Improving the efficiency of attracting foreign investment in the Voronezh region based on experience of Styria

The experience of developed countries in attracting investment plays a vital role in creating attractive conditions for potential investors in the territory of the internal state and a particular region of the country. In this regard, it is required to, explore the issue of Russian and Austrian practice of attracting investments, to make an analysis of the investment activities of the Voronezh region and the Austrian federal state of Styria, to conduct a SWOT analysis of these regions, and to study the successful experience of the participation of government agencies in implementing the issue of attracting investments. For achieving this goal, systemic and integrated approaches were used, with general scientific research methods (comparative analysis, generalization, comparison), tabular, and graphical information. The study results made it possible to justify the need to attract private investment in problem areas and give the authorities of the Voronezh region recommendations that can be applied in other Russian regions. This work covers priority projects of the region, which will help restore positive investment growth. Several areas of legislative change are proposed to stimulate the investment activities of companies and, consequently, increasing the role of business in regional development.