
  14. Minakova I.V., Raspopin D.I., Bykovskaya E.I., Baroyan A.A. [On the effectiveness of import substitution policies in Russia]. Russian Economic Bulletin, 2019, vol. 2, no. 5, pp. 92–99. (In Russ.)
  15. Tatarkin D.A., Sidorova E.N, Trynov A.V. [Simulation of Structural Changes in the Region's Economy Based on the Matrix of Financial Flows]. Ekonomicheskie i sotsial'nye peremeny: fakty, tendentsii, prognoz = Economic and Social Changes: Facts, Trends, Forecast, 2017, vol. 10, no. 1, pp. 218–234. URL: Link (In Russ.)
  16. Belova T.N. [The processes of import substitution in the agro-food sphere: Success or failure?]. Ekonomika regiona = Economy of Region, 2019, vol. 15, no. 1, pp. 285–297. URL: Link (In Russ.)
  17. Kheifets B., Chernova V. [Import substitution can not be a long-term strategy]. Obshchestvo i ekonomika = Society and Economics, 2018, no. 6, pp. 27–42. (In Russ.) URL: Link
  18. Lebedeva N.E. [Trends in the development of oil and gas engineering in the Russian Federation in the context of the implementation of the import substitution policy]. Innovatsii i investitsii = Innovation and Investment, 2019, no. 11, pp. 329–334. URL: Link (In Russ.)
  19. Krivenko N.V., Epaneshnikova D.S. [Justification of possibilities for effective import substitution in terms of ensuring economic security]. Zhurnal ekonomicheskoi teorii = Journal of Economic Theory, 2019, vol. 16, no. 4, pp. 640–653. (In Russ.)
  20. Fal'tsman V.K. [Forcing import substitutions in a new geopolitical situation]. Problemy prognozirovaniya = Problems of Forecasting, 2015, no. 1, pp. 22–32. URL: Link (In Russ.)

View all articles of issue


ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 26, Iss. 12
December 2020