Investment Attractiveness of Russia 
and Arkhangelsk Region

The course is administered by: Management Department, Institute of Economics

Type of Course Unit: Compulsory

Level of Course Unit: Master Level

Year of Study: 2nd

Semester: Autumn

Number of ECTS: 5

Name of Lectures: Alexander Plastinin, Professor. Email:

Irina Sivobrova, Associated Professor. Email:

Language of Instructions: English

Role of course in the overall degree curriculum

The course is a part of the Master level program in Business and management. Due to the specific character of the subject, the course Investment Attractiveness of Russia and Arkhangelsk Region has important to address professional challenges.

The main idea of such a course is discovering the definition of investment attractiveness into a framework of investment policy of Russia and Arkhangelsk Region.

The course can be attended by students who have already acquired basic knowledge of the region economics, investment and management of organization.

Aims of the course

Main aim of course is to create the students' system knowledge and skills to assess the investment attractiveness of the subjects, to permit effective management solutions for its improvement in the High North territories.


  • to define the economic substance of investment;
  • to examine methodology for assessing investment;
  • to justify the term of the investment attractiveness: assessment methods, factors and problems;
  • to acquire skills for management decisions to increase the investment attractiveness of High North territories.

Learning outcomes

Upon completion of this study programme, students have gained:

  • extended and deepened knowledge within investment activity and a specialized knowledge in investment management;
  • familiarity with research problems within investment management;
  • knowledge of the relevance of this master’s programme to business and society.

Upon completion of this study programme, students are able to:

  • work independently with problem solving on the basis of specialist knowledge;
  • gain and apply knowledge in new areas within investment activity;
  • conduct a research project under.

Upon completion of this study programme, students are able to:

  • participate in firm’s decision making processes within investment aspects especially for High North conditions;
  • provide useful inputs in increasing investment attractiveness;
  • communicate with specialists as well as the general society about problems, analyses and conclusions within the area of investment activity.

Structure of the course

1.Transformation of Russia economy: from plans to market.

2.The role of investments in national and regional economy.

3.Investment activity and methods of its assess.

4.Investment climate: evaluation methods.

5.Foreign investments. Legal framework of foreign investing.

6.Investment attractiveness of Russia.

7.Investment attractiveness of Arkhangelsk Region.

Teaching methods used

The course consists of theoretical and practical parts. The course combines two basic methods of teaching: lecturing and discussions in seminars on previously assigned topics. Each lecture deals with basic aspects of the course subject and emphasizes topics from the literature relevant to them. Seminars discuss and interpret sources and secondary literature related to particular topics treated in the lectures.


Assessment will be made on the basis of:

Seminar participation – 20%;

Written assignments – 40%;

Final written exam – 40%.


Compulsory reading:

1. DeFusco R., McLeavey D. Quantitative Investment Analysis;

2. Damodaran A. Applied Corporate Finance;

3. Gehring M. Sustainable Development in World Investment Law;

4. Kobayashi-Hillary M. Building a future with BRICs: the next decade for offshoring;

5. Mayo H. Investments: an introduction;

6. Razin A. Sadka E. Foreign direct investment: analysis of aggregate flows;

7. Sornarajah M. The International Law on Foreign Investment;

Literature in addition:

  1. Åslund A. Russia’s capitalist revolution: why market reform succeeded anddemocracy failed;
  2. Brown, Keith C. Reilly, Frank K. Investment analysis and portfolio management;
  3. Clifford Chance CIS Ltd. Russian Business Law — The Current Issues;
  4. Charles P. J. Investments: Analysis and Management;
  5. Desai R., Goldberg I. Russia compete?;
  6. Damodaran A. Investments (McGraw-Hill/Irwin Series in Finance, Insurance and Real Estate;
  7. Dunning J., Gugler P. Foreign Direct Investment, Location and Competitiveness, Volume 2 (Progress in International Business Research) (Progress in International Business Research);
  8. IBP USA, USA International Business Publications. Russia Investment and Business Guide;
  9. IBP USA. Russian Investment, Economic, Ecological and Business Risk Atlas;
  10. Ingold S. Toward to a Russian Market Economy;
  11. Mankoff J. Russian Foreign Policy: The Return of Great Power Politics;
  12. Moran T.H. Foreign Direct Investment and Development: Reevaluating Policies for Developed and Developing;
  13. Mohamed A. When Markets Collide: Investment Strategies for the Age of Global Economic Change.
  14. Rammerstorfer K. The Russian Economy under Putin;
  15. Richard A., Dennis W., Jerald E. Quantitative Investment Analysis (CFA Institute Investment Series);
  16. 16. Stanyer P., Dimson E. Guide to Investment Strategy: How to Understand Markets, Risk, Rewards and Behaviour (The Economist);
  17. Organisation for Economic Co-operation and Development. Russian Federation: strengthening the policy framework for investment;
  18. Organisation for Economic Co-operation and Development Attractiveness for Innovation: Location Factors for International Investment;
  19. World Bank. Independent Evaluation Group. Doing Business: an Independent Evaluation: Taking the Measure of the World Bank IFC Doing Business Indicators;
  20. Strizhichenko N. Investment attractiveness of an enterprise: its essence and inner environment of its forming // EME – Scientific journal Economy Management Entrepreneurship, Articles № 23 (І) / 2011;
  21. Lakhmetkina N.I. Concept and substance of investment attractiveness of companies // «Financial analytics: problems and solutions» 16(40) - 2010 November.

Internet resources:

  1. Regional Law on State Policy of the Arkhangelsk Region in the Sphere of Investment Activity, signed on 22 September 2010 N 557: /invest_politika.pdf;
  2. Expert RA:;
  3. Business Information Agency Russia, Arkhangelsk Region, Business Profile Yearbook;
  4. Investment. Innovation. Business: l/rankings/egionsattract.htm;
  5. Investment Portal of Arkhangelsk Region: