The Theoretical Aspects of the Formation of the Mechanism for Innovative Development of the Regions of Ukraine

Abstract

As result of Russia’s military aggression, Ukraine’s direct losses amount to more than $ 108 billion. Ensuring the economic growth of our State in the post-war period with the limitation of the main factors of production leads to the actualization of the issues of using the innovative potential of each region. Such a vector of development will strengthen the existing positions of each region by attracting investments to restore the economy and implement innovative projects, which in turn will ensure regional attractiveness. At this, the results of investment and innovation activities of both local economic entities and foreign companies, the effectiveness of reforming local self-government, and the territorial organization of power are of particular importance. The purpose of the article is to explore the theoretical aspects of the formation of the mechanism for innovative development of the regions of Ukraine. The publication defines the prerequisites and special features of the construction of such a mechanism, develops a scheme of interaction of its main elements: the State, regions, business, finance, educational and scientific sectors. The structure of the mechanism for innovative development of the regions of Ukraine is examined, the basic principles and methods of its formation are allocated. Characterizing such basic components of the mechanism as organizational-managerial, institutional, economic, financial, scientific, technical and technological, showed the importance and significance of each separate component, as well as the need for their harmonious joint manifestation for an effective innovative development. The main conditions for the development of innovations in the regions are defined and their relationship with the components of innovative development of the regions is established. The importance of forming a mechanism for innovative development of regions as an effective direction of ensuring competitiveness and economic growth of both the regions and the country as a whole is justified.