Cluster Approach as a Factor of Increasing the Investment Attractiveness of the Region

Close connection of cluster processes with increasing competitiveness of territories and states has been recently reinforcing the idea of promoting a special approach in modern theory and practice, called cluster policy, that influences the formation and development of clusters. Regional production clusters are built on the basis of the assets and resource base of the territory and include organizations and enterprises of various sectors of economy. The development of territorial clusters can play an important role in solving the problem of attracting investments to regions, since exactly clusters are able to generate innovative mechanisms of management. Cooperation and specialization of entities included in cluster provides them with opportunities to increase both competitiveness and efficiency of their activities and financial stability. Generally, regional cluster policy implies a set of direct, but mostly indirect, activities aimed at reducing barriers to the exchange of knowledge and ideas, as barriers prevent the establishment of effective links between various participants in the clustering process. The article describes the features and conditions of successful implementation of the cluster approach as a factor in increasing investment attractiveness at the regional level. Moreover, the perfect case in point is the experience of implementation of cluster initiatives in the Republic of Tatarstan.