Problems of development of investment climate in modern conditions

Thus, the investment climate in Russia at the present stage of economic development is poor, as evidenced by the low level of investment activity due to high inflation, the shortcomings in existing legislation, high interest rates on loans, low purchasing power, etc.

According to the Federal State Statistics Service, more than 60% of organizations are experiencing a shortage of funds for investment, for approximately 30% of organizations percent of commercial loans is too high, about 26% of organizations are holding back the high investment risks. Significantly affects investment decisions and the uncertainty in the economy, this is especially characteristic for the year 2008 in connection with the crises. But the proportion of organizations that are not carrying out investments because of their low profitability, decreases significantly. The number of the organization, the unmet legal framework governing the investment processes is also reduced, and in 2008 was 10%

Foreign investors viewed Russia as a country with high investment risk for the following reasons:

- availability of long-term investment crisis;

- underdevelopment of the banking system, weak financial markets, problems with debt servicing;

- imperfect legislative base, it is not complexity, lack of legal norms of direct action with a significant presence bylaws instability and contradictory legislation, including tax and customs, its ambiguous interpretation of the executive authorities;

- shortage of skilled personnel, the presence of corruption, regional differences and requirements of investors;

- inadequate infrastructure, which significantly increases costs of production and sale of goods and services.

These and other factors reduce the investment rating of Russia and do not compete effectively with other countries to attract foreign investments in global capital markets.

The foreign investor is primarily sees the problem in non-compliance with Russian legislation with international investment. In assessing the state of the investment climate in a country of great importance at the international level given the conditions that enable its authorities, namely for foreign investors. It is in this area is often a conflict between generally accepted in international practice rules and principles of investment cooperation and the special "game rules" in the national investment policy.

Russian legislation did not establish specific benefits but only provides for a stable environment for investment. Federal Law "On Foreign Investments in Russia" during his actions do not achieve significant improvement in investment climate and a significant increase in foreign investment. This law is not a law of direct action, has reference nature, does not contain key provisions aimed at improving the investment climate, a number of formulations have vague character.

There is need to restructure the incentive system by increasing the share of financial benefits: the provision of guarantees to the State's part of the investment risks, the provision of investment loans and others. Go to the incentives would help to give greater stability to the investment process.

In general, among the main factors restraining investment activity include:

- High dependence of national economy, public finance and balance of payments of the external economic environment for the existing structure of GDP;

- The continuing excessive administrative barriers to entrepreneurship, including at regional and local level, corruption and economic crime;

- Lack of effective tax mechanisms to stimulate investment activity (especially after the abolition of January 1, 2002 the investment tax allowance on profits), while maintaining overall high tax burden on business;

- Higher than in developed countries, "price" of bank lending and complicated procedure of obtaining the loan for investment projects;

- Lack of effective mechanisms for transforming savings into investments;

- Underdevelopment of the stock market;

- Lack of legal protection for domestic and foreign investors, poor law enforcement practice on this range of issues.

In the ranking of countries with favorable conditions for doing business in Russia fell by another two steps down and takes a 120-th out of 183 countries, it has a place in the last third of the list. While the nearest partners of Russia - Belarus and Kazakhstan - will occupy the 58-th and 63-rd place in the ranking of countries with favorable conditions for business and continue to move upwards.

Thus, the current situation calls for measures to improve the investment climate in Russia and its regions, which would increase the scale of investment activity, which in turn will increase the level of industrial production, increasing the competitiveness of Russian enterprises, increase employment and raise overall living standards population.

Дата добавления: 2015-11-14