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Problems of Investment Activity Development in Export-Oriented Region (Case of Irkutsk oblast)

Author: Dmitry Yu. Fedotov, Dr. Sc. (Econ.), Associate Prof., Dean of Taxes and Customs Faculty

Abstract: The article studies the issues of development of investment processes in Russian regions. It analyzes the publications devoted to problems of investment activity development and looks at the key trends in this area. The paper specifies the factors influencing investment processes in Irkutsk oblast and other Russian regions. It is concluded that the dynamics of investment into fixed capital is in line with the changes of the world economic situation. At this, the most active investors are mainly export-oriented companies involved in extraction of raw materials and their subsequent processing. The article examines the dynamics of investment into fixed capital in Irkutsk oblast during 1990–2012, evaluates the scales of shadow economy compared to other regions of Russia. It finds out about the impact of the level of investment activities on the level of shadow economy development and phrases proposals on stimulation of investment process in the oblast.

Keywords: regional economics; investment; shadow economy; fixed assets; state policy.