Abstract
The article identifies priority areas and trends of the government to accelerate economic growth by attracting investment in the industrial sector. The article discusses different approaches and scholarly positions of a number of domestic and foreign economists regarding the desirability of one or another of industrial policy and its effectiveness. The author, drawing on the results of functioning of free economic zones in the Russian Federation, justifies the strategic importance of formation and implementation mechanism of the territories of priority development for the successful modernization of the industrial sector in Russia. The article presents the institutional matrix of formation of the territories of priority development, described in detail its elements, strict interconnection which allows the mechanism to work effectively. The author
 evaluates and analyzes the strengths and weaknesses of this matrix to determine which of them worked out in the Federal law of the Russian Federation and which require immediate action from the state for successful implementation in practice of the mechanism of the territories of priority development. The author introduced the priority point of intersection of interests of state and business is the need of the formation of the working mechanism of return of private capital and modernization of current technologies. In Russia, this problem can be solved in the framework of implementation of the territories of priority development.
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