Abstract

Sanctions and import substitution processes in Russian enterprises have changed not only the catalogue of equipment used but, in many cases, even technological processes. This is a serious challenge for the vocational education and training system (VET), that has to adapt to new economic environment. The purpose of the preprint is to find out to what extant Russian VET organizations are prepared to solve the problem of updating technologies and replacing previously imported equipment based on the data obtained during an empirical study. The study is based on the methodology of acquisition of empirical data using an electronic form of a questionnaire that included 22 closed questions. Primary results obtained were processed applying cluster analysis, generalization, grouping and ranking approaches. As a result: a low degree of readiness of Russian VET organizations to take part in solving problems of import substitution and to participate in achieving technological sovereignty goals set by Government was revealed. The contribution of employers to the process of modernizing facilities and equipment in VET organizations turned out to be much less than it was expected. Different management strategies used by an educational organization has a little effect on the quality of its infrastructure. Availability of financial sources in the regions of Russian Federation and capability of organizations to obtain them play the leading role. The nature and level of influence of different factors on the effectiveness of the processes of modernizing infrastructure and import substitution in VET organizations are defined. Differences in management strategies used by VET organizations to solve the problems of facilities and equipment (diversification of funding sources, cooperation with employers, import substitution planning, personnel training) are specified. A set of factors and management strategies to improve the efficiency of facilities and equipment modernization and import substitution processes have been defined. The pending problem areas of infrastructure management in VET organizations were identified.

Abstract

The statistics on foreign direct investment (FDI) for 2017 published in early April by the Central Bank of Russia shows a change in the dynamics of an increase in FDI inflows to the Russian Federation that was outlined in 2016 and in the first three quarters of 2017. The slowdown in capital inflows in 4Q 2017 reflected the deteriorating sentiment of foreign investors associated with negative expectations of new US sanctions, as well as a drop in demand for Russian government bonds.

Positive investor sentiment was reflected by the positive dynamics of FDI flows in the first three quarters of 2017, when the level of incoming FDI amounted to USD 24.8 billion, which is more than 2 times compared to the same period in 2016. The increase in inflows over this period is due to transactions such as the sale of a 10% stake in the Russian petrochemical holding Sibur to the Chinese Silk Road Fund, the launch of the construction of a Mercedes-Benz automobile plant by the German company Daimler in the Esipovo industrial park, which became the first largest project after the introduction of anti-Russian sanctions by the Western company in Russia.

Existing assessments of the impact of sanctions on key macroeconomic indicators provide a rough understanding of their significance for foreign investors. Under the new conditions, foreign investors developed their own approaches to respond to the sanctions regime, depending on their sectoral specialization and the degree of orientation towards the Russian and/or foreign markets. Nevertheless, according to the results of 2017, the volume of foreign direct investment (FDI) attracted to Russia from the EU countries exceeded USD 14 billion (which is more than 6 times the level of 2016). Consequently, a high potential for investment cooperation remains between Russia and the EU countries, despite the sanctions regime.

Relevance of the study: portfolio and foreign direct investment are an important source of capital that complements domestic private investment and is often associated with creating new jobs, stimulating technological exchange and encouraging overall economic growth in host countries. Important factors in FDI inflows are the level of the exchange rate and its volatility. The need for an empirical analysis of the impact of the exchange rate on FDI inflows to Russia is caused by the currency crisis of 2014-2015, when the Russian ruble devalued due to the fall in world oil prices, as well as a number of foreign policy events.

The purpose of this study is to assess the impact of the level of the exchange rate and its trend on the inflow of direct and portfolio foreign investment in the Russian Federation. In accordance with the goal, the following tasks will be solved:

– Review of the theoretical and empirical literature on the role of the exchange rate in the inflow of foreign investment;
– Analysis of foreign direct investment flows in Russia and in the world;
– Building models that take into account the impact of the exchange rate of the national currency of Russia on the inflow of foreign direct investment in the sectors of the Russian economy;
– Evaluation of econometric models to study the influence of the exchange rate on the inflow of foreign direct investment to the countries of the world in order to test the hypotheses put forward in the work;
– Interpretation of the results and development of recommendations for the

Russian foreign economic policy, taking into account the results of the study.
The initial data of the work were statistical databases, both international and Russian, in particular, open statistical data provided by the Central Bank of the Russian Federation, the Federal State Statistics Service, the Eurasian Economic Commission, regulatory and program documents regulating the activities of the regions of the Russian Federation with a special (special legal) regime for the implementation of entrepreneurial and other activities, as well as cases of the largest and most successful investment projects implemented on the territory of individual constituent entities of the Russian Federation.