Foreign investment in Russia. Foreign investment in the Russian economy - the current stage and prospects Level of investment in the Russian economy

The economic life of industrial Russia is largely determined by the turnover of industrial capital associated with the investment cycle. In addition to domestic investment, which is the main engine of the investment cycle, Russia has been developing since the late 1980s. is also trying to actively use foreign investment (AI).

The use of foreign investment is an objective necessity due to the system of participation of the country's economy in the international division of labor and the flow of capital into industries free for entrepreneurship.

At the end of the 1990s. financial capital in the world amounted to a huge amount - several tens of trillions of dollars. This money is the basis of the global financial market, encircling the entire globe. How to attract these funds to the Russian economy? And is it necessary to involve them?

The official point of view is that foreign investment should be actively attracted by creating a favorable investment climate. At the same time, there are other opinions about the undesirability of widespread access of foreign capital to the Russian economy. An extreme expression of such points of view is the thesis about the threat of “selling out Russia” to international monopolies. As a rule, there is no deep economic analysis behind such statements. Rather, they are used as a propaganda slogan in the fight against political opponents.

Another, more logical position is the views of those economists who see the influx of foreign capital as a threat to serious competition for Russian industry. They protest against the low prices of enterprises put up for auction during privatizations in which foreigners participate. In the USA and Europe, similar objects are much more expensive. Such opinions should not be dismissed. At the same time, the objective laws of the world economy, the processes of international migration, and capital indicate that Russia cannot stand aside from the active attraction and use of foreign capital.

As practice shows, the world economy and individual national economies cannot function effectively without the flow of capital on a global scale, without its effective use. This is an objective necessity and one of the most important distinctive features of the modern world economy and international economic relations.

World economic science back in the 1960s. has convincingly demonstrated that any developing country seeking to rapidly increase its national income faces insurmountable difficulties if it attempts to implement a capital investment program limited to the mobilization of national funds.

To set the goal of integrating into the world economy, recognizing the need to follow the ideals of an open economy, one cannot fail to recognize the objectivity of the processes of capital inflows into Russia. Attracting foreign capital to Russia is not a tactical issue, but a strategic one for the development of the Russian economy.

Like other countries, Russia views foreign investment as factors:

1) acceleration of economic and technical progress;

2) renovation and modernization of the production apparatus;

3) mastering advanced methods of organizing production;

4) ensuring employment, training personnel that meet the requirements of a market economy.

Investment activity has been the weakest point in the Russian economy since the beginning of market reforms. The dynamics of domestic capital investment is negative. Thus, if in 1996, compared to the level of 1991, the volume of GDP decreased by 39%, industrial and agricultural production, respectively, by 49% and 35%, then the volume of capital investments fell by 71% over this five-year period. There is an acute investment crisis.

In the conditions of the investment crisis in Russia, attracting foreign investment becomes a task, the effectiveness of which determines the progress, pace and, in many respects, the results of the ongoing reforms. In the context of transition from one economic system to another, a huge amount of investment is required to ensure such a transition.

The specific conditions of our country make this process unparalleled in the world. (Perhaps only China, with its huge population and vast territory and large-scale reforms, could serve as an adequate example).

The problematic specificity of Russia is expressed, first of all:

– the vastness of the territory, the underdevelopment of the communication structure;

– the presence of outdated production equipment;

– in the hypertrophied nature of the military-industrial complex (MIC) in the absence of a number of industries necessary for a normal civilian economy;

- the weakness of agriculture.

To rebuild the entire national economic complex on a market basis, modernize the economy, and strengthen its social orientation, huge investments are required. Of course, it is naive to think that foreign capital will be able to fully satisfy our investment hunger. However, to a certain extent, within the framework of the development of certain key areas and areas of production, this seems to be possible.

To normalize the Russian economy in the next 5–7 years, according to the American consulting company Ernst and Young, it is necessary to attract $200–300 billion. At the same time, the Russian fuel and energy complex alone will need $100–140 billion to overcome the crisis. To replace and modernize the active part of production assets, Russia needs to attract $15–18 billion annually. To do this, approximately a tenth of international direct investment must be redistributed in favor of our country. In reality, Russia will compete at the level of capital supply in the amount of $40 billion. Moreover, it will be able to “digest” annually, at best, $40–50 billion, but this is only if it is offered such a volume of investment.

According to some Russian experts, in reality Russia will have to compete for a more modest amount of foreign capital, somewhere in the range of $10 billion. The general trend in the distribution of the global investment flow can be presented as follows in Fig. 2.7.

Figure 2.7. Russia's competitive zone in the global direct investment market (2000s)

Having many alternative offers on more favorable terms than in Russia, foreign capital is in no hurry and will not be in a hurry to invest in the Russian economy. Russia's closest neighbors, being more efficient, are intercepting the flow of Western investment. For example, Hungary, Poland, and the Czech Republic have received a significant portion of foreign investment since the early 1990s. And although Russia ranks second after Hungary in terms of the absolute amount of foreign investment, this should not be misleading. Thus, in Hungary already 17% of enterprises have a foreign share in their capital, and in the countries of the former USSR - only 0.2%.

Security questions

1. What is the money market and what is traded on it?

2. What are the functions of the capital market?

3. What types and forms of loans currently exist?

4. What is loan security?

5. What is the policy of expensive and cheap money?

6. How does international trade differ from the international movement of factors of production?

7. How do direct investments differ from international loans?

8. What danger does a large external debt pose to a country?

9. What does the concept of “external debt service” mean?

10. What are the main reasons for exporting and importing direct investment?

11. Why is foreign financing preferable to other forms of capital import?

Introduction

The problem of attracting foreign investment into the Russian economy has now acquired particular importance. An analysis of attracting foreign capital to Russia shows that it has not yet become a factor in economic growth, even in those industries and regions where its volumes are greatest. Despite the relatively stable growth trend, the share of foreign investment in the total volume of domestic long-term investment in the economy still remains insignificant.

The main obstacles to the influx of foreign capital into Russia are political instability, inflation, imperfect legislation, excessive taxes, lack of a mechanism for protecting foreign investments, criminality of the situation, the spread of corruption, underdeveloped production and social infrastructure, insufficient information support, etc. The interconnection of these problems enhances their negative influence on the investment situation.

In recent years, Russia has lost a significant number of real foreign investors who wanted to invest in Russian enterprises, but were forced to abandon it. The reasons for the refusal were, first of all, high costs and, as a consequence, the uncompetitiveness of production in Russia, as well as complex and confusing methods for registering investments in Russian enterprises.

As for the potential opportunities for attracting foreign capital to the Russian market, according to leading economists, they are quite large. This is explained, firstly, by the country’s high resource endowment. Russia has huge reserves of natural resources and in this regard is very attractive to foreign investors. At the same time, such conclusions are not entirely justified in relation to labor resources. For many TNCs, especially the most developed ones, what is currently coming to the fore is not so much the abundance and cheapness of labor, but rather its qualifications, attitude towards work and other qualitative parameters. At the same time, the situation with the qualitative parameters of the Russian labor force is not entirely favorable.

The role of foreign investment in the Russian economy

As world experience shows, attracting foreign investment has a positive impact on the economy of host countries. The rational use of foreign capital investments contributes to the development of production, the transfer of advanced technologies, the creation of new jobs, the growth of labor productivity, increasing the competitiveness of products on the world market, the development of other regions, etc. In addition, attracting foreign capital and creating joint ventures expand the tax base and can become an important additional source of generating state budget revenues.

However, an analysis of the activities of a foreign enterprise in Russia, unfortunately, indicates that so far foreign capital investments have not become a catalyst for economic growth even in those industries, regions and areas of Russia where its concentration is especially high.

The effectiveness of attracting foreign capital is determined by a number of macroeconomic indicators, among which the most representative are:

* the share of foreign investment in the total volume of gross domestic investment;

* volume and share of products produced by enterprises with the participation of foreign capital in the total volume of industrial production;

* the number and share of employees in enterprises with foreign capital participation in the total number of employees;

* labor productivity in enterprises with foreign capital participation;

* share of products of enterprises with foreign capital participation in the country’s total exports and imports;

* share of products of enterprises with foreign capital participation in GDP.

In terms of capitalization (the ratio of foreign investment to GDP), Russia lags significantly behind most countries with which it competes to attract foreign investment.

Summarizing the above, we can draw the following conclusions:

· foreign capital has become an integral, integral part of the Russian economy;

· despite the relatively positive dynamics of the influx of foreign capital, it does not have a real impact on the implementation of investment processes;

· foreign investments have not yet stimulated the growth of industrial production and structural transformations in the economy;

· the low efficiency of using foreign credit resources allocated for the implementation of investment projects remains low;

· increasing the efficiency of foreign capital in the Russian economy largely depends on improving the investment climate.

At the same time, there are real risks from the expected influx of investments:

1. Although Russia has formally received an investment rating, doubts prevail among investors about the sustainability of economic growth given the sharp decline in world oil prices, and, more recently, about political stability. Therefore, at least in the near future, funds will come mainly short-term and speculative. Conservative investors will prefer to wait until the elections are completed and an investment rating is assigned by at least one more recognized international agency. In addition, Russia simply does not yet have a sufficient volume of high-quality assets and projects for them.

2. The risks of the influx of “hot”, short-term money in weak developing markets are well known - this was shown by the Asian crisis of 1997 and its continuation in Russia in 1998 and, of course, the 2008 crisis. If the situation on the world financial markets worsens, an outflow of speculative capital from national financial markets may immediately follow, which provokes their collapse along with the collapse of the real sector companies that are already quite “tied” to them.

3. Currency risks. Given the currently extremely favorable borrowing conditions on international financial markets, companies that do not have adequate coverage in the form of foreign currency earnings (receiving their main income in rubles) may enter them. The consequences may be dire, especially with instability in the exchange rates of major world currencies and with a decrease in the influx of currency into Russia.

Characterizing the situation with attracting foreign investment into the Russian economy, we have to state that for now Russia is a place where international companies struggle to sell their goods, and not an arena for the investment of capital. This happened as a result of the “openness” of the Russian commodity market and the inadequate investment climate.

To stabilize the economy and activate the investment climate, it is necessary to take a number of drastic measures aimed at creating in the country both general conditions for the development of civilized market relations, and specific ones directly related to solving the problem of attracting investment.

The following prerequisites for increasing the influx of foreign financial capital into Russia can be identified:

1) Measures to repatriate capital that “escaped” from Russia.

2) Bringing Russian legislation defining the export of capital as illegal into compliance with international law. As part of this process, it is necessary to amnesty the owners of illegally exported capital abroad with a view to returning it to Russia. The Moscow government, developing a new concept for the economic development of the capital, intends to create conditions for attracting “Russian” money in accounts in foreign banks into the city’s economy, which, according to some estimates, amounts to more than $300 billion. In this regard, it may be useful to use the Chinese experience of attracting foreign capital belonging to huaqiao (Chinese living abroad). After all, it was on the yeast of foreign investment (up to 70% of which belongs to Huaqiao) that the Chinese “economic miracle” grew.

3) Creation of a system for accepting foreign capital, including a wide and competitive network of state institutions, commercial banks and insurance companies insuring foreign capital against political and commercial risks, as well as information and intermediary centers involved in the selection and ordering of projects relevant to Russia, searching for interested parties their implementation to investors and prompt execution of turnkey transactions.

4) High bank interest.

5) Low inflation.

6) Liberalization of the financial market.

Back in the early 90s, the task was set to attract foreign capital to the Russian economy. At a time when our country was just beginning to revive, despite political and economic instability, the state actively attracted foreign investors. And this is not surprising. After all, how could foreign investors not see the obvious advantages: rich reserves of natural resources; experienced specialists left without work; huge industrial facilities; absolutely empty domestic market. But at that time, cooperation between the Russian Federation and foreign partners was limited exclusively to short-term loans and loans on unfavorable terms. Now everything has changed radically! If it were not for the crisis and sanctions, of course.

Investments - what is it?

Before talking about how important foreign investment is for the economy of our country, it is necessary to understand the very concept of “investment”. Recently, there has been an opinion that financial investments should bring profit. Investment is an investment of a certain asset (money, effort, time), with the further prospect of receiving profit, that is, financial reward. As a rule, income comes after a long period of time. And the resulting profit indicates that the investment was successful. Most people in our country have long been involved in the world of economics. Passive income is becoming more and more popular every year. In this regard, regular financial investments are already becoming a useful habit for most Russians. But the role of foreign investment still remains the main one in our country!

The importance of international capital for Russia

Foreign investment in Russia occupies an important place. But if we talk about quantity, their share is only a few percent of Russia’s GDP. But the value of such investments is much higher than that of internal flows. After all, along with foreign investments, new technologies, company management methods, and sometimes highly qualified personnel (managers, managers, executives) are introduced into the country. This means that the growth of labor force qualifications is significantly accelerating. Most often, foreign investment complements domestic investment, but sometimes there are cases of complete substitution. When working together, it is quite difficult to coordinate direct domestic and foreign investments. That is why such problems are solved exclusively by the state, which attracts foreign investors. Types of foreign investments are direct, portfolio and repayable.

Legal aspects in the Russian Federation for foreign investments

In order for the state to work more productively, and for foreign investments to give positive dynamics to the economy, in our country the legal regulation of foreign investments is controlled by a certain law. This means that foreign partners can only purchase certain shares and a certain number of them. For example, when purchasing 25% + 1 share of a large enterprise, a foreign investor must coordinate this with the Russian government. And the purchase of oil and gas securities is out of the question. To attract foreign partners and make cooperation as beneficial and promising as possible, the Russian government is introducing special economic zones (SEZs). As is known, foreign partners are showing very noticeable interest in these areas. But since the legal regulation of foreign investment sets out a special law, it is necessary to be legally savvy. Have a certain amount of knowledge and, preferably, experience. This will allow you not only to avoid making mistakes when conducting a transaction, but also not to violate the Law “On Foreign Investments in the Russian Federation.”

How much foreign investment is there in Russia?

It is difficult to say exactly how many economic ties Russia has today. That is why it is difficult to determine the number of foreign investments that enter the territory of the Russian Federation during the year. Of course, this indicator is significantly influenced by the Law “On Foreign Investments in the Russian Federation”. But we can safely name the most frequent guests of our country. They are rightfully Cyprus, the Netherlands and Luxembourg, because they account for almost 18-20% of the total amount of foreign deposits. But countries such as the UK, Germany, USA, Ireland, France and Switzerland also have fairly high rates. Each of these countries is included in the so-called top ten. And in percentage terms, we can distinguish from 2 to 8% of the investments of each named state. Of course, foreign partners continue to send most of their funds to the oil and gas sectors. But non-resource areas are also replenished with more and more funds every year. For example, mining is becoming increasingly popular with foreign investors.

How the investment climate in Russia is changing

The influx of foreign capital has an extremely positive effect on the economy of our country. Of course, in modern conditions the regulation of foreign investment is of great importance for international relations. This is why most investors' attention is focused here. Before the onset of the crisis and the imposition of sanctions against Russia, GDP growth remained at a quite high level, sometimes even surpassing such world leaders as the USA and the EU. Today the situation has changed quite dramatically. But it is still worth noting that in recent years, not only our country’s gold and foreign exchange reserves have shown serious growth, but also the stock market, which has demonstrated considerable potential. It is impossible not to mention the problems. Inflation has always been the main stumbling block for Russia on the path to success. And the legal system often left foreign investors not enthusiastic about cooperation with the Russian Federation. After all, it took weeks, months, years to solve minor problems.

How to attract an investor?

As is known, foreign investment in Russia can be carried out in several ways. First of all, this is, of course, the creation of joint productions and enterprises. Often this is the scheme that attracts investors the most. Indeed, in this case, the profit is quite naturally distributed between the parties. True, foreign investors often open their own enterprises. Of course, today, in conditions of an acute international crisis, foreign companies are unlikely to take such a risky step. But you can successfully use the third option - the acquisition of any assets, including entire enterprises, structures, as well as participation shares. After all, today the value of these assets has decreased significantly. The same can be said about the purchase by foreign investors of licenses to use land plots and other property rights. And, of course, financial instruments such as loans, credits, etc. are often used. These are the forms of foreign investment that are allowed on the territory of the Russian Federation.

Who can act as a foreign investor

Various legal entities and organizations can act as investment subjects. First of all, this is determined by the forms of foreign investment. The subject may be a legal entity that has civil legal capacity to do so. It is determined in accordance with the legislation of a particular country. It can also be any foreigner whose legal capacity is confirmed by the norms of his state. Also, foreign organizations that are not legal entities and organizations that have an international agreement with the Russian Federation can act as investors. In general, even stateless persons can act as foreign investors if they permanently reside outside the Russian Federation and have a certain legal capacity legitimized by the state in whose territory they reside.

Volumes of foreign investments

Today, of course, the international situation is extremely tense. And therefore there is no need to talk about a large number of foreign investments. The sanctions imposed by the EU are doing their job. But if you look at the results of 2013, you can see a completely adequate picture. During this period, foreign direct investment brought Russia to the leading 3rd place. The size of foreign deposits in Russia amounted to about $94 billion, which put the Russian Federation in a place of honor. Experts only talked about the fact that in the future the achieved figure will fluctuate exclusively within these limits, and maybe even increase! But due to what is happening today with the economy of our country, the leader is still the United States, receiving about $159 billion, second place is occupied by China, which in 2014 approached the $127 billion mark. Countries such as Canada are not far behind , Brazil, Singapore, Germany. Ireland, UK. These states are rightfully included in the top ten world leaders. But, most likely, as soon as the economic situation in Russia stabilizes, the flow of foreign deposits will resume. After all, the Russian market is truly unique!

Why is there a reduction in foreign investors?

In addition to the fact that the crisis is actively developing in Russia today and international sanctions are in force, there are a number of problems for foreign investors that have always acted as a stumbling block. First of all, this is corruption, poor infrastructure, bureaucracy, an unfavorable business atmosphere, and administrative difficulties. The leadership of our country, represented by V.V. Putin, is doing absolutely everything to ensure that Russia, as soon as possible, enters the top twenty countries with the most attractive investment climate. Foreign direct investment will be able to actively join the Russian economy only after the judicial system is improved and the level of corruption decreases. A number of practical steps are already being taken to achieve this. But, unfortunately, the opinions of experts from the World Economic Forum agreed only that Russia is unlikely to be able to make too sharp a leap. Most likely, it will take much longer to develop and achieve the desired result than the country’s leadership plans.

Forecast for 2015

Foreign investment in the Russian Federation has dropped to a minimum. And that's a fact. It is difficult to say what awaits the Russian financial world in 2015. There are too many factors that can influence the development of events. Today, almost all types of foreign investments have disappeared from the Russian market, and this is primarily due to the introduction of sanctions. The most optimistic forecast that experts can make for Russia today is stagnation. And this is only on the condition that already in the first half of 2015 all sanctions imposed by the EU will be lifted. If the situation does not change and the West continues its pressure on Russia, then already in 2016 it will be possible to observe a complete recession of the domestic economy. In this case, capital outflow will increase significantly, household incomes will decline, and investment will show a dizzying decline. Russia will have to establish not only price controls, but also monitor the movement of capital, redistributing property in favor of exclusively state-owned companies.

Conclusion

Of course, the economic crisis has hit almost the entire world economy. Today, all states in the world are going through difficult times. And experienced financiers are racking their brains over how not only to improve the economic situation, but also to quickly overcome all the consequences of the crisis. Unfortunately, the first to feel all the difficulties are the people. As you know, foreign investment has always had a positive impact on the economy of our country. But today she needs them more than ever. We can only hope that EU countries realize the full risk of extending sanctions and cancel the measures already introduced. Only with favorable developments do most analysts see a rapid stabilization of the situation. All we have to do is wait!

An important condition for the development of the investment sphere of the Russian economy is foreign investment. Their influx helps to increase the technical level of production, attract foreign technologies, use global experience in management and marketing, integrate the Russian economy into the world economy, expand the tax base, and diversify export production. Foreign investments play a significant role in financing the socio-economic development of Russia and the formation of investment potential.

1. Main trends and factors for attracting foreign investment

Foreign investments mean investments of foreign capital, as well as capital of foreign branches of Russian legal entities, into enterprises and organizations in Russia with the aim of making a profit.

Foreign investments include: acquisition by a foreign investor of full or partial ownership of enterprises and organizations, cash, contributions to the authorized capital, purchase of shares and other securities, machinery, equipment, licenses, trademarks, any other property and property rights, bank deposits carried out in business activities with the aim of making a profit or achieving a positive social effect.

Russia's economic potential, rich natural resources, relatively capacious national market, and high scientific potential make it possible to attract significant volumes of foreign investment.

At the end of 2005, the total volume of accumulated foreign investment in the Russian economy amounted to $111.8 billion, or investments increased by 36.4% compared to 2004, including direct investment amounting to $49.8 billion. , or increased by 37.6%, portfolio investments - $1.9 billion, an increase of 19.5% and other investments amounted to $60.2 billion, an increase of 36.0%.

Thus, the influx of foreign investment into the Russian economy is characterized by significant growing volumes and high growth dynamics. For example, the volume of foreign investment in the Russian economy in 2003 amounted to 29.7 billion US dollars, in 2004 - 40.5 billion and in 2005 - 53.7 billion US dollars.

In addition, foreign investment in the Russian economy is growing faster than Russian investment. Thus, the index of the physical volume of Russian investment in fixed capital and foreign investment in the Russian economy was respectively: in 2000, 117.4% and 114.6%; in 2001 - 110.0% and 130.1%; in 2002 - 102.8% and 138.7; in 2003 - 112.5% ​​and 150.1%; in 2004 - 110.9% and 136.4% and in 2005 - 110.5% and 132.4 percent.

The question arises what factors contributed to the growth of investment activity of foreign investors in the Russian economy in 2000 - 2005. The dynamics of investment indicate that in the Russian economy there are factors that both increase investment activity and reduce it. Factors that increase investment activity include the following.

A depreciation in the value of the US dollar and a significant decrease in the return on investment in the main sectors of the economy of leading Western countries, which had been in stagnation for a considerable time. As a result, significant free and relatively cheap financial assets of the main participants in the global investment market, which were in need of a profitable application, were left out of economic circulation.

On the other hand, the steady growth of the Russian economy, the stability of the socio-economic situation and the growing ratings of the investment attractiveness of the economy have created certain sectors of the national economy that are competitive for foreign investment.

At the same time, the underdevelopment of the Russian stock market in conditions of a significant decline in 2003-2004. profitability of speculative transactions with securities of Russian issuers, formed a new scale of preferences of foreign investors in the Russian capital market.

A noticeable influx of foreign capital into the Russian economy and an increase in the investment activity of national investors led to the formation of a competitive environment in the domestic financial market, which resulted in a decrease in real rates of the credit system, which increased the volume of its investments in fixed capital.

As a result, other foreign investment, largely determined by other loans, became the dominant form of foreign investment in the Russian economy, amounting to 74.8% of the total incoming foreign investment in 2005.

In addition, other factors influenced investment activity.

Increase in output of products and services from basic sectors of the national economy and industrial production. At the same time, growth was observed in the majority of both mining and manufacturing industries.

Maintaining relatively high world market prices for energy resources and non-ferrous metals, ensuring growth in production and accumulation of assets in export-oriented industries and industries of the national economy. In turn, this led to an increase in domestic demand for investment products.

Decrease in inflation rates (2000 consumer price index was 20.1%; 2001 - 18.6%; 2002 - 15.1; 2003 - 12%; 2004 - 11.7% and 2005 g. - 10.9%) and, as a consequence, a decrease in interest rates for refinancing of the Bank of Russia to 12%, which made it possible to a certain extent to increase the scale of investment lending to the national economy from the banking system, increasing in 2004 the share of bank loans in investments in fixed capital up to 7.9 percent.

Improving the financial position of enterprises by displacing ineffective owners and positive growth of their total balanced financial result.

Strengthening the Russian banking system, which allowed enterprises and organizations to intensify their investment borrowing policy.

Measures taken by the Government to improve the investment climate: reforming the tax system, which made it possible to legalize part of the investment costs of enterprises in the real sector of the economy and reduce the tax burden somewhat; reduction of the Bank of Russia refinancing rate from 25% in March 2002 to 12% currently, which led to a decrease in the level of profitability of placing assets in the speculative sector of the stock market and other financial instruments; the Bank of Russia’s abolition of the mandatory sale of foreign currency earnings, which may ultimately help reduce inflation.

Increasing ratings of Russia's investment attractiveness by international rating agencies before the investment phase. According to international rating agencies Standard & Poor¢s, Moody¢s Investors Service, Fitch Ratings, in 2003-2004, Russia’s investment attractiveness ratings were raised to investment level; before that there were speculative ratings.

The factors hindering the formation of stable dynamics and an effective structure of foreign investment include the following.

Decline in key macroeconomic indicators. So, for 2004 - 2005. GDP growth decreased from 7.2% to 6.4%, industrial production growth - from 8.3% to 4%, agricultural production growth - from 3.1% to 2.0%, investment in fixed capital - from 10.9% to 10.5%, real disposable income of the population - from 9.9% to 8.8%, real wages - from 10.6% to 9.7%, the consumer price index is ahead of the forecast estimate.

High investment risks for foreign investors associated with loss of property in Russia and profitability, lack of guarantees from the state to protect the rights of investors;

Low competitiveness of direct investment relative to the alternative of placing assets in trade and other loans (with fast turnover) and deposits of foreign legal entities in Russian banks, which make up the majority of other foreign investments. Unlike direct investments, these forms not only have higher returns, but also greater protection from investment risks.

The instability of the Russian stock market, the inefficiency of its activities, due to its weak development and dependence on the state of the world economy and the situation in the stock markets of the USA, Europe and other countries.

Weak attractiveness and “opacity” for foreign investors of innovative and investment projects for the development of industries in the real sector of the Russian economy.

The high dependence of the national economy, public finances and balance of payments on foreign economic conditions, which makes economic growth insufficiently stable due to the dependence of the country's economy on world prices for oil, gas and other traditional Russian export goods.

The deterioration of the financial position of organizations for a significant period of time and a significant proportion of unprofitable organizations (in 2003, their share was 43% of the total number of organizations).

Excessive administrative barriers to business activity and insufficient legal protection for domestic and foreign investors.

Insignificant amounts of public investment.

Large volumes of export of Russian investments abroad: in 2002 - 19.9 billion US dollars, in 2003 - 23.3 billion US dollars, in 2004 - 33.8 billion US dollars and in 2005 - $31.1 billion.

The primary task of eliminating factors that negatively affect the development of investment activity in terms of foreign capital in the Russian economy should be aimed not only at creating favorable conditions for its placement, but also creating stable conditions for investment.

The largest share in accumulated foreign capital falls on other investments - 53.8%, which are carried out on a repayable basis (at the end of 2004 - 54.0%), the share of direct investment was 44.5% (at the end of 2004 - 44.1%), the share of portfolio - 1.7% (at the end of 2004 - 1.9%). Thus, in accumulated foreign investments, a tendency has formed to increase the share of direct investments and reduce the share of other and portfolio investments.

In 2005, the Russian economy received $53.7 billion of foreign investment, or 32.4% more than in 2004, including the volume of foreign direct investment amounting to $13.1 billion, or increased by 38.8% (at the same time, direct investments in the form of leasing increased by 6.2 times, contributions to the authorized capital - by 41.8%, and loans received from foreign co-owners of organizations increased by 27.7%). The main share of direct investment falls on contributions to the authorized capital, which increased and amounted to 19.3 percent.

The volume of portfolio investments amounted to 453 million US dollars, or increased by 36.3% compared to 2004 (including investments in stocks and shares increased by 8.9%, and in debt securities of enterprises by 4 times).

The volume of other investments amounted to 40.1 billion US dollars, or increased by 30.5%, including due to trade loans, which amounted to more than 6.0 billion US dollars and increased by 56.6% and other loans, the volume of which reached 33.7 billion US dollars, and an increase of 27.7%. At the same time, other loans for a period of over 180 days amounted to $31.1 billion, or increased by 37.4 percent, and other loans for a period of up to 180 days amounted to $2.7 billion, or 70.1% from the volume of 2004.

As a result, in the annual volume of foreign investment for 2005, the share of other investments decreased from 75.9% to 74.8% in 2004, the share of direct investment increased from 23.3% to 24.4%, and the share of portfolio investment remained unchanged changes and amounted to 0.8 percent.

In the structure of incoming foreign investments, the largest part, as in previous years, is occupied by other investments, although their share decreased by 1.1 percentage points compared to 2004. The predominance of the share of other investments in the total volume of foreign investments is a consequence of the lower interest rate in foreign banks, as well as the result of the greater availability of bank loans and a higher culture of customer service compared to Russian banks.

However, the decrease in the share of other investments in the total volume of foreign investments is a positive trend, since the share of investments that are paid, repayable, urgent, require collateral, and have a designated purpose is decreasing.

In general, the preferences of foreign investors reflect the profitability situation of the domestic and foreign investment markets, directing their capital mainly to the sector of the economy that provides market services and export-oriented industries.

Particularly noteworthy is the positive significance of the increase in the share of foreign direct investment in their total volume, which increased from 23.3% in 2004 to 24.4% in 2005. The increase in the share of direct investment indicates an improvement in the structure of foreign investment and an increase in its efficiency. This is predetermined by the following positive features of direct investment:

Direct investment is real investment;

They have the ability to intensify investment processes as a result of their inherent multiplier effect. The investment multiplier is a coefficient expressing the relationship between the increase in income and the increase in investment that causes this increase;

Direct investments are more sustainable in times of economic crisis;

Contribute to increased socio-economic stability as a result of employment growth by creating additional jobs, increasing the cash income of employees and budget revenues by expanding the tax base;

As carriers of modern equipment and technologies, direct investments stimulate the development of the production of export products with a high share of added value, innovative goods and production technologies;

They promote the development of world capital markets and improve the image of Russia in these markets.

As for the insignificant share of portfolio investments, this is explained by the insufficient development of the stock market, the low level of its capitalization, and a small number of highly liquid corporate securities. In addition, portfolio investments are

speculative investments, are unstable in an economic crisis, can be suddenly taken out of the country with negative consequences for the national economy, and in modern conditions are not of fundamental importance for the Russian economy.

Volume and structure of attracted foreign investments

In 2000, investments came into the Russian economy from 108 countries, in 2001 - from 109 countries, in 2002 - from 106 countries, in 2003 - from 117 countries, in 2004 - from 116 countries, in 2005 g. - from 113 countries.

The main investor countries that have made significant volumes of accumulated investments in the Russian economy are Luxembourg, Cyprus, the Netherlands, Great Britain, Germany, the USA, France, the Virgin Islands (Britain), Switzerland and the Bahamas. These countries account for 88.7% of the total volume of accumulated foreign investment, including the share of direct - 87.4% of the total volume of accumulated foreign direct investment, the share of portfolio - 86.2% of their accumulated volume and the share of other investments - 86.5% of the total volume of accumulated other investments.

In the total volume of accumulated foreign investments at the end of 2005, the leading position is occupied by Luxembourg, whose share was 18.8%, followed by Cyprus - 17.2%, the Netherlands - 16.9%, Great Britain - 11.4%, Germany - 8.7%, USA - 6.1%, France - 3.5%, Virgin Islands (British) - 2.2%, Switzerland - 2.1%, Bahamas - 1.3 percent.

For 2000-2005 New trends have emerged in the country structure of total accumulated foreign investment. First of all, the composition of the top ten countries, which account for the bulk of accumulated foreign investment, has changed significantly. Thus, at the end of 2005, Sweden, Japan and Austria dropped out of these countries. In addition, if in 2000 more than 50% of accumulated foreign investment came from countries such as the USA, Germany and Cyprus, then in 2005 - from Luxembourg, Cyprus and the Netherlands.

Countries occupying 8-10th place have been completely updated. Thus, the place of Sweden, Japan and Austria, which accounted for 4.6% of the total accumulated capital, was taken by the Virgin Islands (British), Switzerland and the Bahamas, which accounted for 6.1% of total volume of accumulated investments.

Investments from the world's leading capital exporting countries have decreased significantly. So, for 2000 - 2005. the share of Germany decreased from 20.4% to 8.7%, the USA - from 22.0% to 6.1%, France - from 10.5% to 3.5%, and the share of countries that are not traditional global exporters of capital - Luxembourg from 0.8% to 18.8%, Cyprus from 13.2% to 17.2%, Virgin Islands (British) - from 0.3% to 2.2%, Bahamas islands - from 0.2% to 1.8%. The exception is Great Britain, whose share in the total volume of accumulated investments increased from 7.1% to 11.4%, the Netherlands - from 4.5% to 16.9% and Switzerland - from 1.4% to 2.1 percent.

It is noteworthy that in annual investment volumes for 2005, Cyprus, which previously occupied a leading position, was in fourth place after Luxembourg, the Netherlands and the UK.

Similar trends are characteristic of accumulated foreign direct investment. Thus, at the end of 2005, the share of the Netherlands in the accumulated volume of foreign direct investment was 32.4%, Cyprus - 28.0%, the USA - 8.8%, which amounted to 69.2 percent.

For 2000 - 2005 the share of accumulated foreign direct investment in the United States decreased from 34% to 8.8%, Germany - from 7.8% to 5.4%, Great Britain - from 6.1% to 4.1%, and the Netherlands increased from 7.1 % to 32.4%, Cyprus from 20% to 28.0%, France from 1.6% to 1.8% and Switzerland from 1.4% to 2.3 percent.

In general, the country structure is not characterized by a high level of diversification. The bulk of investment is in a small number of countries.

In 2000-2004, accumulated foreign investments were invested in the following sectors of the Russian economy.

The largest investment object is industry, the share of which in total foreign investment increased from 43.1% to 48.5%.

The second largest area of ​​investment remains trade and public catering, its share in foreign investment increased from 17.8% to 32.1%.

The share of general commercial activities to ensure the functioning of the market also increased from 2.5% to 3%, wholesale trade in products for industrial and technical purposes - from 1.2% to 2.2%, and construction - from 0.8% to 1.0% .

For 2000 - 2004 the share of foreign investment in transport decreased from 9.3% to 1.6%, in agriculture - from 0.4% to 0.1%, and in the sphere of finance, credit, insurance and pensions - from 2.5% to 2 .1 percent.

As a result, the following trends in changes in the structure of foreign investment in industrial sectors have emerged. Thus, the share of foreign investment increased in the fuel industry from 5.7% to 20.1%, including in the oil industry - from 5.1% to 19.9%, non-ferrous metallurgy - from 3.9% to 7, 9%, and ferrous metallurgy - from 6% to 7.5%, mechanical engineering and metalworking - from 2.5% to 3.9%, chemical and petrochemical industries - from 1.7% to 2.2%, in forestry, woodworking and pulp and paper industries from 2.3% to 2.4%, the share of foreign investment in the oil refining industry remained unchanged - 0.2%, electric power - 0.1%, construction materials industry - 0.4%, light industry - 0.1% and decreased significantly in the food industry - from 16.3% to 2.4 percent.

Thus, from the analysis of the structure of foreign investment in industrial sectors, it follows that their main share falls on the oil industry - 19.9% ​​and the metallurgical complex - ferrous non-ferrous metallurgy - 15.4%.

Until 2003, statistical observations and surveys were carried out in the context of economic sectors and were based on the All-Union Classifier of National Economy Sectors (OKONKH).

OKONH was developed in a centrally planned economy and was intended to provide control over the activities of economic entities in accordance with their departmental subordination and a statistical description of the structure of the national economy from the perspective of the theory of expanded socialist reproduction.

On January 1, 2003, in accordance with the Decree of the State Standard of Russia of November 6, 2001 No. 454 - st, instead of OKONKH, the All-Russian Classifier of Types of Economic Activities (OKVED) was introduced in Russia.

Taking into account the complexity of the transition from OKONKH to OKVED, the Government of the Russian Federation adopted Resolution No. 108 of February 17, 2003 “On establishing a transition period for the introduction of the All-Russian Classifier of Types of Economic Activities,” which determined that 2003-2004. are a transition period for the introduction of a new classifier.

During the transition period (2003-2004), the results of developing statistical data were provided by type of economic activity, which was constructed as information and reference material that made it possible to compare data by type of economic activity (according to OKVED) with information on economic sectors (according to OKONKH) .

In accordance with the decisions made, starting with the results for January 2005, the Federal State Statistics Service stopped developing and providing users with information on economic sectors in accordance with OKONKH and is developing and providing consumers with data on types of economic activity based on OKVED.

In 2005, foreign investments were made in the following types of economic activities:

Wholesale and retail trade, repair of motor vehicles, motorcycles, household products and personal items $20.5 billion, or 38.2%;

Manufacturing industries $18.0 billion, or 33.5%;

Mining 6.0 billion, or 11.2%;

including the extraction of fuel and energy minerals $5.2 billion, or 9.6%;

Transport and communications $3.8 billion, or 7.2%;

— real estate transactions, rental and provision of services $2.6 billion, or 4.9%;

Financial activities - $1.8 billion, or 3.4%.

Foreign investments from direct investors in 2005 were directed mainly to organizations engaged in the extraction of fuel and energy minerals, operations with real estate, rental and provision of services, wholesale and retail trade, repair of vehicles, motorcycles, household appliances products and items for personal use engaged in financial activities in the production of food products, including drinks, and tobacco. The total amount of direct investment in these types of activities amounted to $6.7 billion, or 51.6% of the total volume of direct investment.

As of the end of 2005, all leading rating agencies - Standard & Poor's, Moody's Investors Service and Fitch Ratings rated the creditworthiness of the Russian economy one notch above the lower limit of the investment rating.

The rating increase was due to the high performance of the Russian budget, stabilization fund, trade balance, and active government policy to reduce external debt. Thus, in 2005, Russia repaid $18 billion ahead of schedule and announced possible early payments to the Paris Club of creditors in 2006 in the amount of another $12 billion.

At the end of 2005, Standard & Poor’s upgraded Russia’s rating to investment grade (BBB-), which had previously been assigned to Russia by rating agencies such as Moody’s Investors Service and Fitch Ratings.

In July 2005, after Russia paid the first tranche of early repayment of debt to the Paris Club, Standard & Poor's confirmed the sovereign rating at the current level, noting that Russia's ratings take into account, on the one hand, the low level of public debt and strong positions in the field of external liquidity, and on the other hand the other is significant political risk, which remains a key factor limiting further rating upgrades.

On October 26, 2005, the international rating agency Moody’s Investors Service, taking into account the rapid growth of gold and foreign exchange reserves and the stabilization fund, increased Russia’s rating for obligations in foreign and national currencies by one step from (Baa3) to (Baa2), the rating forecast was determined as stable. In addition to increasing revenues from oil exports, the rating upgrade reflected Russia's prudent budget policy, stable political situation, and willingness to pay, in some cases ahead of schedule, its debts. Liquidity and debt burden have improved.

According to Moody’s, the main tasks of socio-economic development are increasing competition in the Russian economy, improving fiscal federalism and the effectiveness of state regulation of the economy, improving the judicial system, and fighting corruption. It is also necessary to intensify the development of domestic capital markets, the creation of mechanisms for sterilizing the large influx of funds into the country, currency revaluation, the fight to reduce inflation, and others.

On December 15, 2005, Standard & Poor's upgraded Russia's rating. Thus, the long-term sovereign credit rating of Russia for obligations in foreign currency was increased from (BBB-) to (BBB), and for obligations in national currency - from (BBB) ​​to (BBB+). In addition, Standard & Poor’s raised Russia’s short-term sovereign ratings from (A-3) to (A-2) and confirmed the rating (ruAAA) on the national scale. The rating forecast is stable.

Based on the results of 2005, the consulting company A.T. Kearney raised the rating of Russia's investment attractiveness from 11th to 6th place.

“A.T. Kearney annually compiles a global index of investment attractiveness. It shows the willingness of the heads of the largest corporations to invest money in the development of production in a particular country.

The company's rating is based on surveys of the world's largest companies (which account for about 70% of the global flow of foreign direct investment, their total annual sales exceed $17 trillion). When preparing the A.T. Kearney surveys CEOs, CFOs and board members of 1,000 companies located in 34 countries and representing 24 industries about their views on possible investments in 60 different countries over the next three years.

Company managers are invited to assess the prospects for direct investment in 60 countries, which are recipients of 90% of all investment flows in the world.

3. Development of state regulation of attracting foreign investment

In 2005, Russia made significant progress in developing measures of state regulation of attracting foreign investment. Thus, in the summer of 2005, the federal laws “On Special Economic Zones in the Russian Federation” and “On Concession Agreements” came into force.

In accordance with the law “On Special Economic Zones in the Russian Federation,” a special economic zone is a part of the territory of the Russian Federation determined by the Government of the Russian Federation, on which the regime for carrying out business activities is in effect.

Special economic zones (SEZs) are created for the purpose of developing manufacturing sectors of the economy, high-tech industries, production of new types of products and development of transport infrastructure.

The following types of SEZs can be created on the territory of Russia: industrial-production and technology-implementation SEZs. Industrial and production SEZs are created in areas of the territory whose area is no more than twenty square kilometers. Technology-innovation SEZs are created in no more than two areas of the territory, the total area of ​​which is no more than two square kilometers.

According to the agreement on the conduct of industrial and production activities, the SEZ resident is obliged to make capital investments in rubles in an amount equivalent to at least 10 million euros.

With the adoption of the law “On Special Economic Zones in the Russian Federation” in December 2005, six special economic zones were formed on the territory of Russia, including four technology-innovation zones: in the Lipetsk region; in Elabuga (Tatarstan); in Dubna (Moscow region), where nuclear physics technologies will be developed; in Moscow (Zelenograd) - electronics; in St. Petersburg - it is expected to conduct scientific research and produce products in the field of information technology and analytical instrumentation; in Tomsk - new materials and two industrial production zones: in the Lipetsk region, where, together with the Italian company Merloni, the production of household appliances, household electrical appliances and furniture will be carried out, and in Elabuga (Tatarstan), where it is planned to produce auto components and high-tech petrochemical products, jointly with General Motors, Toyota, Caterpillar, KFZ and others.

On the territory of these zones there is a special regime for carrying out business activities - the regime of a free customs zone.

In accordance with this regime, foreign goods that are located and used within the territory of a special economic zone are exempt from customs duties and value added tax.

Russian goods placed and used in special economic zones are subject to the customs export regime with payment of excise tax and without payment of export customs duties.

Value added tax and excise taxes are not paid when moving Russian goods to another special economic zone.

The undeniable advantage of the special regime is that residents of special economic zones can use these benefits throughout the entire period of their existence, even if the tax legislation changes, with the exception of that part that concerns the taxation of excisable goods.

A more preferential regime for the import and placement of foreign goods in special economic zones (exemption from value added tax and customs duties) will help attract foreign investment into the Russian economy.

In addition, the preferential tax regime for residents of special economic zones provides for:

Application of a reduced rate of the single social tax - 14% (technical innovation special economic zones);

Application of accelerated depreciation in relation to own fixed assets, using an increasing factor, but not more than 2 (industrial and production special economic zones);

The ability to take into account for profit tax purposes R&D expenses (including those that did not produce a positive result) in the tax period in which they were made, without any restrictions. This benefit is of great stimulating value for investing in technology innovation activities;

Possibility of transferring the amounts of losses received in the previous tax reporting period to subsequent tax periods without restrictions (industrial and production special economic zones). For comparison, in the current year, all other organizations can use no more than 50% of this year’s profit to pay off losses from previous years;

Exemption from property tax for a period of five years from the date of registration of this property, as well as land tax for the same period from the moment of ownership of a land plot granted to a resident of a special economic zone.

Work is underway on bills on the creation and operation of tourist and recreational special economic zones. In this regard, amendments have been prepared to the laws “On Special Economic Zones in the Russian Federation” and “On Amendments to Certain Legislative Acts in Connection with the Adoption of the Federal Law “On Special Economic Zones in the Russian Federation”.

The bills are aimed at creating tourist and recreational SEZs. It has been established that tourist and recreational SEZs are created in areas of the territory determined by the Government of Russia in agreement with the executive authorities of the constituent entities of the federation and local governments. Moreover, they can be created on the territory of several municipalities.

Residents of the zone are exempt from paying property and land taxes for the first five years of their activity. The 30% restriction on the transfer of losses to subsequent tax periods is removed. In addition, when paying their employees, employers are entitled to a preferential rate of the single social tax - 14% with a tax base for an individual of up to 280 thousand rubles.

Thus, the process of attracting foreign investment into the Russian economy is characterized by increasing volumes, high dynamics and positive trends in changes in their type structure, expressed primarily in an increase in the share of foreign direct investment, as well as an improvement in the investment climate and the development of government regulation measures.

At the same time, there is a low level of diversification of the country structure, an increasing role in financing the Russian economy of countries that are not traditional global exporters of capital, the bulk of foreign investment, including foreign direct investment, is directed to the fuel industry and industries producing intermediate products.

The participation of foreign capital in various projects that are implemented on the territory of a certain state is called foreign direct investment. Investors invest resources in enterprises, land, products, goods, services in order to make a profit. Long-term economic interest is one of the drivers of this process. The activation or decline of investor interest is influenced by a number of factors:

  • Policy. The country's regulatory policy, which is aimed at attracting investment, implies the provision of tax incentives, convenient conditions, and protection. Some states, on the contrary, try not to allow foreign enterprises into their market. In this case, companies do not use exports, but open their own production facilities in the country.
  • Competition. Benefits are a major factor for most companies. Large enterprises use the markets of countries with weak and unstable economies. They can invest significant amounts of money to develop a certain industry and capture the market.
  • Economy. Enterprises, in order to attract resources for their promotion and obtaining new technologies, use foreign direct investment. Modern business usually develops precisely according to this scenario.

Foreign direct investment is required not only to attract real financial resources. They are needed to introduce new technologies, developments, marketing tools, and methods of corporate governance. Depending on the form of ownership, foreign investments are public, private or mixed. The goal of any investment is to make a profit. Therefore, depending on the application, they can be entrepreneurial (income from the business) or loan, that is, the investor receives a certain percentage of the income.

Positive and negative qualities

Foreign direct investment can have both beneficial and negative effects on a country's economy. Among the disadvantages of such a process are the following: neglect of territorial specifics by some investors; economic regression, threat to stability and security; deterioration of the environment (location of hazardous industries). The advantages of this type of investment outweigh any disadvantages. Their advantages include:

  • increasing the pace of economic development;
  • increase in employment among the population, purchasing power;
  • use of the latest technologies;
  • strengthening healthy competition between enterprises;
  • infrastructure development.

Foreign direct investment increases confidence in the state. With a competent approach on the part of regulatory authorities, they help attract new investors. This process has a positive impact on strengthening the position of the domestic public financial market. After all, resources are directed toward stabilizing the economy, developing business, improving the quality of life of the population, and developing the service sector.

Conclusion

Foreign direct investment promotes the exchange of new technologies, stimulates the introduction of innovations and effective developments in various industries. It is necessary for every state to push for the reasonable development of such processes. This is the only way to achieve healthy international economic relations between states and create and promote strategic partnerships. The only condition is to evaluate all the pros and cons, analyze the positive effect of such injections, research and minimize the negative aspects. Foreign direct investments are beneficial both to the economy of the recipient country and to the investing company.