Development of the investment potential of the engineering industry of the Ryazan oblast: a regional perspective
Importance In this paper, we consider the investment potential of the engineering industry of the Ryazan oblast, i.e. the region's ability to meet the needs for investment resources without borrowing, on the basis of the available factors of production: labor, natural resources, well-developed infrastructure, a variety of areas of investment, and the level of consumer demand. Objectives The aim of the paper is to identify ways to improve the investment potential in the Ryazan oblast. To achieve the goal, we set a number of tasks to be resolved, namely: to examine the current state of the machine-building industry of the Ryazan oblast; to collect and summarize information on the availability of government programs on investment development of the oblast; to identify negative factors affecting the development of the investment potential of machine-building industry in the region, and to develop interventions to mitigate these factors. Methods As the study’s information base, we used statistics from the Ministry of Economic Development of the Ryazan oblast, as well as the regulations governing the State support for investment activity in the oblast. Results The paper presents a set of negative factors affecting the development of the investment potential of the Ryazan oblast’s engineering industry. We specify positive and negative trends in the problems’ development and offer certain possible solutions. Conclusions and Relevance We conclude about the necessity to develop an information resource for increasing the investment potential of the machine-building industry of the Ryazan oblast. In view of the establishment of a special economic zone, we propose certain activities intended to strengthen Russian-Chinese cooperation in this direction. In addition, we recommend certain programs to attract potential investors in the engineering industry and activities that promote the creation of an information resource for investors, as well as raising the level of competence of managers in the engineering cluster.