Factors of Investment Attractiveness of the Kaluga Region

Abstract

This article presents research of factors of investment attractiveness of the Kaluga region - a regional leader in formation of appealing investment climate for foreign investors and setting up  industrial technological parks. The indicators of the National  Investment Climate Ranking that has been used since 2016 are  discussed with regard to their content and structure. The author  argues that there is a need for extending the content-related  components of the Ranking by adding questions of the influence of  investment policy of the region on its socioeconomic development to  the major focus areas. The author has developed a methodology for  calculating an integrated investment climate indicator that  implements not only the basic idea of the need for additional  reviewing factors of investment climate, namely, development  potential of the region, performance of state administrative bodies and businesses, but also the basic requirements for monitoring - comparability of quantitative estimates over time and interregional  comparability of the indicators in question. Analysis of the statistical  information supports the author’s conclusion that effectiveness of  investment policy should be assessed not only by the results  achieved by the investors, but also by the socio-economic  development of the studied constituent entity.