Concession as a state investment policy tool

Abstract

Russian Federation’s competitiveness is largely interconnected with the state investment policy’s development level. However, the need for investments in high-quality infrastructure, on the one hand, and corresponding budget funds deficit, on the other hand, highlight the problem of the state and business entities’ cooperation by means of concession. At the same time there are many barriers, which hinder the concession’s consecutive development. That is why the research goal includes the elaboration of measures, aimed at the effective application of a concession as a tool of state investment policy. The systematic approach and a set of scientific measures, including observation, expert assessment, statistical data processing, analysis and comparison have been applied in the study. As a result, the research authors define the following growth areas of a concession: legal normative (normative consolidation of the concession’s development strategies and programmes, quality improvement of the methodological and legal concession projects elaboration), production organizational (quality improvement of territorial planning when proposing concessional agreements, the application of a complex approach to concession’s facilities’ modernization and etc.) and economic (broadening the spectrum of budgetary and non-budgetary tools used for financing concessional projects, elaboration of reasonable requirements to guarantee exposure according to the concessional agreement and etc.).