The article is concerned with a study of the problems related to attracting foreign investors, as well as developing practical recommendations to improve the investment attractiveness of the Kharkiv region through applying the cluster approach in the context of the reform of decentralization of power. The dynamics of volumes of foreign investment in the economy of Kharkiv region during the recent years was analyzed. The status and prospects of development of the agro-industrial complex of the Kharkiv region were studied. The advantageous views that would attract foreign investors were allocated. Establishment of territorial communities, taking into consideration the prospects of maximum use of the resource and productive potential of the territory through creation of a cluster in the agricultural sector, have been proposed. The need for a special commission on clustering issues, whose main functions will be to provide advice, to address organizational issues of cluster creation and operation, has been substantiated.