Importance Currently, attracting investments in the region's economy becomes the primary objective of the regional investment policy. The variations of forms and techniques to enhance the investment attractiveness of the constituent entities of the Russian Federation contain a virtually identical instrument system: providing of tax incentives and subsidies, generation and use of investment, collateral and guarantee funds, and also ensuring of guarantee on loans to business entities, as well as the establishment of priority statuses for investment projects, etc. Objectives The paper aims to review the existing system of instruments of investment attractiveness of the Volga Federal District regions. Methods As the methodological tools, I use a qualitative and quantitative analysis. Within the framework of the research, I have created a map of the tax benefits of the district as one of the most common instruments for financial support, and the territorial subjects of regions are divided into groups depending on the version, and the use of tax preferences. Investment return on application of tax benefits differs substantially across the Volga Federal District regions, since their effectiveness more than once should be justified and proven. An analysis of the statistical information permitted to develop a ranking of regions in terms of the relative share of investments in fixed capital of gross regional product and per capita investment, and to highlight the absolute and relative leading entities. Results I conclude about the efficient and well-established system of incentives for investors in the Volga Federal District, which collectively increases their investment attractiveness. Conclusions and Relevance I recommend to region's territorial subjects to switch from aggressive tax competition to non-financial support tools, the development of investment infrastructure, and promotion of investment opportunities in the region, which to the great extent characterize regional investment policy as stable and consistent.
Keywords: investment attractiveness, investments, tax preferences, financial instruments, non-financial instruments, Volga Federal District, regional investment policy
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