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Regional Economics: Theory and Practice
 

Development of the investment potential of the engineering industry of the Ryazan oblast: a regional perspective

Vol. 13, Iss. 32, AUGUST 2015

PDF  Article PDF Version

Received: 10 June 2015

Received in revised form: 29 June 2015

Accepted: 7 July 2015

Available online: 5 September 2015

Subject Heading: INNOVATION AND INVESTMENT

JEL Classification: 

Pages: 2-17

Chaldaeva L.A. Financial University under Government of Russian Federation, Moscow, Russian Federation
chaldaeva45@mail.ru

Skidanova Yu.V. Public Joint-Stock Company NOTA-bank, Moscow, Russian Federation
yskidanova@gmail.com

Importance In this paper, we consider the investment potential of the engineering industry of the Ryazan oblast, i.e. the region's ability to meet the needs for investment resources without borrowing, on the basis of the available factors of production: labor, natural resources, well-developed infrastructure, a variety of areas of investment, and the level of consumer demand.
     Objectives
The aim of the paper is to identify ways to improve the investment potential in the Ryazan oblast. To achieve the goal, we set a number of tasks to be resolved, namely: to examine the current state of the machine-building industry of the Ryazan oblast; to collect and summarize information on the availability of government programs on investment development of the oblast; to identify negative factors affecting the development of the investment potential of machine-building industry in the region, and to develop interventions to mitigate these factors.
     Methods As the study's information base, we used statistics from the Ministry of Economic Development of the Ryazan oblast, as well as the regulations governing the State support for investment activity in the oblast.
     Results The paper presents a set of negative factors affecting the development of the investment potential of the Ryazan oblast's engineering industry. We specify positive and negative trends in the problems' development and offer certain possible solutions.
     Conclusions and Relevance
We conclude about the necessity to develop an information resource for increasing the investment potential of the machine-building industry of the Ryazan oblast. In view of the establishment of a special economic zone, we propose certain activities intended to strengthen Russian-Chinese cooperation in this direction. In addition, we recommend certain programs to attract potential investors in the engineering industry and activities that promote the creation of an information resource for investors, as well as raising the level of competence of managers in the engineering cluster.

Keywords: investment potential, engineering cluster, competence, motivation, incentives

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