Instruments of investment attraction in order to fulfill the structural priorities of sustainable regional development (study based on the Rostov Region)

Abstract

The aim of the study is devoted to defining most effective tools of investment funds attraction. These funds can be used in implementation of strategic priorities for socio-economic regional development requiring, in areas that are in need of economic restructuring. The authors have selected the Rostov region as the research target, the economy of which is in need of structural change in the direction of increasing innovational, high-tech and scientific production, in order to reduce import dependency and move closer towards the post-industrial model of economic development. The study considers currently available instruments of attraction of private sector closer to solving the stated problems of Rostov region, analyzing their regulatory, financial and organizational consulting security on both state and federal level. Main directions of economic restructuring of Rostov region are also defined. Authors also outline the main problems that private enterprises come across while doing business in the investigated area. On the basis of the research, investigating federal and regional instruments of private sector involvement authors form a number of proposals and recommendations focusing on regional improvement. As a result of the conducted study, the authors reached the conclusion, that there is a number of strategic measures that should be performed in the Rostov region. These don't only include the improvement of financial instruments, but also best available technologies, national technology initiative, and clustering.