Abstract
Infrastructure development in conditions of limited funding requires the search for and implementation of appropriate innovation mechanisms. To form an effective system of public administration and ensure its competitiveness, more and more states are turning to a combination of private and public ownership within the public-private partnership (PPP). Given these trends, it is essential to examine the PPP in the field of innovation as a driver of the economic development of Ukraine. The work aims to study PPP in the field of innovation as an effective mechanism for effective public economic management. The object of research is PPP in the field of innovation. The researchers used such methods as a method of interpretation of scientific data, method of analysis, statistical method, structural-functional method, method of comparison, and system method. As a result of the study, the scientific positions of foreign and domestic scientists in the settled topic direction and the regulatory framework were studied. It was also concluded that cooperation between the state and the private sector creates opportunities for the parties to use innovative developments and participate in globalization processes.
Highlights
IntroductionChanging priorities in financial management, decentralization, the need for innovative development of infrastructure, medicine, education, corporate sectors of the economy at the regional level, and integrated territorial communities indicates the relevance of the study of private partnership (PPP) mechanisms at the state, regional, and local levels
Partnership dialogue, which is based on an innovative combination of opportunities between private and public owners within the framework of public-private partnership is becoming increasingly popular as an effective way to implement public tasks
Foreign countries serve as an example of effective communication between the state and business in the field of innovation
Summary
Changing priorities in financial management, decentralization, the need for innovative development of infrastructure, medicine, education, corporate sectors of the economy at the regional level, and integrated territorial communities indicates the relevance of the study of PPP mechanisms at the state, regional, and local levels. The field of innovation in public-private partnerships requires coherence and proper implementation of legal, organizational, and institutional responsibilities. In such cooperation, the state, as a participant in the innovation process, performs the function of rule-making, business incentives, and support for innovation projects, as well as is responsible for creating innovation infrastructure (Ernst & Young LLC, 2020). The business is responsible for developing innovative products, financing, and ensuring effective management and support of product commercialization and delivery to the consumer. As a result of the interaction, the private partner may receive benefits, such as protection against market risks; a chance to create large-scale projects that require large financial investments; maximizing profits from product commercialization, and prioritizing research potential
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