DEVELOPMENT OF THE MAIN DIRECTIONS FOR INCREASING THE INVESTMENT ATTRACTIVENESS OF THE REPUBLIC OF SAKHA (YAKUTIA)

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International Journal of Civil Engineering and Technology (IJCIET)
Volume 9, Issue 11, November 2018, pp. 1–22, Article ID: IJCIET_09_11_001
Available online at http://www.iaeme.com/ijciet/issues.asp?JType=IJCIET&VType=9&IType=11
ISSN Print: 0976-6308 and ISSN Online: 0976-6316
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DEVELOPMENT OF THE MAIN DIRECTIONS
FOR INCREASING THE INVESTMENT
ATTRACTIVENESS OF THE REPUBLIC OF
SAKHA (YAKUTIA)
V.S. Markova
Department of Economics and Finance, Institute of Finances and Economics, M. K.
Ammosov North-Eastern Federal University – 677027, Yakutsk, Republic of Sakha
(Yakutia), Russia
Izabella D. Elyakova
Department of Economics and Finance, Master of Finance and Economics Institute of the M.
K. Ammosov North-Eastern Federal University – 677027, Yakutsk, Republic of Sakha
(Yakutia), Russia
K. Yu. Postnikova
Department of Labor Economics and Social Relations, Institute of Finances and Economics,
M. K. Ammosov North-Eastern Federal University – 677027, Yakutsk, Republic of Sakha
(Yakutia), Russia
I. I. Poiseev
Expertise, Management and Cadastre of Real Estate Department, Institute of Engineering &
Technology, M. K. Ammosov North-Eastern Federal University – 677027, Yakutsk,
Republic of Sakha (Yakutia), Russia
A. A. Pakhomov, V. R. Darbasov
Federal Publicly Funded Institution of Science Yakut Science Center of the Siberian Branch
of the Russian Academy of Science – 677027, Yakutsk, Republic of Sakha (Yakutia), Russia
M. N. Okhlopkov
Department of Regional Economic and Social Research, Yakut Science Center of the
Siberian Branch of the Russian Academy of Science – 677027, Yakutsk, Republic of Sakha
(Yakutia), Russia
V. S. Dadykin
Department of Economics, Industrial Engineering and Management, FSBEI HPE Bryansk
State Technical University – 241035, Bryansk, Russia

Development of the Main Directions for Increasing the Investment Attractiveness of the
Republic of Sakha (Yakutia)
ABSTRACT
The research objective: In modern conditions, one of the priorities of encouraging
investment is to increase the investment attractiveness of the regions and the country
as a whole. This, in turn, necessitates the identification of challenges and prospects for
investing in regions, as well as analyzing investment activities and, accordingly,
assessing the entities’ investment attractiveness.
The purpose of the study is to determine the level of investment attractiveness of the
Republic of Sakha (Yakutia) (RS (Ya)) and identify the main directions for its
improvement.
Research method: Statistical and econometric methods for assessing investment
attractiveness based on the calculation of the integral index of investment
attractiveness.
Key findings: In the course of the study, strengths (resource potential) and
weaknesses (poor infrastructure), opportunities (development of other components of
the potential) and threats (economic mono-specialization) of investment attractiveness
of the RS (Ya) were identified based on the SWOT analysis to determine the main
directions for increasing the level of region’s investment attractiveness. The level of the
RS (Ya) investment attractiveness was also identified using the investment
attractiveness index calculated by the authors: the RS (Ya) occupies the second position
in terms of investment attractiveness among the subjects of the Far Eastern Federal
District (FEFD).
Keywords Investment attractiveness of the regions, Republic of Sakha (Yakutia),
Resource potential, Infrastructure, Components of the potential, Economic mono-
specialization, Investment attractiveness index
Cite this Article: V. S. Markova,Izabella.D, Elyakova,K.Yu. Postnikova,I. I.
Poiseev,A, A. Pakhomov, V. R. Darbasov,M. N. Okhlopkov And V. S. Dadykin,
Development of the Main Directions for Increasing the Investment Attractiveness of
the Republic of Sakha (Yakutia), International Journal of Civil Engineering and
Technology, 9(11), 2018, pp. 1–22
http://www.iaeme.com/IJCIET/issues.asp?JType=IJCIET&VType=9&IType=11
1. INTRODUCTION
The Far East of Russia is a region with a vast territory and a powerful resource potential, but
at the same time, with extreme natural and climatic and socio-economic conditions. Due to
objective and subjective reasons, the resource potential is not used to the best advantage. In a
region with a population density of only 1 person per km. sq., with vast undeveloped territories
and resources, additional funds are required for development.
To ensure stable regional development, it is necessary to advance and implement a strategic
investment policy, i.e. evidenced-based and longstanding policy [21, 23]. In the Socio-
Economic Development Strategy of the Far East and the Baikal Region for the Period up to
2025, investments are one of the main instruments for achieving the strategic goal of the
document, which reads as follows – “the implementation of the geopolitical task of entrenching
the population in the Far East and the Baikal region due to the creation of a developed economy
and comfortable human environment in the constituent entities of the Russian Federation
located in this territory, as well as the achievement of the average Russian level of socio-
economic development” [1].

V. S. Markova,Izabella.D, Elyakova,K.Yu. Postnikova,I. I. Poiseev,A, A. Pakhomov, V. R.
Darbasov,M. N. Okhlopkov And V. S. Dadykin
At present, the importance of investment has increased not only at the country level, but
also at the level of regions and economic entities. Owing to investments, there is an opportunity
to increase production, develop infrastructure, create new jobs and, thereby, improve the level
and quality of life of the population.
In modern conditions, one of the priorities of encouraging investment is to increase the
investment attractiveness of the regions and the country as a whole. This, in turn, necessitates
the identification of challenges and prospects for investing in the regions, as well as an analysis
of investment activity and, accordingly, an assessment of the subjects’ investment
attractiveness.
2. RESEARCH METHOD
The existence of various interpretations of investment attractiveness determines the existence
of a variety of methods for its evaluation. The most common form of assessment is the
calculation of the indicator on the basis of certain quantitative and qualitative characteristics of
the region under study.
There are two methods for calculating the indicator:
1. calculation of the integral index – one integral indicator calculated on the basis of
indicator-factors of investment attractiveness;
2. calculation of two independent values – investment potential and investment risk.
The level of investment attractiveness is determined by the ratio of the two
previously mentioned independent values. It is worth noting that with this method
it is impossible to make a ranking list with regions [5].
Ratings of investment attractiveness today are the most popular form of presenting the
results of assessing the RF regions’ investment attractiveness.
This study considered the most commonly used domestic techniques (Figure 1):
RAEX (Expert RA) methodology;
Methodology of the Agency for Strategic Initiatives (АSI);
National Rating Agency methodology (NRA).
Figure 1 Methods for assessing the investment attractiveness of regions in the Russian Federation
[12, 13, 15]

As a result of analyzing the methods of the three organizations (Expert-RA, NRA, ASI),
by certain comparative characteristics, the Expert-RA Rating Agency methodology was chosen
as the most suitable for assessing the region’s investment attractiveness – analyzing the level
of investment attractiveness by its components. In the course of the study, only Expert-RA
ratings are used as a benchmark rating for calculating the region’s investment attractiveness.
The methods of statistical and econometric analysis were used to analyze the main
indicators of investment activity.
3. RESULTS AND DISCUSSION
3.1. Analysis of the key indicators of investment activity in the Republic of Sakha
(Yakutia)
The socio-economic development of the region is impossible without efficient investment
activity. Conducting an effective policy to induce investment in the region’s economy, it is
necessary to perform continuous monitoring of investment activities, to identify its main trends,
challenges and promising ways of development of this economic sector.
The authorized executive body of the government in the Republic of Sakha (Yakutia) in
the area of investment is the Ministry of Investment Development and Entrepreneurship of the
Republic of Sakha (Yakutia). It carries out the functions of state regulation of investment
activities, the implementation of state innovation policy, state policy in the field of public-
private partnership, cluster policy, state policy in the field of small and medium-sized
businesses, the tourism industry, image policy in terms of promotion and implementation of
investment, innovation and tourism potential of Republic of Sakha (Yakutia). The Ministry
was established in January 2017 [14].
To identify the major parameters of the investment activity of the region under study, an
analysis of indicators reflecting its effectiveness was carried out on the basis of statistical data
for 2005–2017 including:
amount of investment in fixed assets;
amount of investment in fixed assets per capita;
generic structure of investment in fixed assets;
investments in fixed assets by directions;
structure of investments in fixed assets by funding sources;
structure of investments in fixed assets by types of economic activities (TEA);
Distribution of investments in fixed capital by particular forms of ownership.
The first indicator in the analysis is the volume of investments in fixed capital, which
includes the cost of construction, reconstruction (comprising expansion and modernization) of
facilities, which leads to a growth in their initial cost and increases the helpful effect of use
(hereinafter construction), the acquisition of machinery, equipment, vehicles, industrial and
household equipment, accounting of which is carried out in the way prescribed for the
accounting of investments in long-term assets, the creation of a working, productive and
pedigree herd, planting and growing perennial crops, etc., investments in intellectual property:
software and databases, genuine works of entertaining genre, those related to literature and art,
research and development, creation and acquisition of inventions, utility models and industrial
designs, exploration of the subsoil and estimation of mineral reserves, including incurred
intangible exploration costs [19, 22, 24].

Figure 2 shows the dynamics of investments in fixed capital in monetary terms and the
share of investments in RS (Ya) in the total volume of investments in the FEFD.
Figure 2 Dynamics of amount and growth rate of fixed asset investment in the Sakha (Yakutia)
Republic in 2005-2017 [16, 17]
For the period under analysis, from 2005 to 2017, the dynamics of the volume of
investments in fixed assets represents a positive trend. There is a growth in the amount of
investments in fixed assets by RUB 335,875 mln. These changes are a positive factor, and
indicate the development of the investment market in the RS (Ya) for a given period of time,
which was largely facilitated by the investment policy pursued by the Government of the RS
(Ya). The decrease in the volume of investments was recorded in 2010, 2013 and 2014, and in
2010 there was a sharp decline in the indicator (by 62,155 million rubles, that is, by 32.26%).
The reasons for the decline in investment are related to the economic crisis in 2009.
Consider investment growth and growth rates (Table 1).
Table 1 Indicators of the dynamics of investment in fixed capital of RS (Ya) for 2005-2016 [16, 17]
No. Year Amount of fixed asset investment, mln RUB
Absolute growth, mln
RUB
Growth rate, %
chain basic chain basic
1 2005 48,978 - - - -
2 2006 56,619 7,641 7,641 115.60 115.60
3 2007 119,824 63,205 63,205 211.63 211.63
4 2008 156,954 37,130 100,335 130.99 277.21
5 2009 192,648 35,694 136,029 122.74 340.25
6 2010 130,493 -62,155 73,874 67.74 230.48
7 2011 190,409 59,916 133,790 145.92 336.30
8 2012 205,206 14,797 148,587 107.77 362.43
9 2013 193,947 -11,259 137,328 94.51 342.55
10 2014 181,172 -12,775 124,553 93.41 319.99
11 2015 198,032 16,860 141,413 109.31 349.76
12 2016 275,273 77,241 218,654 139.00 486.19
13 2017 384,853 109,580 335,875 139.81 785.77

Source: Calculated by the authors based on statistical data [16, 17]
Over twelve years, the volume of investment has increased almost by eight times.
Compared with the previous year under analysis – by 1.4 times. The average growth rate was
118%.
Below is the dynamics of the volume of investments in fixed capital per capita in the RS
(Ya) in 2005-2017.
Figure 3 Dynamics of the amount of fixed asset investments per capita in the RS (Y) in 2005-2017,
RUB [16, 17]
The population of the RS (Ya) during the analyzed period was in the range of 954.3-964.3
thousand people; there were no drastic changes. Therefore, the dynamics of investments per
capita is similar to the dynamics of investments of the entire region. In 2017, the volume of
investments per capita increased sharply and amounted to 399,088.8 rubles, which is 7.8 times
more than that in 2005. As compared to the previous year, the value increased by 39.4%, which
is also associated with the growth in the total investment.
Further, the position of the republic in the FEFD is considered. The volume of investments
by subjects of the FEFD is presented in Appendix A. The share of investments in RS (Ya) in
the total volume of investments in the economy of the Far East is calculated (Table 2).
Table 2 The share of RS (Ya) investments in the volume of investments in RS (Ya) fixed assets [16,
17]
Year
Amount of fixed asset investment
in FEFD, mln RUB
RS (Y) share in the amount of fixed asset
investment in RS (Y), %
2005 276,291 17.73
2006 330,824.75 17.11
2007 436,848.74 27.43
2008 584,745 26.84
2009 686,111 28.08
2010 787,699.45 16.57
2011 1,060,504.5 17.95
2012 971,352.97 21.13
2013 842,439.83 23.02
2014 810,553.66 22.35
2015 905,087.27 21.88
2016 1,000,775.99 27.54
2017 1,217,355.92 31.61
Source: Calculated by the author on the basis of statistical data [16, 17]

The dynamics of investment in the subjects of the FEFD has been growing since 2014. As
of 2017, the volume of investment in fixed assets amounted to 1,217 billion rubles, which is
7.6% in the total volume in RF.
The share of investments in RS (Ya) in the FEFD total volume by 2017 reached a maximum
value for the analyzed period – 31.61%, i.e. among 9 subjects of FEFD, one third of all funds
are invested in the economy of RS (Ya).
In 2010-2013 the share continued to grow, then a slight decrease was observed. The value
of the indicator is in the range from 16 to 32%. The minimum share was observed in 2010,
which coincided with a sharp decline in investment. As a result, there is a positive upward trend
in the share of RS (Ya).
Of particular importance in stimulating investment activity are the volumes of real
investment, which can be characterized by such an indicator as the share of investments in
fixed assets in the gross regional product (GRP). This indicator is an indicator reflecting the
economic efficiency. The calculated shares are presented in Table 3. This indicator is shown
for the period 2005-2016, due to the lack of data on GRP for 2017.
Table 3 Dynamics of the share of investments in fixed assets to GRP in RS (Y) in 2005-2016, %
Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Share 26.8 27.4 49.4 50.7 58.7 33.7 39.1 37.9 34.0 27.5 26.5 31.7
Source: Calculated by the authors on the basis of statistical data [16, 17]
For the analyzed period, the maximum value was reached in 2007 – the share was about a
half in the RS (Ya) GRP. In 2015, the share was one fifth in GRP – 26.5%.
Investments in fixed assets in 2016 account for about a third of the share in GRP. Within
the FEFD, RS (Ya) has the second result after the Amur Region, the share of which was 45.1%
in 2016.
The value for this indicator in the RS (Ya) is more than the average for Russia (investment
in Russia’s GDP accounts for only one-fifth, 20.8%). Thus, it can be argued that according to
this indicator, the economy of the republic is regarded as quite effective.
The next indicator for analyzing the investment activity in the RS (Ya) is the generic
structure of fixed asset investments (Figure 4). Data for 2017 are not available.
Figure 4 Generic structure of fixed asset investments in RS (Ya), 2005-2016 % [16, 17]

As Figure 4 shows, half and more of the investment is directed to buildings and facilities,
then about a third – to machinery, equipment and vehicles. Compared to 2005, the structure of
2016 has noticeably changed: the share of investments in buildings and facilities increased
from 46.7% to 66.2%, while the share in machinery and equipment decreased from 40.6 to
21.3%. The share of investments in dwellings also decreased and amounted to 7.6%, the share
of other investments in fixed assets doubled by 2016 during the last 12 years – 8.9%.
The structure of investments in three areas is further considered: construction,
modernization and reconstruction, the acquisition of new fixed assets. The data are presented
in Table 4 for the period 2012-2016.
Table 4 Activity-specific composition of investment in RS (Ya) in 2012-2016, %
Year
Construction
Modernization and
reconstruction
Acquisition of new fixed
assets
Buildings
and facilities
Machinery,
equipment,
vehicles
Buildings
and facilities
Machinery,
equipment,
vehicles
Buildings
and facilities
Machinery,
equipment,
vehicles
2012 78.7 13.0 63.4 32.3 16.0 79.8
2013 80.2 10.4 58.8 37.8 13.9 79.4
2014 81.8 7.0 68.5 23.1 20.7 74.1
2015 76.1 12.8 75.0 16.0 15.7 76.4
2016 75.9 8.3 76.1 17.3 19.4 64.1
Source: Calculated by the authors on the basis of statistical data [16, 17]
Each area is divided into buildings and facilities, machinery, equipment and vehicles. Over
five years, the structure has undergone changes, especially the differences are noticeable in the
area of “modernization and reconstruction”: if in 2012, machines and equipment accounted for
about a third of investments in modernization and reconstruction, then in 2016 the share
decreased to 17.3%, respectively, the share of investment in buildings and facilities increased
(76.1%).
As of 2016, a larger percentage of construction accounted for buildings and facilities
(75.9%). In the area of “modernization and reconstruction” a large share of investments is also
related to buildings and facilities. Consequently, the share of machinery and equipment prevails
in the area of “the acquisition of new fixed assets” – 64.1%.
The following analyzed structure of investments is by funding sources. Sources of
investment are divided into internal and external (including budget funds of the federal budget
and the regional budget). The structure in the form of a graph is shown in Figure 5.
Figure 5 Composition of investment by funding sources in RS (Ya) in 2012-2016, % [16, 17]

The above structure of investments shows an increase in the share of investments from
internal funds until 2012-2014, then an increase in external investments due to the growth in
the share of others (excluding budget funds). According to the data of 2016, the structure of
investments is as follows: for 44% of investments in RS (Ya), the source is legal entities’ own
funds, the remaining 56% are external investments. The share of funds raised from the budget
was 13% (this figure continues to decline over 5 years).
In Figures 6 and 7, we consider the structure of investments in fixed assets by types of
economic activity (TEA) in 2012 and 2016. For the convenience of displaying data, parts of
the TEA in which the share is a small percentage are included in one “miscellaneous” group
(agriculture, fishing, manufacturing, trade, and others).
Figure 6 The structure of investment in fixed assets by TEA in RS (Ya) in 2012 [16, 17]
In 2012, the largest share of investments in fixed assets in the structure accounted for the
mining operations (33%), further “electricity, gas and water production and distribution” takes
a quarter of investments, the share of TEA “transport and communications” is 22%, then “real
estate activities” account for 7% of investment. The group “miscellaneous” amounts to 11%.
Figure 7 The structure of investment in fixed assets by TEA in RS (Ya) in 2016 [16, 17]

As presented in the figures above, the structure has undergone some changes over 5 years.
The share of mining significantly increased. Thus, the share of investments in the production
and distribution of electricity, gas and water has decreased.
In 2016, in the total amount of investment in fixed assets of the RS (Ya), the largest share
is “mining” (51%), followed by “transport and communication” with a share of about a quarter
of investments (24%), “electricity, gas and water production and distribution” (8%), “real estate
activities” (6%).
Further, in Table 5, the distribution of investments in fixed capital by particular forms of
ownership is considered: Russian, foreign, joint Russian and foreign. The structure of Russian
investments, in turn, is divided into state, municipal, private and mixed Russian investments.
Таble 5 The structure of investment in fixed assets by particular forms of ownership in 2012 and
2016, % [16, 17]
Year Russian
including
Foreign
Joint
Russian and
foreign
governmental municipal private
Joint
venture
Russian
2012 94.0 16.5 4.7 42.3 30.4 1.3 4.7
2016 88.4 7.7 5.0 62.9 12.6 1.9 9.7
Most of the investments during two years are of Russian origin: 94% in 2012 and 88.4% in
2016. Foreign investments make up only about 2% of the total investment in the RS (Ya). Over
5 years, the share of joint investment increased: in 2012, joint Russian and foreign investments
amounted to 9.7%.
In terms of Russian investments, private investments prevail (62.9% in 2016). The share of
investments of mixed ownership decreased from 30.4% to 12.6%. Minor shares are of state and
municipal forms – 7.7% and 5%, respectively.
Thus, the analysis of investment activity of RS (Ya) is carried out on the basis of statistical
data related to seven indicators. The dynamics of investments in fixed assets has a positive
trend; by the end of 2016, the volume of investments amounted to 275.3 billion rubles. RS (Ya)
takes about a third – 28% in the structure of investments in FEFD.
Most of the funds are invested in the construction, modernization and reconstruction of
buildings and facilities, as well as the purchase of vehicles and equipment. According to the
financing sources, first of all, the external funds in the amount of 56% are invested (a small
share is connected with budget funds).
The analysis of the structure of investment in TEA over five years indicates a low
investment diversification. The share of investments in mining increased, in 2016 this share
was more than a half (51%). In the meantime, the share of investments in TEA “electricity, gas
and water production and distribution” is decreasing.
Thus, it can be assumed about the investment activity of the RS (Ya) at the level above the
average based on statistical data analysis.
Besides, within this part of the work, factors limiting the investment activities of RS (Ya)
organizations are highlighted.
For the subjects of the FEFD, investments can be one of the most important factors in
regional development. In turn, organizations operating in the core economic activities in the
region provide the basis for attracting and operating investments.
The enterprises’ investment activity determines the growth rate of production and
competitiveness in the long term [2]. It is necessary to consider not only the factors contributing

to the growth of investment attractiveness (i.e., factors of investment potential), but also factors
constraining investment activity.
The total volume of investments in fixed capital in the FEFD entities by the end of 2016
amounted to 985.2 billion rubles (11% increase compared to the previous year). More than a
half of the volume of investments accounted for buildings and facilities (58.6%), then 24.8%
of investments in machinery, equipment and vehicles, 8.2% – dwellings, 8.4% – other types of
fixed assets [4].
In 2016, in 85 RF subjects, the Federal State Statistics Service of the Russian Federation
(RF FSSS) conducted a sample survey of investment activity of organizations operating in the
following areas: “mining”, “manufacturing,” “electricity, gas and water production and
distribution”. The sample size equals to 23.7 thousand organizations. In the sectoral structure
of the GRP in the FEFD regions, the above-mentioned types of economic activity accounted
for 57.2% of all GRP in 2016, and in the structure of investments in fixed assets – more than a
half (59.1%) [4].
Table 6 presents the results of the survey conducted by the RF FSSS.
Table 6 Distribution of organizations by the assessment of factors limiting investment activity in
2016, % of the total number of organizations
Subjects
Insufficientdemand
forproducts
Lackofownfinancial
resources
Imperfectregulatory
framework
Acomplexmechanism
forobtainingloansfor
investmentprojects
implementation
Highinterestrateof
commercialloan
Investmentrisks
Existinginvestment
taxregime
Uncertaintyofthe
country'seconomic
situation
Far Eastern
Federal District
21 61 35 50 57 45 33 61
The Sakha
(Yakutia)
Republic
57 80 52 78 72 63 54 87
Kamchatka
Krai
5 71 25 30 30 38 17 71
Primorsky Krai 8 48 38 50 59 44 36 56
Khabarovsk
Krai
18 75 36 60 66 42 16 60
Amur Region 4 51 9 13 40 26 22 31
Magadan
Region
10 41 14 35 45 50 33 57
Sakhalin
Region
26 49 47 54 57 51 51 61
The Jewish
Autonomous
Region
4 36 8 7 26 53 26 9
Chukotka
Autonomous
Okrug
12 67 37 25 44 32 30 64
Source: Calculated by the authors on the basis of statistical data [18]
As part of a sample survey, factors were identified that limit the organizations’ investment
activities. The main factors constraining the growth of investment activity among the FEFD

entities are the lack of own financial resources and the uncertainty of the economic situation in
the country; these reasons were chosen by 61% of the heads of organizations. Besides,
investment activity is limited by a high percentage of commercial loans (57%). The results of
the survey in the RS (Ya) are as follows: 87% of the heads of organizations state that the
limiting factor is the uncertainty of the economic situation, 80% – the lack of their own funds,
78% – a complicated mechanism for obtaining loans, 72% – a high percentage of commercial
loans.
Next, we consider the structure of investment volumes in FEFD subjects in Figure 8 by
sources of financing – internal (organization profit, reserve funds, contributions to the equity
capital, aimed at investing, etc.) and external funds (bank loans, funds from the federal, regional
and local budgets, foreign investment, etc.).
Figure 8 Distribution of investments in fixed capital by sources of funding in the FEFD, 2016, % [17]
Throughout FEFD, the structure of investments is as follows: 44.2% account for own funds,
the remaining 55.8% are external. In all the regions under consideration, the share of funds
raised is about a half and more. The minimum share of funds raised is observed in the
Kamchatka Krai – 44.1%. In the Magadan Region, the Jewish Autonomous Region, the
Chukotka Autonomous Region, the share of non-own funds makes up more than 70% of the
total investment.
In RS (Ya), the source of financing 55.8% of investments in fixed assets are external funds.
The ratio of internal and external funds in the volume of investments reflects a significant
predominance of external funds.
The results of a sample survey of the Russian Federation conducted by the FSSS and the
structure of investments in fixed capital by sources of financing indicate the importance of the
impact of the lack of own financial resources in organizations as a limiting factor.
In addition to the factors identified by the FSSS sample survey, the limiting factor can also
be attributed to the staff composition not always complying to organization’s requirements
(quantitative characteristics and personnel’s professional level), the absence or lack of
government support, and the lack of information in organizations [25]. These factors require
more in-depth analysis and other assessment methods.
The level of industrial organizations’ investment activity reflects the level of development
of the region to a certain extent. Organizations should follow an investment strategy related to
financial resources planning [3]. Thus, the assessment of investment activity should be based
not only on the investment potential, but also on the analysis of limiting factors. Knowledge of

the barriers to investment activity is significant for taking appropriate measures and developing
a sound investment policy for the organization, the region and the country as a whole.
3.1. Analysis of investment attractiveness of the Republic of Sakha (Yakutia)
Investment attractiveness is analyzed through different approaches. The analysis can be carried
out as a statistical analysis of the main indicators, and investment attractiveness index
calculated by the authors on their own, etc. In this paper, the analysis is conducted on the basis
of the assessment of investment attractiveness, as well as the index of investment attractiveness
calculated by the authors.
The analysis of the investment attractiveness of RS (Ya) according to the results of the
research of the Rating Agency Expert-RA for 2012-2017 has been carried out. The results of
the evaluation of the investment attractiveness of the RF regions are annually presented in the
federal media and on the agency’s official website.
As was considered in the first part of this work, according to the agency’s methodology,
each subject of the Russian Federation is given a quantitative characteristic (how great the
potential is and to what extent the risk is high), on the basis of which each region is related to
a specific group (category) of investment attractiveness.
For the analyzed period, from 2012 to 2017, according to the results of the RS (Ya) rating,
it belongs to the category 3B1 – the group of “reduced potential-moderate risk”. The other
subjects of FEFD also belong to this category according to the Expert-RA rating.
For a detailed analysis the regions’ investment attractiveness according to Expert-RA data
for 2012-2017 are reviewed. Table 7 presents the results of the RS (Ya) ratings over the
analyzed period.
Table 7 RS (Ya) positions based on potential and risk in the ratings of the regional investment
attractiveness in the RF in 2012-2017.
Component of investment
attractiveness
2012 2013 2014 2015 2016 2017
Potential
Position 19 19 21 20 20 20
Value, % 1.296 1.185 1.186 1.201 1.211 1.273
Risk
Position 48 51 56 55 49 54
Value 0.296 0.291 0.293 0.293 0.273 0.265
Source: Calculated by the authors on the basis of statistical data [6, 7, 8, 9, 10, 11]
Over the six years under analysis, RS (Ya) takes positions 19-21. By 2017, it shifted from
position 19 to 20. The value of the potential (the share in the nationwide potential) increased
significantly in 2017, there is a growth trend since 2013.
According to the risk rating, the RS (Ya) shifted to the 54th place, however, the value of
the weighted average risk index is decreasing.
Expert-RA reports also provide rankings for individual risk and potential components.
Further we consider their specification in order to find out exactly which potentials and risks
ensure an increase in the level of attractiveness, which, on the contrary, reduce.
The ranks of the investment potential components are presented in Table 8.

Table 8 The ranks of the investment potential components RS (Ya) in 2012-2017.
Year
Potential
labor
consumer-
oriented
manufacturing
financial
institutional
innovative
infrastructural
natural-resource
tourist
1 2 3 4 5 6 7 8 9
2012 52 45 39 34 53 35 81 2 68
2013 53 48 38 33 52 47 81 2 68
2014 50 47 38 35 52 51 81 2 68
2015 54 45 35 36 53 46 83 2 69
2016 50 44 33 35 52 50 83 2 67
2017 55 42 32 25 54 53 83 2 68
As for the natural resource potential, over all analyzed years the RS (Ya) occupies the
second position after the Krasnoyarsk Krai. As for the other potential components, it occupies
positions no higher than the 20s: according to the labor component it is the 55th position out
of 85 possible ones, as for the consumer component, it is 42 (the upward shift is observed),
according to the institutional one – 54.
According to the financial potential as of 2017, the RS (Ya) has risen from the 34th place
to the 25th place. The opposite picture is observed as for the innovative component of the
potential: the 53rd place in 2017 against the 35th position in 2012.
By the level of infrastructure potential, the RS (Ya) rating remains low: the 83rd rank
among 85 RF subjects. Thus, the RS (Ya) 20th rank in terms of investment potential is
supported by a high level of natural resource potential.
In terms of investment risk, the republic belongs to the “moderate risk” group. In 2017, RS
(Ya) was assigned the 54th rank. Below in Table 9 the investment risk components are
considered.
Table 9 Ranks of Investment Risk Components in RS (Y) in 2012-2017
Year
Risk
social economic financial criminal ecological managerial
1 2 3 4 5 6
2012 70 35 35 44 79 4
2013 72 34 41 3 80 12
2014 71 38 49 3 80 18
2015 74 32 44 3 82 17
2016 72 27 29 7 82 23
2017 73 24 30 6 82 37
The decrease in the risk ranking in 2017 is due to the advance in the performance of other
regions, since the value of investment risk is improving. Reducing the risks of economic (the

24th position against the 27th in 2016) and criminal (advance by one position) components
could contribute to the improvement.
However, there is a significant deterioration in the position by the management risk
component (shift by 14 positions). As for the social and financial risk, there are no
improvements. Almost the last position is taken by RS (Ya) according to the environmental
risk – the 82nd one out of 85.
Thus, the region activities related to investment attractiveness is to reduce social, financial,
environmental and managerial risks. As for the investment potential, the level of potential (the
20th rank) is ensured to the greatest extent by the only capacity– the provision of the republic
with natural resources. To increase investment attractiveness, it is necessary to focus on
carrying out a range of activities and measures to improve positions related to the other
components of the potential, especially institutional, tourism and infrastructure ones.
3.2. SWOT-analysis of the Republic of Sakha (Yakutia) investment attractiveness
To develop measures for increasing the level of regional investment attractiveness, it is
necessary to conduct a preliminary analysis and assessment, where the current state of affairs
in the region will be considered, and for this reason, identify possible directions for its
development.
The geographical position of the RS (Ya) is considered, the main statistical indicators of
the investment attractiveness components are analyzed.
The RS (Ya), a RF subject, is located in the eastern part of the country, occupies 3,083,523
square km, which is 18% of the total Russian area. The structure of land area by type of land
is as follows: agricultural land – 0.5%, forest area – 53.5%, surface water and swamps – 10.7%.
The position of the republic also determines the presence of minerals. By the diversity and
volume of mineral deposits, the RS (Ya) territory is unique not only in Russia, but also
worldwide. Here are deposits of oil, gas, coal, ferrous and non-ferrous ores, precious metals
and diamonds. It is necessary to take into account, in comparison with other RF regions, in
Yakutia, the degree of exploration maturity is low, which indicates a significant potential for
identifying new mineral deposits.
The demographic situation in the republic is shown in Table 10.
Table 10 Demographic Situation in RS (Ya) in 2014-2018, persons.
Year
Population size on
January 31 of the
current year
Changes over the year
Total growth Natural change
Positive migration
balance
2014 954,803 2,093 8,801 -6,708
2015 956,896 2,793 8,180 -5,387
2016 959,689 3,146 7,299 -4,153
2017 962,835 1,495 6,144 -4,649
2018 964,330 - - -
Source: Calculated by the author on the basis of statistical data [16, 17]
In the region since 2014, a trend of population growth has been observed. In analyzing the
two components of the population change, it was found:
the mortality rate is below the birth rate in the republic, there is a natural increase
in the population;

more people leave RS (Ya) rather than arrive here – it means the migration loss.
The value of the natural increase (despite the decline in the birth rate) in the population
determines the population growth in the RS (Ya). Besides, a positive trend in the population
size among FEFD subjects is observed only in the RS (Ya).
Further, the republic’s geographical position determines severe climatic conditions: there
is the Arctic belt climate in the north, in the center the climate is subarctic (continental), there
is the temperate zone (continental) climate in the south. The temperature amplitude is more
than 100 degrees Celsius: the maximum recorded temperature is +38.4 degrees, the minimum
is -64.4 degrees.
But at the same time, the RS (Ya) is at the other end of the capital of Russia, a low
population density, huge area, low proportion of road equipment – this clearly shows the
economic disadvantage of Yakutia.
As for the government efforts in the field of investment: the well-coordinated work of the
Ministry of Investment Development and Entrepreneurship of the RS (Ya) and its subordinate
organizations ensured the achievement of indicators of target business facilitation models and
increasing investment attractiveness – 94% (the average value in Russia is 92%).
Based on the analysis of the main indicators of investment activity in the republic and the
investment attractiveness components, a SWOT analysis of the RS (Ya) investment
attractiveness was conducted, highlighting the strengths and weaknesses of the region, as well
as opportunities and threats (Table 11).
Table 11 Matrix of SWOT-analysis of the RS (Ya) investment attractiveness
Strengths Weaknesses
High availability of natural resources
High growth rates of investments in fixed assets
Effectively functioning executive body (RS
(Ya) Ministry of Investment Development and
Entrepreneurship)
The existence of subordinate non-diversified
organizations
Favorable demographic situation in RS (Ya)
Extreme climatic conditions
Economically disadvantageous situation of the
region and the capital of the republic
Underdeveloped engineering and municipal
infrastructure
The complicated situation with transport
infrastructure (low density of highway routes,
isolation from the unified transport network of
the Russian Federation, seasonal functioning of
roads, high transport costs)
High dependence of the republican budget on
federal transfers
Lack of regional investment legislation
Underdeveloped tourist complex
Opportunities Threats
Asian World Economic Centers
Economic diversification in RS (Ya)
The implementation of goal-oriented models
Creating conditions favorable to fostering
entrepreneurship
Making a positive business image of the region
Potential to develop the tourist complex and
encourage tourism
Mono-specialization of the RS (Ya) economy
(extractive industry)
Decrease in the share of the working-age
population of the RS (Ya) caused by the out-
migration
High risks in terms of investment risk
components (environmental, social, managerial)
Source: Calculated by the authors

The use of SWOT-analysis to study the weaknesses and strengths of the RS (Ya)
investment sphere has made it possible to identify factors that positively and negatively affect
the investment activity in the republic, as well as to identify the strengths and weaknesses of
the region, the opportunities for prospective activities and threats to their implementation.
The key competitive advantage of the RS (Ya) is high availability of natural resources.
Natural potential occupies the greatest weight in the regional investment potential. Besides, the
natural potential is the source of other strengths of the region, most of the funds are invested in
the regional resource sector.
The strengths of the region also include the functioning of the executive body of state power
– the Ministry of Investment Development and Entrepreneurship, as well as other institutions
under its jurisdiction. Well-coordinated work of state bodies allowed improving the position of
the RS (Ya) in the ASI rating according to 2017 year results.
In the strengths of the republic, a favorable demographic situation is highlighted. Among
the FEFD subjects, only in RS (Ya) there is a positive trend in the population change in the
region, which is ensured by natural population growth.
The main weakness of the RS (Ya) is the transport infrastructure. Low density of roads,
isolation from the unified transport network of the RF, seasonal functioning of roads – all this
results in high transportation costs, which reduces the region’s investment potential and
increases risks. The situation with the transport infrastructure is complicated by the area of the
republic and the climatic conditions; significantly more resources are needed compared to other
regions for the construction and development of transport infrastructure facilities.
At the current stage, the following features can be identified:
promising overseas Asian markets;
huge potential for developing a tourist complex in the republic;
diversification of the republic’s economy through the development of other
economic sectors.
Along with the possibilities there exist threats. Among the threats, it is not only the mono-
industry economy in the RS (Ya) that stands out, the bulk of the GRP belongs to the extractive
industry. There are also other potential threats. Despite the increase in the population number
in RS (Ya), the share of the working-age population is decreasing due to the migration
(interregional and international) population outflow. Further, an analysis of investment
attractiveness based on the results of the Expert RA Agency rating showed that investment risk
is greatly enhanced due to environmental, social, and managerial components, which indicates
the presence of non-economic threats.
In this article the main trends in investment activity in the RS (Ya) are singled out. In the
context of FEFD, a third of the funds are invested in the economy of the republic. Regarding
the results of 2017, the volume of investments in fixed assets exceeded 380 billion rubles,
which is 39% more than the value of 2016. Half of the investments in fixed assets are directed
to work in the TEA “mining”.
Further, the components of the RS (Ya) investment attractiveness according to the
methodology of the Agency Expert-RA are considered. It has been revealed that the reserve
for increasing investment attractiveness consists in reducing social, financial, environmental
and managerial risks. As for the investment potential, the level of potential (the 20th rank) is
ensured to the greatest extent by the only capacity – the provision of the republic with natural
resources.

In the study to identify negative and positive factors affecting the formation of the regional
investment potential, the authors used the SWOT-analysis method. The conducted SWOT-
analysis reflects the situation that has been created at the present stage of RS (Ya) development.
This analysis will highlight areas in which it will be possible to increase the level of investment
attractiveness of the republic.
3.3. The main directions of increasing the level of investment attractiveness of the
With low and medium indicators of investment attractiveness of the region, upon the
availability of potential, it is necessary to take actions and measures that should be aimed at
creating a positive image of the region in the market and identifying internal and external
opportunities. Besides, the region activities related to increasing investment attractiveness is to
reduce social, financial, environmental and managerial risks that are inherent in all regions
without exception.
In the complex of works performed to increase the investment attractiveness of the region,
it is recommended to highlight areas that are the most promising and realistic, taking into
account the features of a particular region. Therefore, the process of attracting funds to the
regional economy requires a preliminary, reasonable, detailed analysis of objects related to
investment attractiveness.
On the basis of the conducted research in the present work, namely: consideration of
methods for rating the investment attractiveness of RF constituent entities, analysis of the main
indicators of investment activity in RS (Ya), analysis of the components of the region’s
investment attractiveness and SWOT analysis, the areas in which it is necessary and possible
to raise the level of investment attractiveness of the republic have been singled out.
First, the diversification of the RS (Ya) economy. The natural resource potential makes the
greatest contribution to the investment potential. About half of the investment is the mining
industry. However, it should be noted that resources are limited, and in the long term, the focus
on the republic’s raw materials cannot be a positive trend. Therefore, it is necessary to create
and develop other economic sectors for investment, to find a balance between the use of natural
resources and other economic activities.
Secondly, the development of infrastructure, in particular the transport one – the
construction and creation of transport infrastructure facilities to minimize transport costs, to
level road constraints and challenges. Problems of transport infrastructure explain the need to
build a bridge across the Lena River, which will eliminate the isolation of the administrative
center of the RS (Ya) – the city of Yakutsk in the offseason period, will reduce transportation
costs, contribute to the regional socio-economic development.
Thirdly, the development of the tourist complex, which will contribute to the creation of
the republic’s investment image. There is a potential and base for the development of this
complex (unique natural objects). But climatic conditions complicate the development of this
facility.
Fourth, cooperation with foreign investors in Asia. The location of the RS (Ya) in the Far
East makes it possible to build cooperation with Asian countries: China, Japan and South
Korea. The previous experience (positive and negative) of work with foreign investors
demonstrates that economic cooperation between the RS (Ya) and representatives of foreign
Asian countries is feasible.
In view of this study, it should be concluded that possible ways to increase the RS (Ya)
investment attractiveness should be based on an analysis of the attractiveness components:

which components of the potential should be taken into account, which risks should be reduced.
The SWOT-analysis allowed identifying the strengths and weaknesses, opportunities and
threats to the RS (Ya) investment attractiveness.
Thus, the formation of investment attractiveness requires the performance of a complex of
works not only by the authorized executive body of the republic, but also by all other
authorities.
4. CONCLUSION
The concept of investment attractiveness of the region appeared in the last century, but through
present it does not lose its relevance, on the contrary, new issues appear in this area of research,
which requires analysis and evaluation. The most pressing issues are those of investment
attractiveness of regions that need a leap in socio-economic development. The subject of this
study is the investment attractiveness of the RS (Ya).
The RS (Ya) is a subject of the FEFD, characterized primarily by the presence of a variety
of diverse natural resources. However, the republic is also characterized by a difficult economic
situation, due to climatic conditions, a huge undeveloped area, and underdeveloped
infrastructure.
When considering the theoretical aspects of investment attractiveness, an interrelation with
other identical concepts such as “investment climate”, “investment potential”, and “investment
risks” was revealed. Most authors define the investment attractiveness of the region as an
economic category, which includes the potential and risks, as well as reflecting the level of
development of the regional economy. Methods for assessing the investment attractiveness by
Russian agencies are considered.
Thus, the investment attractiveness of the region is a combination of investment
opportunities and investment risks of the regional economy, reflecting a complex of material
and non-material resources of the region, conditions affecting the amount of invested funds,
the effective use of which contributes to the regional socio-economic development.
The main trends of investment activity in the RS (Ya) are identified. One third of all funds
invested in the FEFD of the RF are directed to the economy of the republic. As of 2017, the
volume of investments in fixed assets exceeded 380 billion rubles, which is 39% more than the
value of 2016. Half of the investments in fixed assets are directed to TEA “mining”.
The conducted SWOT-analysis reflects the situation existing at the present stage of RS
(Ya) development. This analysis lets identify areas in which it will be possible to increase the
level of investment attractiveness of the republic.
On the basis of the undertaken analysis, the main directions of increasing the RS (Ya)
investment attractiveness were identified:
development of infrastructure, including transport;
establishing cooperation with representatives of overseas Asian markets;
development of the tourist complex that will contribute to the creation of the
republic’s investment image;
economic diversification of the RS (Ya) – the development of other economic
sectors in the republic.

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https://journals.aserspublishing.eu/jarle/article/view/480
APPENDIX А
Table 1 Investments in fixed capital in the subjects of the FEFD in 2005-2017, mln rubles
Year
200
5
200
6
200
7
200
8
200
9
201
0
2011
201
2
201
3
201
4
201
5
2016 2017
Far
Easter
n
Federa
l
Distric
t
276,
291
330,
825
436,
849
584,
745
686,
111
787,
699
1,06
0,50
5
971,
353
842,
440
810,
554
905
087
1,00
0,77
6
1,21
7,35
6
The
Sakha
(Yakut
ia)
Repub
lic
48,9
78
56,6
19
119,
824
156,
954
192,
648
130,
493
190,
409
205,
206
193,
947
181,
172
198,
032
275,
576
384,
853
Kamc
hatka
Krai
7,06
0
8,33
7
13,0
19
16,5
20
24,3
85
32,6
15
33,8
60
36,1
38
32,7
08
25,1
28
22,8
50
37,2
98
37,1
11
Primor
sky
Krai
28,4
99
34,2
33
46,9
88
76,9
70
149,
813
208,
209
307,
618
203,
189
123,
061
134,
301
139,
208
130,
500
125,
700
Khaba
rovsk
Krai
39,1
66
47,2
81
64,5
44
83,6
75
96,9
74
156,
439
180,
508
179,
907
150,
078
128,
692
114,
008
120,
091
117,
192

Amur
Regio
n
23,7
42
28,6
51
45,6
83
66,0
56
65,6
25
83,8
92
118,
297
113,
084
102,
003
76,3
76
102,
214
129,
816
186,
624
Magad
an
Regio
n
5,12
6
7,10
9
9,90
0
13,4
71
15,1
78
16,8
09
19,0
61
27,5
71
37,8
79
40,7
22
60,6
66
41,7
98
44,1
84
Sakhal
in
Regio
n
110,
850
137,
529
122,
756
152,
387
118,
446
135,
014
176,
021
164,
028
175,
632
205,
489
241,
464
240,
011
299,
467
The
Jewish
Auton
omous
Regio
n
5,46
1
6,05
9
8,54
1
10,4
26
8,03
9
18,8
11
25,4
30
24,9
46
14,3
27
10,2
88
120
12
12,9
29
10,4
55
Chuko
tka
Auton
omous
Okrug
7,40
9
5,00
6
5,59
4
8,28
6
15,0
01
5,41
9
9,30
2
17,2
84
12,8
04
8,38
6
14,6
33
12,7
57
11,7
70
Source: [20]

DEVELOPMENT OF THE MAIN DIRECTIONS FOR INCREASING THE INVESTMENT ATTRACTIVENESS OF THE REPUBLIC OF SAKHA (YAKUTIA)

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