The aim of the report was to provide a complex assessment of the investment climate in Małopolska evaluated on the local (municipality) level, allowing for a formulation of conclusions and recommendations for the Management Board of the Małopolska Region. Investment climate is understood in the report as a set of external and internal factors exerting influence on a given region which may impact on investment decisions. Different features (elements) of investment climate (so-called microclimates) and activities undertaken by the units of the territorial self-government aimed at increasing the investment attractiveness of Małopolska and improvement of their service provided to investors were assessed within the conceptual framework of the research.