Determinants of Investment Attraction to Economic Growth Points of the Russian Far East




territories of advanced development, component analysis, investment potential, investment attractiveness, economy of the Far East, economic growth points, infrastructure, residents, investment risks


Due to the sanctions imposed by foreign states, modern Russian economy greatly depends on the economy of the Far East characterised by the formation and stimulation of investment in the territories of advanced development (TADs). However, at the present stage, economic growth measures are not working effectively in all Far Eastern regions. The article presents t an analysis of factors shaping the investment attractiveness of the territories of advanced development established in the Russian Far East. We examine regional socio-economic indicators, accounting statements of residents and non-financial information on business reputation of enterprises. Since territories of advanced development are considered economic growth points of the Russian Far East, the research aims to identify relevant patterns and rank TADs according to the importance of the factors of investment potential and risks. Methods of econometric analysis and modelling were applied. The developed methodology for assessing investment attractiveness includes indicators adapted for TADs, component factor analysis and modelling. Factor models were constructed and the factors were grouped according to their impact on the investment potential and risks of the territories of advanced development of the Far Eastern Federal District. The obtained results indicate that the initial development stage of economic growth points is characterised by various financial and social problems, insufficient investment and uneven distribution of investments to ensure advanced economic growth. The established factor models explain the importance of creating a favourable investment environment, attracting investments for the construction of infrastructure, increasing the efficiency of resource potential in the Far Eastern regions. Factors of the internal business environment of residents — financial condition and the initial stage of enterprise operation from the moment of state registration — are seen as constraining.

Author Biographies

Vilena A. Yakimova, Amur State University

Cand. Sci. (Econ.), Associate Professor, Associate Professor of the Department of Finance; Scopus Author ID: 57209797168; (21, Ignatievskoe Highway, Blagoveshchensk, 675027, Russian Federation; e-mail:

Sergey V. Khmura, Amur State University

Graduate student, Amur State University; Deputy Head, Investment Attraction Agency of the Amur Region; (21, Ignatievskoe Highway, Blagoveshchensk, 675027, Russian Federation; e-mail:



How to Cite

Yakimova В. А., & Khmura С. В. (2022). Determinants of Investment Attraction to Economic Growth Points of the Russian Far East. Economy of Regions, 18(3), 943–959.



Regional Finance