We consider the problem of choosing the degree of localization of production in Russia when implementing investment projects for the transfer of Western technologies. The problem is considered on the example of launching the production of innovative locomotives at Russian Railways. This type of investment projects refers to multipurpose projects. Each project participant has his own goal, the effectiveness of which should be assessed. A method is proposed for solving the problem according to the criterion of minimizing the "life cycle cost", taking into account the coordination of the interests of the project participants.