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Investments for Sustainable and Inclusive Development of the Regions of Asian Russia: Problems and Prospects

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Abstract—

The article analyzes the possibilities of inclusive growth in the regions of Asian Russia under conditions of persistent or exacerbated previous problems and emerging investment decline; the increased need for a transition to this type of development is substantiated, and the impact of regional investment on differences in indicators reflecting the level of inclusion is demonstrated. This has made it possible to identify the trends that have developed in recent years, reflecting changes in the structure, directions, and participants of investment processes. Asymmetry is shown to persist both between Central and Asian Russia as a whole, and between territories within the Asian Russia macroregion. The regions with the ability to spur investment in the face of growing external restrictions are cited. Conclusions about the transition to internal sources of investment and changes in their structure are substantiated. Directions are proposed for incentivizing and supporting investment proposals on the part of the population and regional budgets. The prospects for the increased use of public–private partnership mechanisms to enhance investment activity are demonstrated.

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Notes

  1. Note that inclusive development is often mentioned together with sustainable development. These are rather close concepts of growth; no single definition has been adopted. They are used interchangeably, although in some writings, sustainable development is seen as a broader, even an umbrella term, including inclusive development.

  2. What is responsible investment? https://www.cisl.cam.ac.uk/business-action/sustainable-finance/investment-leaders-group/what-is-responsible-investment. Accessed September 28, 2022.

  3. The principles for responsible investment include the ESG agenda in investment analysis and investment decision making.

  4. Without small businesses, credit organizations, state (municipal) institutions, noncredit financial organizations.

  5. Among other things, Sberbank intends to pay out record-breaking dividends (RUB 565 bln), half of which will be to the state.

  6. Infrastructure under Sanctions: Project Sustainability Rating. https://infraoneresearch.ru/fkh2ub/0e6y41?s1qtyk=1so9sr.

  7. Analytical review (2022). Future of the Sustainable Finance Market: Maintain and Strengthen National Expertise. RA expert. https://www.raexpert.ru/researches/sus_dev/esg2022/.

  8. Decree of the Government of the Russian Federation no. 1587 of September 21, 2021, On Approval of Criteria for Sustainable (including Green) Development Projects in the Russian Federation and Requirements for the System for Verification of Sustainable (including Green) Development Projects in the Russian Federation.

  9. Registry of green, social, and other targeted bonds by Russian issuers in the format of sustainable development (information received upon request; accessed October 12, 2022).

  10. According to ARB (Banking System in Figures and Graphs), in the structure of liabilities of the banking sector as of January 1, 2020, the share of deposits of individuals (31.6%) is comparable to 32.6%: the total share of legal entities (10.5%) and funds of organizations for settlement and other accounts (22.5%).

  11. https://www.finam.ru/publications/item/doxody-rossiyan-chto-den-gryadushiiy-nam-gotovit-20220612-142956.

  12. In spring 2023, SIBUR and Tyumen State University, with the participation of Chinese partners, launched Russia’s first educational program to train specialists in the field of climate change projects and carbon markets. https://www.sibur.ru/ru/press-ce-nter/news-and-press/sibur-primet-uchastie-v-professionalnoy-podgotovke-spetsialistov-po-klimaticheskim-proektam/.

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Funding

The article was based on the results of a study supported by the Ministry of Science and Higher Education of the Russian Federation within the major scientific project “Socioeconomic Development of Asian Russia Based on Synergy of Transport Accessibility, Systemic Knowledge of the Natural Resource Potential, and Spatial Expansion for Interregional Interactions,” agreement no. 075-15-2020-804 of October 2, 2020 (project no. 13.1902.21.0016).

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Authors and Affiliations

  1. Institute of Economics and and Industrial Engineering, Siberian Branch, Russian Academy of Sciences, 630090, Novosibirsk, Russia

    N. A. Kravchenko, S. D. Ageeva & A. I. Ivanova

  2. Novosibirsk State University, 630090, Novosibirsk, Russia

    N. A. Kravchenko & A. I. Ivanova

Authors
  1. N. A. Kravchenko
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  2. S. D. Ageeva
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  3. A. I. Ivanova
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Correspondence to N. A. Kravchenko, S. D. Ageeva or A. I. Ivanova.

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Kravchenko, N.A., Ageeva, S.D. & Ivanova, A.I. Investments for Sustainable and Inclusive Development of the Regions of Asian Russia: Problems and Prospects. Reg. Res. Russ. 13, 470–479 (2023). https://doi.org/10.1134/S2079970523700843

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