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Investment Attraction Strategy for Vologda Region

Stas Marketing consultants has developed Investment Attraction Strategy for Vologda Region of Russia that is targeted at diversification of regional economy, growth of small cities, small and medium business activation and human capital activation. This project was commissioned by Vologda Region Development Corporation

Vologda Region met 2012 in ambiguous conditions. From one side Vologda is a home region for global companies like SEVERSTAL and PHOSAGRO, for nation wide project MOTHERLAND OF DED MOROZ (Russian analogue of Santa Claus). Vologda is famous because of its rich history and culture. Local brands like Vologda Butter and Vologda Lace are really well-reknowned. At the other hand tax incomes went down after 2008, regional dept increased to the critical level, agriculture and forestry experienced decline. Team of new Governor Oleg Kuvshinnikov has enthusiastically jumped into search for effective solutions. One of the first steps was to incorporate regional development corporation.

Consultants based on the assumption that growth potential should be found out of the two major industries (metallurgy and chemical production) that are much dependent on global  conjuncture. All regional industries were scanned, dozens of experts were interviewed, best practice was studied carefully. As a result of intensive discussions Stas Marketing selected 8 major directions for investment strategy of Vologda region:

  • Focus on selected industries;
  • Basic conditions and services for investors;
  • Vologda Region Development Corporation as a center for all activities;
  • Cross-regional projects within Russian North area;
  • Focus on human capital activation;
  • Region branding;
  • Small and medium business support;
  • Active external communications.

Investment strategy was discussion by expert community and general public. It was accepted by regional Parliament and then finally approved by Investment Board under Governor Chair.

Summary of strategy is available here.

Investment Attraction Strategy for Vologda Region