Investment in Technological Modernization of Industry: Analysis of Structural Problems


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Abstract

The study analyses investments in the technological modernization of Russia’s industrial sector between 2019 and 2023. It identifies key structural trends and challenges in the investment process, including an increase in nominal investments, which is offset by modest real growth due to inflation and sanctions. A notable shift in investment structure has been observed, with domestic investors playing a dominant role as foreign capital inflows decline, reflecting the economy’s adaptation to sanctions. The study reveals a reduction in investments in the industrial sector and a deterioration in production infrastructure, which poses risks to technological advancement and the competitiveness of Russia’s industrial complex. Within manufacturing, investment priorities have shifted towards the chemical and metallurgical industries; however, overall modernization efforts remain insufficient. The decline in investment efficiency and the shrinking proportion of funds allocated to reconstruction underscore the urgent need for increased government support and incentives for private investment. Conclusions: The findings emphasize the necessity of a comprehensive approach to Russia’s investment policy, aimed at improving investment quality, fostering innovation, and creating favorable conditions for attracting investors. Such measures are essential for ensuring sustainable economic growth and the technological renewal of the industrial sector.

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About the authors

Victoria V. Narbuta

Financial University under the Government of the Russian Federation

Author for correspondence.
Email: vvnarbut@fa.ru
ORCID iD: 0000-0003-1551-5114
SPIN-code: 7553-9995
Scopus Author ID: 57210119210

Cand. Sci. (Econ.), leading researcher at the Institute of Financial and Industrial Policy and associate professor in the Department of Business Analytics at the Faculty of Taxes, Audit and Business Analysis

Russian Federation, Moscow

Niyaz M. Abdikeevb

Financial University under the Government of the Russian Federation

Email: nabdikeev@fa.ru
ORCID iD: 0000-0002-5999-0542
SPIN-code: 6395-7663
Scopus Author ID: 36625026600

Dr. Sci. (Eng.), Professor, Director of the Institute of Financial and Industrial Policy

Russian Federation, Moscow

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Supplementary files

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2. Fig. 1. Growth rate of investments in fixed assets in current and comparable prices.

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3. Fig. 2. Structure of the volume of investments in fixed assets by form of ownership for the period from 2019 to 2023.

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4. Fig. 3. Share of investments in industry in the total volume of investments in fixed capital for the period from 2019 to 2023.

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5. Fig. 4. Structure of investments in mining for the period from 2019 to 2023.

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6. Fig. 5. Growth rate of investment in fixed capital in manufacturing industries in Russia (in comparable prices) for the period 2019–2023.

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