Investment projects are suspended. The agro-industrial complex remains attractive for investments, despite the difficulties and falling profitability

According to the forecast of the VEB Institute, investment in fixed assets in agriculture in 2023 may grow by 6.3% after declining by 8.2% in 2022. Such dynamics is possible due to the implementation of projects put on hold last year. According to Rosstat, in the first quarter of this year (latest available data at the time of writing), investments in fixed assets in agriculture amounted to 100 billion rubles. against 91.6 billion rubles. a year earlier. True, in comparable prices, according to the calculations of the statistical agency, investments decreased by 1.3% year-on-year. Nevertheless, experts and market participants interviewed by Agroinvestor note that the agro-industrial complex remains attractive for investments, although their structure continues to change.

Adapting to new realities

In recent years, investments in various sectors of the agro-industrial complex have generally shown steady growth, notes the Agroanalytics Center under the Ministry of Agriculture. This was due to a favorable price environment on the world agricultural markets, high EXPORT demand, as well as government support. “The past year has certainly been a busy one for investors. But the increase in production in agriculture and the processing industry allowed Russian companies to maintain the level of investment activity, and there was no significant decrease in the actual volume of investment investments, ”comments a representative of the center. In actual prices, investments in fixed capital in agriculture (including hunting and the provision of services in these sectors) last year, according to Rosstat, amounted to 877.9 billion rubles. against 826.5 billion rubles. in 2021

According to Mikhail Frolov, HEAD of the practice of providing services to enterprises of the agro-industrial sector at Technologies of Trust (TeDo), now we can talk about some stabilization of the situation in the field of investment in the agro-industrial complex. If in the first half of 2022 there was a decrease in investments, now their growth has resumed. Investors have adapted to the new realities, he said.

“According to our forecast, investments in the agro-industrial complex will continue to increase in 2023. This will be facilitated by both an increase in direct state support and the development of such mechanisms as public-private partnerships and project financing with a state guarantee,” Frolov believes. At the same time, if earlier the focus was on export-oriented projects, now projects on import substitution of means of production and investments in those segments of the agro-industrial complex where the targets of the Food Security Doctrine (MILK, vegetables, seeds, fruits and berries) have not been achieved have come to the fore .

According to the results of the studyRosselkhozbank, which was held jointly with the NAFI Analytical Center, the index of development of the business environment for micro, small and medium-sized businesses in the agro-industrial complex in 2022 amounted to 38 units out of 100 possible. Such an index indicates that over the past year the situation in the agro-industrial complex has often remained the same or worsened, however, entrepreneurs have also noted positive changes, says the DIRECTORareas of socio-economic research of the NAFI Analytical Center Alsu Garaeva. “For example, almost every third (31%) representative of the agro-industrial complex business spoke about the growth of his company's turnover over the past year, every fourth (26%) noted an increase in demand among Russian consumers,” she comments. “If such changes become a trend, then they will certainly have a positive impact on the potential of the agro-industrial complex to attract investment.”

However, the investment attractiveness of the industry is determined by many factors, among which an important place is occupied by the conditions for conducting foreign economic activity (FEA), continues Garayeva. Foreign economic activity last year proved to be an unfavorable direction for the development of the industry: the majority (80%) of micro-, small and medium-sized enterprises of the agro-industrial complex do not conduct foreign economic activity at all, and every second leading foreign economic activity noted that over the past year international supply logistics, settlements and conditions for marketing products outside the country. “Of course, agribusiness enterprises are adapting to changes, looking for new ways of development, trying to move forward, but their efforts alone will not be enough to increase investment activity, it is necessary to develop and maintain a favorable investment climate for the country,” the expert emphasizes.

Export potential is one of the important aspects that affect the attractiveness of the agricultural sector, Anna Builakova, an analyst at FG Finam, agrees. In her opinion, the uncertainty associated with various regulatory measures (export duties, "grain deal"), as well as problems with logistics, reduce the attractiveness for investment in the agricultural sector.

In general, there is a small, but still outflow of business from the agro-industrial complex. For example, according to the SPARK database, since July 1, 2022, 2001 new companies have been registered, the main activity of which is the production of food products, but at the same time since then 2262 companies have left the industry, a total outflow is recorded - 261 companies. research (ICSI) Nadezhda Kanygina. Similarly, a net outflow was noted in the “Agriculture and forestry, hunting, fishing and fish farming” sector - minus 687 companies since July 1, 2022. “So far, the statistics of business registrations in the agro-industrial complex are not encouraging and indicate a trend of leaving or merging market participants,” she sums up.


Stop factors do not change

The main factors constraining investments in the agro-industrial complex have not changed compared to last year. At the same time, according to Frolov, we can say that investors have learned to adapt to them, and their impact on investments has decreased over the past 12 months. Among the main stop factors, he highlights the increase in costs and, consequently, the decline in profitability in a number of sectors; sanctions restrictions, which, although not so much affected the agro-industrial complex, created problems in supply chains and the purchase of capital goods, for which there is still a high dependence on imports; real incomes of the population, the situation with which has stabilized, but does not allow price increases in a number of sectorscommensurate with the increase in costs or increase production volumes. There is also a high level of uncertainty, including in relation to the ruble exchange rate. “This factor slows down the adoption of investment decisions, forcing investors to take a wait-and-see attitude,” says Frolov.

DirectorGroup for the provision of services to agribusiness companies of Business Solutions and Technologies (DRT) Anton Kochetkov among the main factors that may deter investors from investing in the agricultural sector, also names increased risks and uncertainty, increased costs and, as a result, alternative supply chains and substitute imported capital goods. In addition, agro-industrial complex has an additional risk of increased price volatility in most of the sectors. “At the same time, the increased need to strengthen food security and the need for import substitution serve as an incentive to invest both through M&A transactions and the implementation of new investment projects,” he adds.

Of course, the current foreign policy situation creates uncertainty, the degree of risk has increased, Rustam Khafizov, chief analyst at the Cherkizovo group, confirms. “So, if we talk about the supply of foreign equipment or technology, then the logistics and the system of settlements with contractors have become more complicated, which leads to higher prices. Accordingly, the cost of production is growing and the payback periods of projects are increasing, which, of course, repels investors, he lists. — At the same time, food consumption is growing all over the world, and RUSSIA is no exception. It is necessary to constantly develop the industry, so the agro-industrial complex, of course, retains investment potential along with some other sectors of the economy.”

At the same time, domestic means of production, including technology and software, as well as analogues of imported equipment and technology are generally consistently available, Garayeva draws attention. Since last year, attention to import substitution in the agro-industrial complex has increased, because, in addition to the challenges common to the Russian market in the form of complications with the supply of imported equipment, the agro-industrial complex also depends on foreign seeds, breeding material, and the like, Builakova says. “Such challenges can spur the development of internal competencies, but this is a long process that can take years,” she emphasizes, adding that such investments should come from both the private sector and the state.

In addition, the saturation of the raw materials market can accelerate the development of deeper processing of raw materials and the production of products with higher added value, Builakova believes. Record harvests of grains and oilseeds, growth in livestock production in the face of declining world prices in the raw materials sector create significant potential for Russian processors, a representative of the Agroanalytics Center echoes her. “In addition, the growth in the processing of agricultural raw materials is stimulated by the current restrictions on the export of certain oilseeds and export duties on grain and sunflower oil . Accordingly, the demand for investments in the processing industry for the modernization and expansion of production capacities will only grow in the coming years,” the center’s analysts say.

Miratorg invests in seeds and french fries

The St. Petersburg International Economic Forum (SPIEF), held in June, confirmed the growing interest of investors in the agro-industrial complex in projects related to the production of capital goods for the industry and the processing of agricultural products. Although, compared to 2022, the forum’s investment portfolio as a whole has decreased: if last year 695 agreements were concluded in all industries for a total amount of almost 5.7 trillion rubles, then in 2023 - more than 900, but only by about 4 trillion rub.

Miratorg became one of the leaders in terms of the number of agreements concluded in the agricultural sector. Its largest announced project is the construction, together with the Vkusno-i Tochka fast food chain, of a complex for deep processing of potatoes and the production of french fries and hash brown potato fritters in the Oryol region. Investmentsin the project within two years will amount to 11.8 billion rubles. The plant will annually produce up to 100,000 tons of finished products for deliveries to Vkusno-i Tochka establishments, as well as to other HoReCa segments. The launch of the enterprise is scheduled for the second quarter of 2025. Potatoes of specially selected varieties grown by Miratorg will be used as raw materials. The agricultural holding will also invest more than 1 billion rubles. in the creation of a seed potato fund. The breeding project will be implemented in the Kaliningrad, Bryansk and Tula regions.

During the SPIEF, the company also entered into an agreement with the government of the Bryansk region, which provides for the creation of a breeding and seed-growing center for the production of original and elite potato seeds with a capacity of 11.5 thousand tons per year. Investments are estimated at 692 million rubles. The project will become part of an interregional full-cycle enterprise for the production of high reproduction seed potatoes. “Investments in the domestic raw material base will help accelerate the growth rate of high-quality potato production in accordance with the high quality requirements of raw materials from our partners and cover the domestic needs of the fast food market in domestic raw materials,” said Miratorg President Viktor Linnik. The project is aimed at the production of end products for Russian consumers,

The agricultural holding also intends to invest up to 1 billion rubles. into a bean processing project with a capacity of almost 16 thousand tons per year in the Tula region. The company will create a complex for the cultivation and further processing of green peas and green beans. Raw materials will be grown on an area of ​​1.5 thousand hectares on the company's irrigated fields in the region. The finished products will be used in frozen vegetable mixes and ready meals of the agricultural holding, and its own raw materials will replace imported supplies.

Another project will be implemented in the Kursk region: the company will invest up to 3.2 billion rubles there. in the reconstruction of an enterprise for the production of pet food and aquaculture. This will increase the production of wet feed from 13,000 tons to 36,000 tons per year.

Miratorg's immediate plans for this year include the commissioning of plants for the production of gelatin and for the deep processing of by-products of pig breeding (pork mucosa), as well as a breeding and seed production center in the Kursk region. The company invested 847 million rubles in its creation. The new production will allow to produce 27.4 thousand tons of seeds of cereals, legumes and perennial grasses not only for the needs of the holding, but also for Russian farmers, says a representative of the press service of the agricultural holding.

“It is strategically correct to increase the depth of processing, expand the range of products with high added value. Exactly in this logic, we have been operating for the last five years, developing new productions on the basis of the main ones: the production of pet food, the production of gelatin, and the processing of pork mucosa. In addition, we are working to improve efficiency along the entire chain - we ourselves produce feed, compound feed and premixes, we develop seed selection, ”the representative of Miratorg lists.

Industry profitability will continue to fall

Profitability in many sectors of the agro-industrial complex remains high, which attracts investors. Although compared to last year, the figures have declined slightly, compares Nadezhda Kanygina. Thus, according to Rosstat, in the first quarter of this year, the average profitability in agriculture was 20.12% (-5.5 percentage points compared to the level of the first quarter of 2022). Including in crop production - 31.32% (-28.3 p.p.), in animal husbandry - 13.59% (+1 p.p.). The most profitable industries included the cultivation of oilseeds (34.13%), SUGAR beets (43.87%), pome and stone fruits (42.73%), rice (60.97%), greenhouse vegetables (65, 72%).


Greenhouse vegetable growing is still interesting

A number of agreements on the construction of greenhouse complexes in different regions were also signed at SPIEF, with the ECO-Culture holding holding the largest projects. In particular, the company can build year-round greenhouse complexes with an area of ​​60 hectares and 45 hectares, respectively, in the Omsk and Voronezh regions. The first will specialize in the production of tomatoes, the second - cucumbers. Investments will amount to 45 billion rubles. In addition, it is planned to create a greenhouse complex in Bashkiria with an area of ​​20 hectares and a capacity of 13 thousand tons of tomatoes per year. The project budget is estimated at 10 billion rubles.

“We continue to do what we are good at, in which we have many years of comprehensive expertise and where we have achievements that are obvious to everyone: ECO-Culture is building new high-tech greenhouse areas and increasing year-round production in our main product category — tomato group,” comments Yury Voronov, Director of the Credit Management Department at ECO-Culture Agribusiness Holding. — We recently launched the second phase of the Krugly God greenhouse complex in the Leningrad Region(here, in addition to tomatoes, we will grow leafy lettuces). Now the investment project for the construction of the fourth stage of the Solnechny Dar greenhouse complex in the Stavropol Territory is at the final stage of implementation. Also, the Kavkaz complexes are being built in the Stavropol Territory and Chegem Agro in Kabardino-Balkaria, the first stage of the latter began work on July 20.” For a number of territories, including within the framework of agreements concluded at the SPIEF, sites for construction are now being selected, he adds.

According to Voronov, the most important change over the past year is a serious rise in the cost of implementing investment projects at all stages, as well as difficulties with the supply of imported equipment. Pricesincreased in almost all materials, equipment, works and services. Delivery of equipment from abroad has risen in price, and its terms have greatly increased. In addition, due to sanctions, foreign equipment suppliers were unable to send their specialists for installation and configuration. Nevertheless, the ECO-Culture investment program is proceeding in accordance with previously adopted plans, Voronov clarifies. “The specialists of our holding, our contractors and suppliers have gained experience in solving problems of any complexity during the implementation of projects in different regions, and this helps to quickly take action based on a specific situation,” he says.

Voronov also notes that in the past few years the company has increased the share of structures, materials and equipment of domestic production, and this import substitution now ensures the normal course of investment projects. “As for import lines, our technical specialists find compromises with suppliers, interact with them remotely and put the equipment into operation on their own,” he comments.

In addition to ECO-Culture, other players announced a number of greenhouse projects at SPIEF. Thus, the Olginsky shopping center intends to build the largest complex in the Rostov region for year-round growing vegetables (mainly cucumbers). The amount of investment is estimated at 21 billion rubles, the project is planned to be completed in 2025. In the Saratov region, the REHN greenhouse complex wants to build 6 hectares of winter greenhouses by investing 1.9 billion rubles. The Vesna company plans to build a greenhouse complex worth 1 billion rubles. in the Stavropol Territory, where he has been working for 11 years. The project with an area of ​​6.5 hectares is planned to be implemented by 2024. By 2028, the Stella company intends to build a complex for growing roses and vegetables in the Kaluga region. Investments will amount to about 9 billion rubles. By the end of 2024, Solnechny TC expects to put into operation a 33-hectare complex for growing cucumbers and tomatoes in the Krasnoyarsk Territory. Investments in the project will amount to 12.4 billion rubles.

Despite everything, the agro-industrial complex definitely remains attractive for investment, the potential for the development of greenhouse vegetable growing is large, and the state supports the industry, comments Voronov. However, it is important to understand that such projects require experience and competencies: it is necessary not only to build greenhouses, but also to provide all the necessary infrastructure, and this is a large-scale work and serious funds, especially since the payback period in the greenhouse sector is 8-10 years, he draws attention . At the same time, according to Voronov, the deterrent for the launch of new investment projects in the agro-industrial complex is the ability to ensure the economy of these projects.

Greenhouse vegetable growing continues to develop actively and ensure a permanent growth of indicators. The construction of greenhouse complexes is the most attractive area for investment in crop production, which accounts for more than 60% of investments in this industry, a representative of the Agroanalytics Center estimates. According to the center, during the SPIEF, a number of agreements were signed on the creation of greenhouse complexes or the construction of new phases in the Voronezh, Tambov, Moscow, Kaluga regions with a total investment of over 50 billion rubles. “Significant investments have been announced for each project, taking into account the fact that in Russia as a whole the average amount of investments directed to one project in the agro-industrial complex is 1.9 billion rubles,” emphasizes the representative of the center.

The Central Federal District is a traditional leader in investment activity among federal districts due to the proximity of the main consumer, Moscow. And the Moscow and Voronezh regions are in the top 10 regions in terms of investment in the agro-industrial complex. The Tambov region, according to the calculations of the Center for Agroanalytics, is among the top five regions with the largest average investment in one project.


Investors go into processing and milk

In the sector of processing agricultural raw materials, a major investment project was announced in the Kuban: Krasnodar Starch Plant plans to build an enterprise for the production of FLOUR, starch and mixed fodder with a capacity of 250 thousand tons per year. In addition, the plant will be engaged in deep processing of wheat and the production of gluten, native and modified starches. The total investment will exceed 28.1 billion rubles.

The Tver company "Complex deliveries" plans to build an agro-complex for the cultivation and industrial processing of open-ground vegetables in the Astrakhan region. A vegetable storehouse with a capacity of 30,000 tons and a vacuum packaging plant will also be built. The production capacity will be 84 thousand tons per year. The volume of investments in the project is estimated at 3.5 billion rubles, the implementation period is five years.

Governor of the Penza RegionOleg Melnichenko and CEO of Cherkizovo Group Sergey Mikhailov signed a protocol of intent during the SPIEF, involving the construction of an oil extraction plant in the region. According to the project, the enterprise will produce 62,000 tons of sunflower oil, 67,000 tons of cake, 26,000 tons of sunflower husks and 167 tons of lecithin per year. By June 2025, it is planned to reach the design capacity of 600 tons per day. The volume of investments in the plant will amount to at least 1.9 billion rubles. The fact that the company is exploring the possibility of building a sunflower processing plant in the region to further strengthen vertical integration became known in March. The press service of the agricultural holding then specified that the processed products are planned to be used for their own needs in fodder production. The capacity of the enterprise was estimated at 200 thousand tons per year.

Another project in the field of processing wants to be implemented by the Togliatti Food Processing Plant. He plans to invest more than 13.6 billion rubles. in the creation of a plant for the deep processing of oilseeds and legumes in the Samara region. The production complex will produce sunflower, soybean, linseed and rapeseed oils. The estimated processing capacity of oilseeds will be up to 2,000 tons per day. According to the regional government, by 2028 the enterprise will account for 8% of the total production of packaged sunflower oil in Russia.

In Ingushetia, by 2026, it is planned to build a plant for the production of wheat flour and bran. The investor, Agromelprodukt, will invest 484.5 million rubles in the project. The processing capacity will be 100 tons of grain per day.

Also, investors continue to quite actively go to the dairy sector - both in the production of raw materials and in processing. Among the major SPIEF agreements involving the creation of dairy farms, one can note the projects of the Prikamye company for 2.7 billion rubles. in Bashkortostan for 1.2 thousand cows, "Dairy Industry", which intends to build a complex for 1.2 thousand cows (9 thousand tons of milk per year) in Bashkiria with an investment of 2.3 billion rubles, "PM Group" , which wants to build a complex for 2.8 thousand cows (30 thousand tons of milk) in the Nizhny Novgorod region for 2.1 billion rubles, the Agroconsulting company, which plans to build a farm for 1.2 thousand cows (15 thousand tons milk) in the Rostov region with an investment of 1.5 billion rubles.

At the SPIEF, Lebedyanmoloko signed an agreement with the government of the Lipetsk Region on the implementation of an investment project worth 2 billion rubles. It involves an increase in the volume of milk processing from 700 tons to 1 thousand tons per day. Last year, the company processed 200,000 tons of milk. By 2024, Shakhovskaya Niva plans to build a livestock breeding complex for 2.4 thousand cows and a milk processing plant with a capacity of 100 tons per day in the Moscow region . Investments are estimated at 3.5 billion rubles. The plant will produce milk, kefir , yogurt, cottage cheese, cream, sour cream, butter, hard, semi-hard, young and curd cheeses .

The Kazakh company Mol Frost will build a milk processing plant on the territory of the M10 industrial park in the Leningrad Region. Investments will amount to 2 billion rubles. The enterprise will be launched in 2025-2026, its capacity will be 100 tons of milk per day. The plant will produce sour-milk and ultra-pasteurized dairy products, butter and ice cream . The company plans to supply products to different regions of Russia and Kazakhstan . She also has a plan to export to Asian countries, including CHINA .

Now there is a noticeable interest in the Russian agro-industrial complex from foreign investors from friendly countries - from Asia and the Middle East, says Mikhail Frolov. “First of all, foreigners are interested in export-oriented industries, since it is always easier and more understandable for a foreign player to invest in a company operating on the global market, while segments focused on domestic demand look more risky and require more analysis when making investment decisions,” he comments. In addition, the interest is due to the fact that the countries of Asia and the Middle East are net importers of agricultural products and use investments not only to make a profit, but also potentially to establish supplies to their region, as well as to develop their own agro-industrial complex. In addition, they are interested in related industries - fertilizers,

Anton Kochetkov draws attention to the increased interest in the agro-industrial complex from non-core investors, which is confirmed by the current activity of M&A transactions in the sector. Moreover, according to him, both completely “outside” investors who have not dealt with the agricultural sector before, and industry players who enter new segments of the agro-industrial complex have an interest. “One of the main reasons for such activity is the release of market share (sometimes significant) due to the departure of foreign players, this creates new opportunities for domestic companies. Import restrictions and, as a result, the need to replace them increase the investment attractiveness of the agro-industrial complex,” he estimates.


The industry needs stable rules of the game

Cherkizovo regularly allocates funds to upgrade capacities, as well as to technological development, says Rustam Khafizov. As MEAT consumption per capita in our country is growing, it is necessary to introduce innovations in order to increase productivity, in line with market dynamics, optimize costs without losing product quality, he draws attention. “One of the key investment projects for us is the creation of the country's largest meat processing cluster in the Tula region. Work is actively underway to build enterprises within the cluster, as well as in a number of other regions where the company operates,” he says. At the same time, Khafizov draws attention to the fact that the cost of projects can be adjusted as they are implemented: the situation on the market is constantly changing, and traditional project implementation methods need to be revised. “In addition, many foreign players left the Russian market, which stimulates the industry to import substitution. This is quite a capacious niche in terms of development and investment,” he adds.

The representative of Miratorg notes that conditions for sustainable profitable production, affordable loans and understandable long-term rules of work are of fundamental importance for investors. The main thing is consistency in supporting agricultural producers. “The means of production – machines, equipment – ​​have become very expensive. Rising prices - from 25 to 40% or more. Considering that incomes in crop production are now low and even negative, this slows down the renewal of the fleet of vehicles, both trucks and cars, - says the representative of the agricultural holding. “But we can't invest without the right amount of equipment. We are conducting a search, a dialogue with those companies who can replace importshigh quality counterparts. There are such options within the country, but the supply is limited. The search is on the restructuring of the entire logistics, which will provide the “iron”. In addition, the agricultural sector has to compete with other industries for labor: to improve working conditions, implement social programs, and this is also a significant investment, adds a representative of Miratorg.

However, the investment is justified as global meat demand is expected to rise by 2040.will increase from today's 360 million tons by almost 100 million tons, the representative of the agricultural holding emphasizes. “The number of countries that are able and able to increase its production is limited. Russia definitely has natural resources and a forage base, and, most importantly, fresh water reserves in order to significantly increase the production of meat. Today, Russia ranks fourth in the world in terms of meat production, and the potential is far from being exhausted,” a company representative estimates. “We can continue to increase production, subject to a clear and predictable state policy in the field of supporting the industry, maintaining a stable epizootic situation, opening up new export markets, accessing loans and a policy of healthy protectionism.”


In the current conditions, it is very important that the systemic state support for the implementation of investment projects continues, Yury Voronov agrees. Now the state is implementing a program of preferential investment lending, as well as subsidies. Another instrument of state support is agreements on the protection and encouragement of capital investments (IPPAs). ECO-Culture has already signed three such agreements. The first - for the investment project of the first stage of the greenhouse complex "Caucasus" in the Stavropol Territory, the second - for the second stage of the "Gifts of Nature" complex in the Leningrad Region, the third - for the construction project of the Chegem Agro complex in Kabardino-Balkaria - was signed at SPIEF in this year, lists Voronov. “It is planned to conclude another SZPK - on the investment project of the second stage of the Kavkaz agricultural enterprise,” he adds.

Meanwhile, the rules for investors in the industry are supposed to change once again. From 2024, the Ministry of Agriculture intends to combine incentive and compensatory subsidies and highlight 12 priority areas for state support. Five areas will be subsidized "by default": these are unrelated support , livestock breeding, elite seed production, insurance and support for small farms. Of the remaining seven areas, the regions will have to choose three for subsidies, depending on their priorities. Among them are the production of flax and hemp, the production of fruits and berries, beef cattle breeding, sheep and goat breeding, milk production., milk processing and grain deep processing, support for traditional industries, including reindeer herding. In addition, as Deputy Minister of Agriculture Elena Fastova said in July, the agricultural department decided to revise the areas of support and highlight those that have already reached self-sufficiency and do not require concessional lending. The list of areas for which soft loans will no longer be issued was not determined at the time of preparation of the article.

The agricultural sector has prospects

According to the All-Russian population survey conducted by the NAFI Analytical Center in the spring of 2023, 85% of respondents believe that agriculturehas great prospects and produces quality products that meet international standards (79%). The fact that 85% of respondents would like to know more about the industry also speaks in favor of the interest in the agro-industrial complex. “The image of the agro-industrial complex directly affects its attractiveness for potential employees, business partners, and investors. Such interest and positive attitudes can be considered as “fertile ground” for increasing investment activity,” Alsu Garaeva believes.