This article examines the role of the investment climate as a key factor stimulating the development of small and medium-sized enterprises (SMEs) in a regional context. SMEs are viewed as the foundation of economic growth, contributing to job creation, innovation, and reducing unemployment. However, their evolution is directly determined by external conditions, among which the investment climate is a key element determining a region's attractiveness to investors and entrepreneurs. The aim of the study is to analyze the impact of the investment climate on the development trajectory of SMEs, with an emphasis on regional characteristics. Particular attention is paid to the following climate components: investment potential (a set of indicators influencing the volume of capital investment) and investment risk (the likelihood of investment losses). The study examines key factors: macroeconomic stability, infrastructure, regulatory environment, access to finance, human capital, and institutional aspects. The research methodology includes a literature review and theoretical modeling based on the models of Douglass North, Gary Becker, and Joseph Stiglitz. The analysis reveals interrelations between components: for example, developed infrastructure reduces transaction costs, while regulatory simplifications accelerate business launches. The results show that a 10% improvement in climate can increase GDP by 0.5-1%, stimulating small and medium-sized business growth by 15-25% in stable regions. The findings support the hypothesis of a synergistic effect: comprehensive improvement of factors leads to sustainable development. The study recommends integrating national and regional strategies, focusing on digital transformation and anti-corruption measures. The study emphasizes the need for active government engagement in improving attractiveness ratings, as outlined in the approaches of the Russian Ministry of Economic Development.
investment climate, small and medium-sized businesses, regional development, economic policy, institutional factors
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