| Free economic zones(FEZ)are designed to create conditions for the implementation of long-term investment projects.A special economic zone is a territory on which special conditions of conducting business activity operate,the free customs zone procedure can be applied.The objectives of their creation in the Russian Federation are the development of economic sectors,the development of new technologies,the delivery of innovation results to consumers,the establishment of new types of products.On the territory of the Russian Federation,FEZs can be created in four main types: industrial-production,technical-innovative,tourist-recreational,port.The achievement of the goals of FEZ creation is associated with significant investments both from the state,municipalities,and from private investors.The main problematic research question: How to improve the success of Special Enterprise Zones in Attracting Foreign Direct Investment to Russia? The changes are in fact needed,since despite the generally recognized attractiveness of the Russian investment climate,59% see investment attractiveness improving over the next three years,up from 57% last 2015 year.Before offering detailed recommendations with respect to the function and performance of FEZs,there is first a need to define a concept of FEZ,thereafter,to verify the viability of FEZ projects in a context of trade liberalization and market economy;to determine the role and scope of involvement of the government in FEZ implementation with co-relation thereof with the scope of financial,legal and ethical responsibility of FEZ.There is no doubt that a study of the Russian investment climate in general is a highly important topic due to the base law of supply and demand – according to the Ministry of Economic Development of Russian Federation “Russia has abundance of educated labor,land and recourses to supply any venture and at the same time it has a sufficient demand(over 139 million of people)to absorb any products entering the market”(Ministry of Economic Development of Russian Federation,2004-2015).However,understanding of investment potential is not limited to Russia serving as a large output market for whatever products produced in excess by any other nation or attracting third parties with the goal of cutting costs for labour-and capital-intensive activities.There is a need for a qualitative rethinking of investment policy: investments need not only generate revenue,but can also distribute economic well being more evenly over the country,stimulating interaction between state research institutions and private companies based on business-driven goals rather than on command bureaucratic collaboration,which in the long run should switch Russia?s status of a commodity and resource exporter to innovations and value-added products exporter.The conclusions above naturally narrowed the scope of studies to investment boosting initiatives which serve or at least are aimed to serve the abovementioned goals.The work considers the problems of development and attraction of foreign capital in located in the territory of Russia.One of the first steps taken by the Russian Government to stimulate regional development and support of the industry was the creation of in the country.Despite the fact that some of the FEZ,there are more than 10 years,the results of their activities are far behind of the planned indicators.This is due to problems associated with the different stages of implementation of the project of creation and functioning of FEZ: from planning to control over expenditure of budgetary funds to the implementation of territory management.To improve investment performance it is necessary to use complex measures that will lead the territory to a new level. |
PDF Full Text Request