ИСТИНА

Bavaria and Kaluga region have a successful experience in enhancing of the regional competitiveness and investment activities which as a consequence favored their economic development on a national (Kaluga region) and a European (Bavaria) scale. Both regions have their own investment policy measures and conditions due to the differences in the level of their financial and legal independence, which is regulated by the federal legislation. In addition, Kaluga region is at the early stage of formation of institutional environment fostering the investments and has the Soviet industrial heritage, while Bavaria took the path of the active industrialization in the 1970-ies and has become currently one of the drivers of innovation development in Germany.