Investment Climate as a Factor of Regional Economic Development: Experience of the Leningrad Region of the Russian Federation

Abstract

The paper considers the activities of the authorities and economic entities of the Leningrad region of the Rus-sian Federation in creating a stable investment climate in the region as an important factor providing opportuni-ties for sustainable regional development, especially during a period of pandemic and under economic sanc-tions. A retrospective analysis of the development of approaches to the organization of investment activity in the region is given, and current activities of the regional administration to attract investment are analyzed. The success of such events is assessed using a number of ratings in dynamics as well as the economic develop-ment of the region against the background of changes in the quality of the investment climate. The conclusion is made about the objective change in the degree of influence of the favorable investment climate, formed by the leadership of the Leningrad region, on the pace of economic development and the final result of the devel-opment of the regional economy – the quality of life of its population.