Influence of Regional Features of Political Regime on the Investment Climate (on the Example of Baikal Region)

Actuality of the research lies in the fact that current development of regions is a top-priority goal of the state policy. Special attention is given to the Far East and the Baikal region that once again was marked by President Vladimir Putin in his 2013 message to the Federal Assembly . The federal target program “Social economic development of the Far East and Zabaikalye” was prolonged to 2018 adding the Irkutsk oblast (thus, “Zabaikalye” in the name was changed to the “Baikal Region”). In the nearest future this program provides the realization of measures for the development of transport and energy infrastructure on the territory of Eastern regions . This program realization demands considerable investments – the volume of financing consists of 696931,71 million rubles and the main part of these resources (473263,05 million rubles) is planned to be attracted from extra budgetary sources . The investment attraction is one of the main measures of assistance to region development and achievement of program aims. It demands development of effective measures to create a favorable investment climate in the regions.A significant role in this process is given to the regional level of power. According to the words of the president Vladimir Putin the regional authorities must carry political responsibility for the quality of the investment climate, the quality of conditions created for investors . The core role here is given to the governor, he is responsible for the choice of direction of regional development, coordination of officials’ activity.Thereby, the problem to find an optimal model of regional political system contributing to investment attraction for successful economic development of the region is topical. The choice of the Baikal region for the research is caused by the fact that unlike the regions of the Far Eastern Federal District, the subjects of the Baikal region are much more comparable among themselves and suitable for comparison as they geographically constitute one compact zone and in the frames of the program for development are united in one subregion. Political and economic importance, practical significance of the problem cause the choice of the subject of the research “The influence of regional features of a political regime on the investment climate (on example of the Baikal region)”.Objective of the research – to ascertain what particular features of the regional political regime positively influence the state of investment climate in the region.To achieve the objective of the research and to test the hypothesis the following tasks of the research have been defined:- to examine existing approaches to implementation of investment policy in the regions, the main directions of interactions between regional authorities and investors;- to examine main institutional features and established practice of political regimes in the subjects of the Baikal region (the Irkutskaya oblast, the Buraytia Republic, the Zabaikalsky krai);- to study regional legislation, existing credentials of regional authorities in the field of interaction with business and implementation of these credentials, embodied practice of interaction in the time period frames from 2000 to 2014 years, to define established in the regions “rules of the game” of political power and business;- to identify the main industry directions of investment activity in the investigated regions, and also to identify those in them which are the most sensitive to regional political specificity and changes in political regime of the region;- to establish what features of political regime mainly influence on the inflow of investments in the identified industry branches;-to estimate investment attraction of the region and the quality of investment climate based on accounting of significant features of political practice;- to make an effort to identify an optimal model of political regime for the investigated regions contributing to the improvement of investment climate and effectiveness of economy in them.