Development and financing of the high-tech sphere in the Eurasian Economic Union countries

Abstract

The degree of innovative development and implementation of high technologies determines the competitiveness of not only individual companies, but also the entire countries. High-tech companies, as a key element in the value chain, play an important role in the industrial transformation and restructuring of the current economic model, thus becoming a driver of structural shifts in the economy. In this regard, a well-developed state policy in the sphere of high technologies with effective financing tools acquires special relevance. The article deals with the peculiarities of development of the high-tech sphere in the countries of the Eurasian Economic Union. A special emphasis in the research is placed on Russia as the leading country of the Union. It is revealed that in the conditions of international sanctions pressure the technological policy of Russia is focused on achieving such strategic goals as technological sovereignty, commercialization of technologies and restoration of the system of technological and production relations. The paper analyzes government support measures for the high-tech sector and startup financing mechanisms in the countries under consideration. The study showed that the driver of high-tech activity in most countries of the Eurasian Economic Union is the sphere of information technologies. At the same time, Kyrgyzstan has the most modest results. The article reveals the main problems hindering the development of the high-tech sphere, including unfavorable market conditions, underdeveloped institutional environment, lack of financial resources and lack of local investors. At the same time in the majority of countries of the Eurasian Economic Union there is a shortage of highly qualified specialists, however in Armenia the problem of the young specialists deficit is the most acute. The study also identifies the main vectors of further development of the sphere of high technologies, taking into account the current geopolitical instability.