Innovative development of the region and the ways for its implementation

Abstract

The establishment of a region as a separate economic entity puts forward the requirement of securing its economic efficiency and competitiveness. Therefore, both revealing the regions’ economic capacity and its efficient implementation on innovative grounds are essential for the long-term increase in the global competitiveness of regions and the country in general. The paper aims is to analyze the results of Ukrainian regions’ innovative activity and develop the specific tools to improve the level of innovative activity on the example of the most successful oblasts. The article considers the prerequisites for increasing the role of the region as an independent business entity. It is stipulated by the nature of innovative processes focused on local resources, new living conditions and management in the post-COVID period. The main problems hampering innovative development in Ukraine are considered. The cluster analysis of Ukrainian regions according to the indicators of innovative development is conducted. Its results are analyzed, emphasizing the measures to improve the investment activity of the region on the example of Zaporizka oblast. The role of technologies in the economic development of the region is highlighted. The initiative to create high-tech clusters in the regions within the Industry 4.0 movement with Zaporizka oblast as a participant is considered. The project Integration 4.0 is an important initiative to ensure innovative development. Also, it aims to use the positive experience gained within the movement "Industry 4.0" in the implementation of smart specialization in Ukraine. Special attention is paid to the differences between the program tasks of smart specialization and the Industry 4.0 movement.