Tomsk is one of the oldest established centres of industry and learning in the Russian Federation. The city of Tomsk and its surrounding region now face challenging economic and resource utilisation problems. These must be overcome if the pace of development is to be quickened and deepened. At the invitation of the regional authorities, the OECD’s Centre for Co-operation with the Economies in Transition, organised a conference in Tomsk on a regional approach to industrial restructuring in June 1997. It received special support from the Institute for Advanced Studies of Vienna. This report presents the economic assessment, conference conclusions and recommendations. It will be of particular use to potential investors, businesses and other specialists interested in the opportunities arising from reforms underway in the economy of one of Russia’s oldest regions. The publication notably provides an overview of the Tomsk regional economy and its main sectors, with an examination of key regional and federal policy issues, and investment provisions.